Republicans can't hide it: tax cuts for the wealthy, screw everyone else - Mercedes-Benz Forum

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post #1 of 43 (permalink) Old 11-10-2007, 11:30 AM Thread Starter
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Republicans can't hide it: tax cuts for the wealthy, screw everyone else


House passes tax shifting bill
Measure would ease bite of alternative minimum tax for a year

updated 9:57 p.m. CT, Fri., Nov. 9, 2007
WASHINGTON - House Democrats on Friday pushed through an $80 billion bill to block the spread of a dreaded tax on middle-income people. The White House and Republicans, protesting tax increases in the bill affecting mainly investment fund managers, maintained that it would never become law.

The 216-193 vote to "patch" the alternative minimum tax for a year sends the issue to the Senate, where its prospects are at best uncertain. Not one House Republican voted for it.

What is certain is that if Congress and the White House do not reach a compromise by the end of the year, anywhere from 21 million to 25 million middle-income taxpayers will be hit by the AMT, costing them as much as $2,000 in extra taxes.

Hitting middle-income taxpayers
The AMT was created in 1969 to ensure that a very small number of wealthy people could not use tax breaks or deductions to avoid paying any taxes.

But it was never indexed for inflation, and every year the AMT draws in more middle-income taxpayers. This year some 4 million people were subject to the tax.

Congress has recently responded with annual fixes or patches to limit those affected by the tax while searching for a way to eliminate it. House Ways and Means Committee Chairman Charles Rangel, D-N.Y., last month outlined a plan to repeal the AMT, at a cost of $831 billion over 10 years, but acknowledged that action on his proposal is a long way off.

Friday's bill would extend AMT relief for one year, at a cost of about $51 billion. It includes another $30 billion in largely popular tax relief measures, including expanding the child tax credit, providing a property tax deduction to some 30 million families and extending a tax exemption for the combat pay of military personnel.

It extends several dozen targeted tax breaks due to expire at the end of the year, including a deduction for college tuition, a deduction for teachers' out-of-pocket expenses and deductions for residents of states that do not have income taxes. Others benefit winemakers, employers of Katrina victims, contributors to charities and state lawmakers.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #2 of 43 (permalink) Old 11-10-2007, 12:54 PM
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Maybe you should try to hide it... Your ignorance, that is...

Don't believe everything you think
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post #3 of 43 (permalink) Old 11-10-2007, 01:24 PM
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The Bush "tax cuts" from the past 7 years have been around $400Billion.

The Bush tax increase, in the form of over budget spending [budget deficit] from the past 7 years has been over $4Trillion.

The Bush tax increase INTEREST, Annually to cover the $4.5Trillion tax increase loaded to the National Debt is $300Billion [half the $600Billion total interest on the National Debt]

To simplify, from the Gallery, the Annual INTEREST on the Bush elements of the National Debt is 75% of ALL the Bush tax cuts COMBINED.

So, if I give you $400 over a 7 year period but take $300 additional from you each year, where is the "tax cut"?

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.

Last edited by mcbear; 11-10-2007 at 01:26 PM.
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post #4 of 43 (permalink) Old 11-10-2007, 01:32 PM
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Originally Posted by mcbear View Post
The Bush "tax cuts" from the past 7 years have been around $400Billion.

The Bush tax increase, in the form of over budget spending [budget deficit] from the past 7 years has been over $4Trillion.

The Bush tax increase INTEREST, Annually to cover the $4.5Trillion tax increase loaded to the National Debt is $300Billion [half the $600Billion total interest on the National Debt]

To simplify, from the Gallery, the Annual INTEREST on the Bush elements of the National Debt is 75% of ALL the Bush tax cuts COMBINED.

So, if I give you $400 over a 7 year period but take $300 additional from you each year, where is the "tax cut"?
There you go again... Pretending you have a clue... (Clarabell)

Don't believe everything you think
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post #5 of 43 (permalink) Old 11-10-2007, 01:48 PM
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Originally Posted by Jayhawk View Post
There you go again... Pretending you have a clue... (Clarabell)
Dat's me. Providing Math Funformentals

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post #6 of 43 (permalink) Old 11-10-2007, 04:45 PM
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Dat's me. Providing Math Funformentals
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post #7 of 43 (permalink) Old 11-10-2007, 11:15 PM
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Originally Posted by Jayhawk View Post
Maybe you should try to hide it... Your ignorance, that is...
Bleated the ignorant, frightened sheep......

Animals like you enable the BushCo raping of our country.

For shame.

Jim
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post #8 of 43 (permalink) Old 11-11-2007, 12:09 AM
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.... raping of our country.

For shame.
masturbation is a closer analogy. its a self inflicted affliction
for the most part by the country as a whole in an orgy of mass
liberative indulgence for free food, wine and sex.
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post #9 of 43 (permalink) Old 11-11-2007, 09:20 AM
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Bleated the ignorant, frightened sheep......

Animals like you enable the BushCo raping of our country.

For shame.
Ooooo, but it feels so good...

Don't believe everything you think
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post #10 of 43 (permalink) Old 11-11-2007, 10:05 AM
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Quote:
Originally Posted by mcbear View Post
The Bush "tax cuts" from the past 7 years have been around $400Billion.

The Bush tax increase, in the form of over budget spending [budget deficit] from the past 7 years has been over $4Trillion.

The Bush tax increase INTEREST, Annually to cover the $4.5Trillion tax increase loaded to the National Debt is $300Billion [half the $600Billion total interest on the National Debt]

To simplify, from the Gallery, the Annual INTEREST on the Bush elements of the National Debt is 75% of ALL the Bush tax cuts COMBINED.

So, if I give you $400 over a 7 year period but take $300 additional from you each year, where is the "tax cut"?
While I can agree we have a record deficit, it is NOT because of the tax cuts. It is because our government hasn't practiced fiscal responsibility. You cannot continue to bloat the government at previously unseen rates. Revenue has GROWN since the tax cuts but the government has grown at several times the rate. Government is a giant pig that slurps up any revenue made available to it. A prime example of what happens to your money when the government pigs get a hold of it is Social Security. It was looted decades ago and replaced with an IOU, of sorts, except it is an IOU that is being paid for by the present day workers. I maintain that if we had not had the tax cuts, the government would have found a way to get themselves into even more trouble and higher deficits along with having an economy in much worse condition than we see now.

You maintain a tax increase will fix it. It will not, never has and never will, simply because our government cannot control their spending. The solution is spending control but our present president and ALL previous presidents AND congress has been unable to do so. We cannot continue doing the same things decade after decade and expect different results. We HAVE to cut spending. I would be curious to know how much government spending is fraud related.

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