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GOP plan to extend tax cuts for rich adds $36 billion

Donc

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Lets here if for the (though belated) fiscal responsible Republican Party.:roll:


<A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday. >

GR2010081106717.gif


washingtonpost.com

http://www.washingtonpost.com/wp-dy...8/11/GR2010081106717.html?sid=ST2010081200375
 
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pbrauer

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Lets here if for the (though belated) fiscal responsible Republican Party.:roll:


<A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released Wednesday. >

GR2010081106717.gif


washingtonpost.com

Comparing Democratic and Republican tax plans

WOW! Look at that $1,000,000 bracket, There are some people here would have you believe that tax breaks for wealthy causes more money to go to the treasury.
 

Donc

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WOW! Look at that $1,000,000 bracket, There are some people here would have you believe that tax breaks for wealthy causes more money to go to the treasury.


Probably a few that think the earth is flat as well. :mrgreen:
 

RightinNYC

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The sad part is that I assumed that graph came from Media Matters at first.

It's almost like the Post is using absolute numbers instead of percentages in order to make this seem more skewed.
 

WingsOfDesire

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The Republicans are lead by McConnell, Boehner, and Steele.. so I can't begin my sentence with, "If the Republicans were smart..."

Instead I just have to say: See: Bush Tax Cuts. yeah, that turned out to be a real winner

Smart tax cuts don't exist anymore, just "oh, woe on the rich, they're too heavily taxed"... these morons might find themselves a winning platform with across the board tax cuts, but it won't benefit America in the long haul
 

RightinNYC

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The Republicans are lead by McConnell, Boehner, and Steele.. so I can't begin my sentence with, "If the Republicans were smart..."

Instead I just have to say: See: Bush Tax Cuts. yeah, that turned out to be a real winner

Smart tax cuts don't exist anymore, just "oh, woe on the rich, they're too heavily taxed"... these morons might find themselves a winning platform with across the board tax cuts, but it won't benefit America in the long haul

You realize the Democrats are proposing to reauthorize the vast majority of the Bush tax cuts, right? Contrary to the last 8 years of claims that the tax cuts for the wealthy caused the deficit, $202b of the $238b in "lost" revenue comes from keeping the lower taxes on people making under $250k. The "cost" of the lower taxes on people making over $250k is a little over 2% of the 1.4 trillion dollar deficit we'll have in 2011. But yea, it's all Bush's fault.
 

Taylor

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Re: Dem vs Rep Tax Cut Plan in Graph form!

\
hmm something is fishy here....
Indeed. You're presenting numbers out of context. Let's look at these tax cuts for the super-rich in relation to how much the average super-rich taxpayer pays:

superrich.JPG

And here's average yearly tax bill, by bracket:
Income.JPG
 

JohnWOlin

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Re: Dem vs Rep Tax Cut Plan in Graph form!

So your saying what exactly with your graphs? Super rich are getting screwed?
 

The Giant Noodle

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Re: Dem vs Rep Tax Cut Plan in Graph form!

Oddly enough... Ive witnessed that EVERY "rich" family member / friend get RETURNS on their tax at the end of the year. So tell ME........... is this upfront? or After?

Because after all that has been seen..... the rich with GOOD tax guys..... get a crap load of money BACK! And I include Union people too!

I see it as the people that are not Union-wise or RICH-wise dont pay a damn thing for taxes. Ive SEEN it! I KNOW it! :soap
 

American

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TurtleDude

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Re: Dem vs Rep Tax Cut Plan in Graph form!

what the dems forget when they claim that the messiah is going to cut taxes on most of the taxpayers is that they ignore that most of the FIT is paid by 5-10% of the tax payers. A tax cut that ignores 70% of the income tax source is hardly a tax cut for most of the tax base
 

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Re: Dem vs Rep Tax Cut Plan in Graph form!

what the dems forget when they claim that the messiah is going to cut taxes on most of the taxpayers is that they ignore that most of the FIT is paid by 5-10% of the tax payers. A tax cut that ignores 70% of the income tax source is hardly a tax cut for most of the tax base

So are you saying I should be patting rich people on the back even though under Bush they got a much better tax break?
 

RightinNYC

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Re: Dem vs Rep Tax Cut Plan in Graph form!

So are you saying I should be patting rich people on the back even though under Bush they got a much better tax break?

No, we're saying you shouldn't let yourself be distracted by the deliberately provocative use of absolute numbers when dealing with large figures.
 

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Re: Dem vs Rep Tax Cut Plan in Graph form!

So are you saying I should be patting rich people on the back even though under Bush they got a much better tax break?

in raw numbers yes. but a percentage cut is a percentage cut for all. of course if i make 100,000 and you make 10,000, and both of us get a 5% tax rate cut (so 5,000 and 500 respectively) then my tax cut is 10x the size of yours, though both of our cuts were equal.

what i find interesting is how they rate cuts to capitol gains rates as absolute cuts; which is a problematic metric to use.
 

pbrauer

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Re: Dem vs Rep Tax Cut Plan in Graph form!

\
Indeed. You're presenting numbers out of context. Let's look at these tax cuts for the super-rich in relation to how much the average super-rich taxpayer pays:

View attachment 67112186

And here's average yearly tax bill, by bracket:
View attachment 67112187
Okay, so what are the gross earnings for the super rich and how does the effect of tax shelters, which are only available to them, have on their net earnings?
 

RightinNYC

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cpwill

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Re: Dem vs Rep Tax Cut Plan in Graph form!

well.... you know... those evil coporations.... they're all 'corporationy', and stuff..... and they're owned by rich people so.....


MATT DAMON!!!
 

Donc

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Re: Dem vs Rep Tax Cut Plan in Graph form!

well.... you know... those evil coporations.... they're all 'corporationy', and stuff..... and they're owned by rich people so.....


MATT DAMON!!!

Thou shall not disparage corporations, after they are people too. :2wave:
 

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Re: Dem vs Rep Tax Cut Plan in Graph form!

Thou shall not disparage corporations, after they are people too. :2wave:

Hey, Donc, do you have a 401K? If so where are those funds invested? Corporations aren't owned by all rich people, most are owned by average American taxpayers including the elderly who have those investments supplementing their SS.

As others have posted here the original chart is quite a distortion in that many on that chart don't pay any taxes at all yet for some reason get what is called a tax cut. What it really is, is a transfer of money from the actual taxpayers to those who do not pay taxes.

Corporations are a convenient whipping "boy" for the liberal elites who have theirs but ignore those corporations employ people and corporations have people living in the communities that donate to charities and boost their communities
 

pbrauer

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Re: Dem vs Rep Tax Cut Plan in Graph form!

The Tax Foundation - Summary of Latest Federal Individual Income Tax Data

The richest 1% earn 22.83% of all income and pay 40.42% of all taxes.

Not sure what you're getting at re: tax shelters and how you believe that affects those numbers.
Smoke and Mirrors. There is no way in hades, you can determine someones income by looking at tax data, sorry you just can't. Reason: All that's available is ADJUSTED Gross income (AGI} not Gross Income. We all know that the richer someone is, the more legal ways somebody has to hide their income, don't we?

The table tells you the truth, but you interpreted it wrong when you wrote:
The richest 1% earn 22.83% of all income and pay 40.42% of all taxes.
 
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