Okay, No Bush Bashing, Kerry Bashing etc.. Just want to know one thing. After hearing them talk last night about the tax cuts for the rich etc... What exactly were the tax cuts? And who exactly got them? I'm in college and don't have a job right now so wouldn't know the difference between what they were before and what they are now. But I know someone on here once before was saying they got one and they certainly aren't one of the richest. So I'm asking what exactly were the qualifications for the tax cut?
There was actually a series of different tax cuts. The first two rounds netted me exactly $0 and the last round subtracted something like $80 from my tax bill. The ultra-rich got a reduction in their overall tax rate, a hefty reduction of the capital gains tax, and a reduction or elimination of the estate tax. Basically, half of the tax cut went to 1% of the population.
thanks for the link chump... and info andymoon and 111chase.. Still reading through the link. The whole thing about "paying for my tax cut" last night made me post this. It looks like other people besides the rich got tax cuts too, but the reduction in top tax rates could make it end up where the rich get half the tax cuts or whatever. Looks like both sides have a point. More than just the rich got tax cuts, but the fact that its a percentage cut and the rich have so much money, makes there cut add up to quite a bit. I'll have to finish reading through it. I guess there is no easy way to confirm if the rich actually do account for half the cut or not.
keep in mind than in a progressive income tax system, the rich are paying more to begin with. it should come as no surprise that if you provide tax relief, they will get the brunt of it.
madmax and codell .. thats what I suspected.. What I'm getting at is.. the tax cuts weren't just for clinton and his other 1% buddy... it appears that plenty of others got them too. if you are dealing with percentages etc though someone who makes billions will no doubt end up getting more of a cut percentage wise. Just was wanting to see for sure if more than the rich did get tax cuts.. seems like a lot of the audience who was clapping when he was complaining about the tax cuts.. benefited from them as well...
Actually, there were lots of changes to the brackets benefiting everybody. The reason some people point to rich people getting bigger breaks is the rich people pay 90% of the tax in this country. If you pay more taxes, when there is a tax cut, you get more benefit. The people at the bottom of the scale barely pay any taxes already. My wife and I were one year out of college last year, and we had a pretty big chunk of savings...especially with the new 10% bracket at the bottom.
madmax.. yeah a little bit of my econ major knowledge is actually useful in this. I just keep hearing about the 'tax cuts" for the rich so much that I wanted some actual evidence. It's a bit deceiving when it's played as if the rich got all the cuts.. when of course if you cut percentages they will get more back.. My point is.. it appears that a lot more than the rich benefited. That's why I find it kind of funny when people complain about the cuts.. I'm sure even the people who don't think we should have had cuts.. enjoyed their extra money
supermac34.. true, I guess technically the statements about the rich getting most the cuts are true if you add up the numbers.. but for the reason that they pay more to begin with... 90% though? Is it really that high? I knew the rich paid a lot of the taxes, but didn't realize it was that high a number.
remember, John Kerry wants to roll back the tax cuts for the richest 1% that Bush gave but wants to keep the cuts for the middle-class
Sh*t, I wish that middle class people like myself would have gotten more money in tax relief. I could have bought an HDTV if Uncle Sam wouldn't take so much of my damn money. Not to mention, I could've opted for the Bose Premium Sound system and Xenon headlights in my A4. As a fiscal conservative, I have absolutely no problem with tax cuts. However, when you combine tax cuts with the largest government spending increase in history, and a obscene deficit the economy goes to sh*t.
The thing is that the rich have seen their taxes cut by over 2/3 since we started the "progressive" tax system whereas the middle and lower classes have seen no real tax relief. When the rich get their income taxes cut, that forces local and state taxes to rise to cover the decreases in federal funding. Generally, local and state taxes are FAR more regressive, so any federal tax cuts are generally MORE than made up for by higher taxes from other entities as well as increased costs for things like insurance, various licenses and fees, and education.
chump.. I read through that thing, but was their a specific tax cut that just the top 1% got.. or would he have it where the top 1% get no cut at all, meanwhile the middle class get theres still. If we are reducing the tax rate. I have no problem with the rich getting their percentage too. They do pay a lot of taxes.. should be entitled to some cuts as well if everyone else gets them
Capital gains taxes got cut and those taxes are almost exclusively for the rich, as is the estate tax. The middle and lower classes got NO relief from those cuts.
