I'm getting a lot pissed that Obama has not rolled back the tax cuts for the wealthy

Or that congress has not done it. 9 years ago that represented 1.3 trillion dollars. Can you imagine what it would represent today?

God knows we need the money. Obama said you should not work for your next election. So why is he not taxing them?

It's been all over the news today. He's letting them "run out" which will happen shortly. His doing "nothing" is exactly what is needed.In the meantime he's still cutting taxes for the middle income families.

In 2011 any wages earned (as well as capital gains & dividends) will be taxed at Clinton tax levels.

By claiming "end of 2011" you are making it seem like a whole lot longer.

It is april now. Hell HCR took how many months of fighting to get anything signed. Even if there were the votes it would be months to negotiate around the Republicans.

Anything signed is unlikely to go into effect immediately. It simply isn't worth the political capital to push for something just to have it go into effect what 3 months early, 4 months early?

it will end on Dec. 31st of 2010. I don't know where you got your information?

was waiting too long. And your smart ass comment is not helpful, not necessary and indicative of something that is wrong with you, not me.

It is amazing how we all think school yard bullies are so hurtful but I see bullies like that all the time on this site.

If you don't want to be bullied on this site...research your information and include a link before you go ahead and post MISINFORMATION...and then run away, K?? I for one am tired of the pubs putting out lies as truth....and then uninformed dems putting out the same type of crap....and not getting called on it.

You may be wrong.

The Bush tax cuts were approved by congress and as such Obama can't just override what the congress voted for and approved.

since a lot of the idiots in this country credit Stupid's reckless tax cuts with saving the economy after 9/11.

However, those cuts end in October of this year. He didn't do anything because he knows he doesn't have to do anything but veto any bill Congress passes that extends the ones benefiting the ultra rich.

He's letting them expire then reversing them to give the tax cuts to the middle class instead of the top 2%

who will get taxed and who will get cut. I can never get it right

Prior to Bush tax cuts the tax brackets (5) were:
15%
28%
33%
36%
39.6%.

The tax cuts split the 15% bracket into a 10% & 15% bracket and then lowered each of the other brackets to 25%, 28%, 33%, 35% respectively.

Thus it became 6 brackets:
10%
15%
25%
28%
33%
35%

The amount in each bracket varies based on inflation and is published by IRS each year but the tax cuts didn't directly change that.


If Congress does nothing than every single provision expires (even tax cuts for the poorest of poor):
10% -> 15% (50% increase in tax rate)
15% -> 15% (no change but obviously someone in 15% bracket is also substantially affected by 10% bracket change)
25% -> 28%
28% -> 33%
33% -> 36%
35% -> 39.6%

During campaign Obama had talked about only allowing the tax cuts for "rich" expire. I would take that to be the top 2 brackets.

However that requires action on the part of Congress

Without action all tax brackets will revert to Clinton tax levels. Sadly I haven't heard a peep out of Congress so action seems unlikely.

If Obama lets the tax cuts expire in whole, then everyone, including the middle class, will see their taxes go up. In some cases allowing the Bush tax cuts to expire would cause the middle class at the bottom of the tax bracket to pay as much as 15% more in taxes. The problem is that it is not as easy to just allow the top tax tier rate to expire on the wealthy. Obama would either have to extend the tax cuts in their entirety or he would have to suggest new tax brackets for everyone and then congress would have to vote for the new tax package, as is presented to it by the President.

that you obviously don't have a clue as to what is happening.
Doh!

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:D

:thumbsup:

Political currency that can be spent on other things.


Its cost no political currency to let them expire.


Relax. Obama knows what he is doing.

The general rule is you shouldn't raise taxes during a recession. So he waited until 2011 to repeal them.

Not only that but the health care bill has new taxes on the wealthy for medicare (it is 3.8% now instead of 2.9%, and investment income is taxed). Plus Obama is talking about raising taxes on other investment income (capital gains, dividend, etc).

It doesn't sound like much, but going from a 0% to a 3.8% tax on investment income for medicare is still a big tax hike.

So he has only been in charge a year and he has already raised taxes on the wealthy by well over $100 billion a year, and counting. I wouldn't be surprised if it is $200 billion a year or more in higher taxes on them by 2012.

There's no need to wave a big sign and upset the wrong people (i.e. the filthy rich) -- all he has to do is run out the clock and let the damn things die a natural death.

Apparently, however, it IS necessary for him to wave a big sign so that everyone else will understand that President Obama is not "betraying" the country.

Hekate

By now, my telling you the same thing 7 or 8 others have told you shouldn't make a difference.

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There likely isn't 60 votes in Senate to do it.

Why turn it into a battle and talking points for Republicans.

Come 01 JAN 2011 it will happen automatically and there is nothing that can prevent it (unless Republicans can get 60 votes in Senate).

:evilgrin:

:shrug:

especially if that wait involves no big fight with the Pukkkes over nonsense.

Relax.