What Should Be Done About Bush-Era Tax Cuts?

The top 1% of tax returns filed in 2007 accounted for about 20% of earned income, but paid about 40% of the taxes, while the bottom 50% of tax returns accounted for 13% and 3% of income and taxes, respectively. The notion that the rich don't pay their fair share of taxes is a myth. The plain truth is that 47% of the public paid no income taxes in 2009 - and they aren't rich:

http://money.cnn.com/2009/09/...

"Most people think they pay too much to Uncle Sam, but for some people it simply is not true.

In 2009, roughly 47% of households, or 71 million, will not owe any federal income tax, according to estimates by the nonpartisan Tax Policy Center.

Some in that group will even get additional money from the government because they qualify for refundable tax breaks."

About 70% of all small businesses file their taxes on non-corporate tax forms. The taxpayer earning over $250,000 is more likely to be your neighborhood dry cleaner of pizza parlor than some Wall Street fat cat. Soaking the rich is a good political strategy, but a dumb economic one. No wonder the Democrats are pushing it.

The plan of this administration is to destroy small businesses and capitalism. They have done a good job already and will continue. People better wake the hell up!

"People better wake the hell up!"

Maybe they will after this month's disastrous jobs report:

http://online.wsj.com/article...

Why would any business hire now when they know that they're going to be socked with higher taxes and ObamaCare regulations next year?

I don't even think that with help with the Ameria business haters in charge! They are so stupid! They get it, they just want to get rid of small businesses!

And to cover the money, eliminate, NPR, PBS, and about 50 waste of money Government agencies

seems like a lot of people answering this question only want to express their distane for the President or Congress. Instead. how about answering the simple question which shows that people with incomes of over 250,000 a year will in no way be hurt compared to the middle class. I too am not happy with Washington, but giving the highest 2% of the country the biggest tax breaks makes no sense.

That's the way I read this. Written mostly by people who do not understand what they are saying.

When is enough. . . . . . ENOUGH???

Every middle class American will pay between $ 3000 and $ 5000 more in taxes this year if they don't do anything. Do you think the upper 2 % are any happier when you mulitplay those amounts to fit their increases?

What?

What ?.......My taxes will go up..$ 3900 if the Congress does nothing ! I don't make anything close to $ 250.000. i MAKE UNDER $ 100.000. WHAT DO YOU MAKE ?

Maybe I need to explain. I want the tax cuts stopped for those over 250K a year for now. I want the tax cuts kept in tact for those under 250K. Since we probably won't get either, I have a feeling the tax cuts will remain, at least for this year. The only cuts that really should be made are those to the elected officials who can't agree on anything and have done nothing.

I answered it the right way and I did not even mention the president or congress.

Star for you.

So you admit I am right......hell, a star for you too!

Raising taxes on anyone in a depression is as stupid as trying to spend you way out of debt.

Economist on both sides of the debate agree that letting them expire at this time would but true folly and would damage our already fragile economy.

The majority of working ppl in America are lower to middle class. They are the ppl that NEED the tax cuts, not the wealthy.

The wealthy HIRE you.

Not lately. Unless you live in Mumbai.

A HUGE chunk of those "ppl" are small business owners who are not incorporated and pay massive taxes - and yes it is often enough savings to employe other people.

They should be made permanent.

I agree.

to do otherwise is madness - cut spending to 2002 levels, leave tax rates alone and extend unemployment compensation for 1 year. This would balance the budget and even yield a surplus. Duh.

Unfortunately the Dems think it is their money to take and give to the special interests! This insanity must stop!

Hey Obama...it's not your money.

That's right.

This is not a "tax cut"...it is actually an increase in taxes. CUT SPENDING!!! If you can't afford it, you don't get it...simple math.

Many of the SOBs didn't get the WORD on Nov. 2nd!

the beauty of it is the dems knew it was coming and spent it before it happened. and obumass get's' to say he didn't raise taxes .

Maybe if we Taxed the Rich then we would have a larger Middle Class.

I'll go one better comrade......how about we kill the rich and take all their posessions for the good of the workers?

Careful, there are probably a lot of people on here who think that would be a good idea. Yet, they forget that someone has to create, manage and run a business.

Trust me, their leaders already have those ideas and they are just waiting for the signal to do so.

It was sarcasm genius.

It obviously went over your socialist head.

It's spelled "genius".

#smdh

Oh gee....I'll take more time next time I type just for you.

you are correct, the repugnents should have made them permanent when they were in control .and remember they were only temporary because it was a compromise to get them at all with the democraps .. comrade