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Tax Cut Wrangling
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The Bush-era tax cuts are due to expire at the end of 2010 which would signal a significant rise in taxes for all income categories. With a 234-188 vote, the House of Representatives just passed a bill extending the tax cuts for all but the most wealthy Americans (defined as those making more than $250K annually). The bill is expected to find it’s staunchest opposition in the Senate where the GOP control may stonewall it over their objections to any attached congressional pork but especially on the rise in taxes to the rich.
A related question to defining the rich as those making $250K is what it means to be middle class. Discussions have abounded about people that think they’re middle class versus those that are middle class. It’s often gauged by a person’s proximity to median financial indicators or lifestyle comfort.
Similarly tagged OmniNerd content:
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- Obama's Small Business Bill, by VnutZ over 2 years ago
- No More Interest-Free Loans to the Feds, by Brandon over 5 years ago
- Using Financial Advisers and Tax Consultants, by Brandon over 5 years ago
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Interesting comparison by ldsudduth
I saw a comparison of how much ‘cost’ allowing the ‘Tax Cuts for the Wealthy’ would amount to over ten years versus the ones for those who are not so wealthy.
Over 250: the ‘cost’ is around 700 Billion over ten years, or around 70 Billion per year.
Under 250K: the ‘cost’ is around 3.1 TRILLION over ten years, or around 310 billion per year.
Total cost: about 380 Billion per year to the Federal Budget.
Another chart during the same newscast indicated that the agency that is looking at the budget has found a number of programs across every agency that have little to no effect that total about 180 Billion per year. Just cutting those alone will account for over half of the taxes that were cut.I’m sure we could find ways to get the other half.