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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsObama tax proposal should be framed "everybody gets to keep existing tax cuts on 1st $250,000 ..."
Republicans have very shrewdly crafted their objections to the Obama proposal to keep the Bush tax cuts for the middle class, by saying it is class warfare and the rich should be able to keep ALL of their tax cuts, including those over $250,000 too. (Of course they will never point out that the addition tax cuts over the !st $250,000 for everyone will add approximately 700 billion to the deficit.)
Well it is clear that the rich get to keep the Bush tax cuts for the first $250,000.00 like everybody else --it is just that the Republicans want them to get much more or they will kill the tax cuts for everybody else.
I am surprised that there haven't been more attempts to explain the the Obama tax cut proposal in just this manner.
Most times the way policy is explained to voters makes all the difference.
Let's hope the middle class voters will see it for what it is -- a Republican attempt at extortion and giving even more favors to their largest campaign supporters.
veganlush
(2,049 posts)why can't our side figure out the way to say these things? The effect of the renewed cuts at that level is a renewal of tax cuts for all, rich and middle class, on that first 250
Blackhatjack
(11,061 posts)Less than 2% of small businesses will be affected at all, and even they get to keep the first $250,000 tax cut.
It is like the old canard of the family farms and businesses that are lost because of the Estate and Gift taxes(which Repubs have renamed "death taxes" . IF there were so many family farms and businesses being lost because of the Estate and Gift taxes today, Repubs in the House would be holding hearings 24/7 till election day. In truth only a small fraction of 1% would even be affected.
It is time to set the record straight. Get all DEMS on the same page, and call Repubs on their lies to the voting public.
elleng
(130,156 posts)PSPS
(13,516 posts)You have two people. One makes $250K, the other $10 billion. They both pay the same amount of tax (both in percentage and dollars) on the first $250K. It's only those dollars above the threshold that get taxed at a higher rate.
Personally, I think the use of $250K as the definition of "middle class" is laughably absurd. But it's better than nothing. And, frankly, I think they should tax everything over, say, $1 million in annual income at 90%. Nobody needs over $1 million in annual income. Nobody. This country was at its zenith in terms of power, influence and prosperity when the top marginal rate was over 70%. We were the world's largest creditor nation too, until Reagan turned us into the world's largest debtor nation.
Blackhatjack
(11,061 posts)Laughable.
Go back an look at the work record when the top marginal rate was 90%. It did not kill the incentive to work.
And in fact it led to many charitable gifts by businesses and corporations in lieu of paying the taxes.
SoutherDem
(2,307 posts)but, people still won't listen. I hear people making 1/10th of $250,000 saying Obama is raising their taxes. For some sadly facts and figures don't mean crap. If Rush, Sean, Glenn, Sarah and the crew at FOX and CNN says it, it is gospel.
That's the claim: So far, AFAIK, there's been no proposal to extend the FICA buy-out by the general fund. So on 1/1 if you make $5k, you're FICA tax rate goes up.
I like to distinguish between FICA and income tax, so I consider the income tax increase and the FICA tax increase to be apples and oranges.
A lot of people, when calculating tax burdens, merge them--after all, both are taxes. For them, it doesn't matter if their income tax or the FICA goes up--they're paying more, and they don't think they should be.
And, yes, I consider the rescission of the tax cuts to be a tax increase. After 12 years of "tax cut," those are the rates people think of as their taxation rates. If the rates increase, it's an increase. Not a negative decrease.