The big topic in Washington today is the expiration of the Bush Tax Cuts. The Democrats are dominating the conversation on this by the use of the old street huckster shell game. Let's break it down to a very simple explanation of what is truly going on.
First of all let's change the language to something that more fits the situation. The Bush Tax Cuts took place nine years ago, if they are allowed to expire they will then be the Obama Tax Increases. The ongoing conversation of the Republicans wanting tax cuts for the wealthiest is nonsense. No one is talking about ANY tax cuts, only keeping the rates the same as they have been for nine years instead of increasing them during the worst economy since the Great Depression.
The game plan is the typical class warfare strategy that the Democrats have been using since FDR. They speak of only those who make more than 250,000.00/year will lose their tax cuts. Who are these people, most are small business owners whose business taxes are filed under their personal income. Let me give you an example, a local new home builder who during the worst year of his company's history took out 75,000.00 as a personal salary, his wife works in the medical industry and made 75,000.00, his company showed a profit of about 150,000.00 because debt service can't be shown on model homes etc, true net profit was a loss. Yet, this is one of those whose taxes will be increased, maybe putting him out of business. It sure wouldn't allow him to hire anyone, might require him to lay off more people to try to survive. This is one story of maybe millions.
Now the shell game. Obama/ Reid/ Pelosi and their minions are claiming that those "Evil" Republicans are the ones that are blocking tax cuts for the middle class. That is an out and out lie. Let's look at the facts.
In the Congress there are 435 Congressmen and women. That means that it takes 218 votes to pass a bill. There are currently 256 Democrats and 178 Republicans, the Republicans cannot stop any bill from passing the House. The reason that Obama and Pelosi will not allow a vote is that more than 45 Democrats are on record that they would vote for ALL the Bush Tax Cuts to be Extended and end the Obama Tax Increase for ALL.
In the Senate the numbers are as follows there are 57 Democrats with two "Independents" who ALWAYS vote with the Democrats, one is Joe Lieberman a lifelong Democrat who became and Independent when the Democrats tried to run him out of his seat for supporting America's Military, the other is a member of the American Socialist Party. There are 41 Republicans. It takes 60 votes to move a bill through the Senate. Yet there are always a one of two of Republicans who are easily bought by the Democrats. However, there are at least six Democrats on record that they would vote to extend the Bush Tax Cuts for ALL and block the Obama Tax Increases.
So, this has nothing to do with the Republicans, even though they are 100% on the right thinking on this topic. This is a shell game where Obama/Reid/Pelosi and their Regime plan to allow the Largest Tax Increase in history to hit all Americans and blame it on the Republicans.
Just an FYI on how it will effect your income. For simplicity I am only doing Single Taxpayer brackets. Married are similar in percentages.
If you are making from:
0-27,500. you will see you rate go from 10% to 15%. (that is a 50% increase, not a 5% as I have had many math challenged liberals try to tell me.)(formula 5% increase divided by 10% rate = 50% increase.
27,500.-62,450. you will see your rate increase from 15% to 28% an 86% increase.
62,450.-132,250. you will see your rate increase from 25% to 31% a 24% increase.
132,250.-283,150. you will see your rate increase from 28% to 36% an 28.5% increase.
283,150.and up you will see your rate increase from 33% to 39.6% a 20% increase.
Armed with this information you are now equipped to not lose your shirt watching those shells move about. Spread the word. Obama, Pelosi, and Reid are depending upon the ignorance of the electorate to get away with this.