Quote:
Originally Posted by Jim in CT
Over the last few years, I have heard every single Democrat, and everyone in the Media, claim that "the Bush tax cuts only helped the rich". Now, I always knew that was a lie, because if you look at the tax tables on a before-and-after chart, you'd see that every single tax bracket, EVERY SINGLE ONE, got a big tax cut. The tax rates for the lowest bracket went from 15 percent to 10 percent. That's a 33 percent tax reduction for folks who ain't "rich".
But now, as those cuts are ready to expire, Dems are saying they want to extend those cuts "except for the wealthy". OK, so if the Bush tax cuts only helped the rich, who do the Democrats want to extend the cuts for?
Zero intellectual honesty on that side. Zero.
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33% is a nice way to spin it. Fact is the 10% bracket ends around 20K of taxable income (after deductions). So it's a 5% savings on 20K = $1,000.
Lets' compare that to the decrease in top bracket from 39.6% to 35% on someone with taxable income(after deductions) of 250K per year. So it's a 3.6% savings on 250K =$9,000.
Now tell me who benefits from this and why is someone with 20k of taxable income paying any tax?