Congress' $3,000 per Household Tax Increase

Post by **audtatious** » Mon Mar 24, 2008 3:09 am

Quote »Yet the House-passed budget tied itself to a revenue baseline that assumes the 2001 and 2003 tax cuts will expire, and that the Alternative Minimum Tax (AMT) will catch another 20 million Americans. That baseline also assumes the child tax credit would be halved, the marriage penalty reimposed, and the 10 percent tax bracket raised to 15 percent. Investment taxes would likely rise, and the 55 percent “death tax” would be reinstated as well.[/quote]Quote »But regardless of where it comes from, the budgets assume tax rates will rise well above current levels. Taxpayers will still pay $4 trillion more, regardless of which pocket lawmakers pick. The average per-household cost would rise from $187 next year, to $3,237 in 2012, and to $4,716 by 2018.[/quote]http://www.humanevents.com/article.php?id=25650

Post by **rn79870** » Mon Mar 24, 2008 3:59 am

Quote »would raise taxes on every American taxpayer by an average of $3,000 per household. [/quote]Now, that's how to stimulate a struggling economy isn't it. It should be simple economics, higher taxes = less disposable income = less big ticket items bought = a slower economy = etc. An additional tax expense of $250.00 per month is going to bury many households.

Post by **audtatious** » Mon Mar 24, 2008 4:17 am

They are unwilling to stop unnecessary spending which has been the main problem with the Bush tax cuts. I really think we need a mulligan and get rid of 95% of our Congress.

We are now going to spend 23 million on a new border fence......In Egypt. Can't do it here so we will pay for other countries to do it

http://michellemalkin.com/2008...fence/

Post by **smockers83** » Mon Mar 24, 2008 5:52 am

rn79870 wrote:It should be simple economics, higher taxes = less disposable income = less big ticket items bought = a slower economy = etc.

Not entirely true. If you mean durable goods by big ticket items (cars, TVs, appliances, etc), consumption just shifts from durables to non-durables. Non-durables is a better way to judge the economy in terms of consumption. Higher taxes will mean consumption across the board will decrease. In theory, with this news out there, people should already be saving to pay for this rise in taxes.

Post by **joe603** » Mon Mar 24, 2008 7:17 am

Hey, they have to pay off the debt from Bush's tax credit...It's comical if you think about it.

Post by **audtatious** » Mon Mar 24, 2008 7:40 am

smockers83 wrote:Not entirely true. If you mean durable goods by big ticket items (cars, TVs, appliances, etc), consumption just shifts from durables to non-durables. Non-durables is a better way to judge the economy in terms of consumption. Higher taxes will mean consumption across the board will decrease. In theory, with this news out there, people should already be saving to pay for this rise in taxes.

That's right, because the govt should be able to tell you what you can and can't do with their money. It's not your money, just the amount of money that the govt allows you to keep. Why, as a common American, I need them to limit me in what I can do with my disposable income. I have way too much.

Thank you Congress. Can we have even more programs? Can you go ahead and take everything and simply give me what I need because as a stupid American I don't know how to manage my own finances. I will just constantly turn a blind eye to how horrible you do it.

Post by **audtatious** » Mon Mar 24, 2008 7:42 am

joe603 wrote:Hey, they have to pay off the debt from Bush's tax credit...It's comical if you think about it.

Come on Joe, we have had record income with the tax cuts. The real problem is a govt machine "gone wild" in spending and I don't mean the Iraq war.

Post by **rn79870** » Mon Mar 24, 2008 8:16 am

I'd like to know what percent of taxes received by the feds is from income tax. With inheritance tax, excise taxes, customs and other fees, what percentage of the fed budget is based on income tax. "Now look at the state and local takes. Property tax, sales tax, dmv tax, they even charge for a death certificate around these parts. When dying ain't even free, it's gone too far.

Post by **audtatious** » Mon Mar 24, 2008 8:22 am

It's beyond rediculous and going to get worse. The govt has done nothing but constantly shown they cannot manage money at all. Budgets are nothing but guidlines on where the 1/2-way point is.

Post by **smockers83** » Mon Mar 24, 2008 6:46 pm

rn79870 wrote:I'd like to know what percent of taxes received by the feds is from income tax.

Percentages of Receipts from 2007*Income 45.3%*Corporate 14.4*Social insurance and retirement receipts 33.9*Excise 2.5*Estate & Gift 1.0*Misc 1.9

*Adds up to 99% due to rounding

http://www.gpoaccess.gov/eop/tables08.htmlTable B-81 if you want to know anything else on taxes and expenditures

Post by **audtatious** » Tue Mar 25, 2008 12:02 am

Let's look at it from a timeline perspective

Post by **rn79870** » Tue Mar 25, 2008 3:16 am

Looking at those charts, it doesn't seem to matter what party is in control. Taxes pretty much increase in a linear fashion, with a few little peaks and valleys.

Post by **audtatious** » Tue Mar 25, 2008 6:24 am

What those charts prove is that revenue to the Fed Gov't can still increase even with tax cuts which is the opposite of what some people want the general public to believe......9 trillion debt because of Bush tax cuts.....Oh noes the sky is falling in....

Stop BS govt bloat and unnecessary BS spending instead.

Post by **smockers83** » Tue Mar 25, 2008 6:41 am

audtatious wrote:What those charts prove is that revenue to the Fed Gov't can still increase even with tax cuts which is the opposite of what some people want the general public to believe......9 trillion debt because of Bush tax cuts.....Oh noes the sky is falling in....

Stop BS govt bloat and unnecessary BS spending instead.

Agreed. There is a point where taxes become obsessive and people stop paying or can't pay. But there is also another point where taxes are low enough and all people will pay. A lot of times, lower taxes produces higher receipts (income). What the 2nd chart shows and tells me besides that gov income is growing in a trendwise fasion, is that personal incomes have grown adjusted for inflation. Not necessarily that taxes have increased. The question I pose based on the same chart is, have corporate incomes risen adjusted for inflation the same way? I think I'd be a little hesitant to say so as the percentage hasn't changed too too much, but if someone knows...that'd be cool.

Post by **audtatious** » Tue Mar 25, 2008 6:56 am

That's not the point I'm making. Where do you see the "trend" going once the Bush tax cuts are gone? With the current tax cuts we are still seeing record revenue for the Gov't with less impact to you and I. What happens to the economy, and people in general, when these tax breaks are gone? We won't have a dot-com economic boost to the economy like we had during Clintons term to keep the upward trend. The Govt keeps growing and wanting more, more, more.

Post by **Cold_Zero** » Tue Mar 25, 2008 7:12 am

audtatious wrote:It's beyond rediculous and going to get worse. The govt has done nothing but constantly shown they cannot manage money at all. Budgets are nothing but guidlines on where the 1/2-way point is.

What the kick in the teeth is (with the Federal Government) is the fact that they have passed all these Federal Acts in response to World Comm and Enron. Not to mention all the laws pertaining to retirments and pensions. Yet the Congress and the Federal Government is exempt from these acts, and has run the Social Security program (into the ground) in the same manner as Enron.

Post by **audtatious** » Tue Mar 25, 2008 8:02 am

That's what happens when you can vote your own rules into place.

Congress' $3,000 per Household Tax Increase

Congress' $3,000 per Household Tax Increase

Re: Congress' $3,000 per Household Tax Increase (audtatious)

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Re: Congress' $3,000 per Household Tax Increase (smockers83)

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Re: (audtatious)

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