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Bush Tax Cuts to Expire

January 6, 2010 - 9:33pm
Nick Coons by Nick Coons

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The Bush tax cuts - the ones that lefties like to call "tax cuts for the wealthy", but were actually tax cuts for everyone (yes, the lower and middle classes too), are set to expire the first of next year if Congress doesn't extend them.



When you receive your first paycheck of 2010, you might notice something different. Your take-home pay may have dropped, and your federal income taxes increased. If your employer is using the new tax tables, this is what you're likely to see. And if you're earning the average American salary, this should put to sleep any and all propaganda that the Bush tax cuts of 2001 and 2003 were for the wealthy only.

When tax cuts of 2001 and 2003 went into affect, the tax rates were lowered for all brackets. The 27% rate decreased to 25%, 30% down to 28%, 35% down to 33%, and 38.6% down to 35%. Additionally, the 10% tax bracket was widened, so that more of the your income would be taxed at 10% instead of 15% on the lower end (source).

Mathematically, letting a tax cut expire is the same thing as a tax increase. And since this affects all taxpayers, there can be no more credibility in President Obama's repeated campaign promise to not raise taxes on those making less than $250k/year.



Related Content:

Do Rich/Wealthy People Deserve Tax Breaks? - Nick Coons
Growth of taxes and related policies - Richard Sutton
Phoenix Needs a Food Tax. Not! - Mike Renzulli


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