A quickie

I love charts – especially the ones I can understand without a PhD in economics. Like this one.  Here’s how many small buisnesses will not be paying higher taxes if the Bush tax cuts for the richest are allowed to lapse. As the original bill, signed by George W. Bush, specified. (via  TPM)

98.1% of filers with small business incomes will not be impacted if we extend the Bush tax cuts for the rich. Got that? Ninety eight point one friggin’ percent. And that is why Obama is a Kenyan Marxist Muslim.

6 responses to “A quickie

  1. Interesting post. I went to the Tax Policy Center and did a cut and paste from this URL http://www.taxpolicycenter.org/taxtopics/Expiration_Bush_Tax_Cuts.cfm:

    “Most of the tax cuts enacted in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRAA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRAA) will expire at the end of 2010 unless Congress acts to extend them. If the cuts do expire as scheduled, nearly three-quarters of Americans will pay more tax in 2011 and subsequent years.

    Observers expect that Congress will extend many of the cuts for most taxpayers but it’s uncertain which provisions would continue for whom. President Obama has proposed letting the tax cuts expire only for high-income taxpayers—couples with income above $250,000 and others with income over $200,000. Some members of Congress want to make all of the tax cuts permanent. Others would extend them all but only temporarily until the economy fully recovers from recession. And still others would let all of them expire as scheduled.”

    So there were a whole bunch of tax cuts enacted 7+ years ago. Apparently, if these are allowed to lapse 3/4 of us will be paying higher taxes (including, presumably, the Bechtels of the world and high net worth individuals who apparently prospered as a result of the tax cuts).

    Are you suggesting that those who prospered should have their exemptions removed while those that didn’t should have their exemptions continued?

    If so, would it be fair for me to conclude that those that prospered (like me) must have done so by nefarious means and those that didn’t must have been disenfranchised these past 7+ years? Why else would we selectively remove / extend exemptions based on income?

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    • Actually Alan, the chart refers only to Small Business Owners, not the general population.

      You ask “Why else would we selectively remove / extend exemptions based on income?” We would because we already do, we always have done and we probably always will. In our system, the rich pay more. That’s how progressive taxes work (at least in theory – I can’t afford lawyers and accountants to lower my tax exposure).

      The point of letting the cuts expire for lower and middle income people is, as I understand it, to stimulate spending by lower income people who don’t have sufficient income to bank savings, and so spend what they have.. And we want spending don’t we?

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  2. Your chart is ficticious. Obama will not extend the tax cuts for ANYONE earning over $250,000. Most small businesses earn over that. Figure it out.
    Add providing mandated health care … small businesses are out.
    Maybe we’ll get to be like the UK. Employers send the employees pay to the government and after they take the taxes out they think is right, they get what’s left. Isn’t that exciting? I’m sure those on the left would love the government to get their paycheck first … After all doesn’t EVERYTHING belong to the government? you know, money, property, health care, cars, insurance, guns, sex, and on and on and on………………………………………….

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    • Steve, the chart is not Moe’s it is the Tax Policy Center’s and it isn’t ficticious, it is factual.
      “Most small businesses earn over that. Figure it out.” that IS ficticious. Most small business, after adjustments, do not earn over 250K. What you keep hearing your right wing echo chamber refering to as a small business includes companies that would not qualify as a “small” business in the minds of the average American. I figure a business grossing over $1 mill a year in revenue is not “small” – at least by my standard of living.

      BTW Moe. I stole your chart. 😉

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  3. [Employers send the employees pay to the government ]
    Not so Steve – some clown proposed that recently in UK and was laughed at.

    By the way, when have Dems tried to leglislate sex? Republicans do it all the time.

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