What will happen if Obama lets the Bush tax cuts expire? They will decrease revenue for the US treasury.?

Question

http://flimjo.com/financial-facts-about-barack-obama-part-1-letting-the-bush-tax-cuts-expire/

http://ap.google.com/article/ALeqM5i1hZ6MCY9bP_GOk_4ueYvwwlZ1_QD92RM6303

Answer 1

Obama should propose and push his own tax plan which would lower taxes for most middle class Americans and raise taxes for the wealthiest Americans.  Revenues will increase under the Obama plan.  

Answer 2

It will make absolutely no difference. Obama is going to spend all there is and more. He has no choice but to cut defense spending because that's where the money is. We can't afford this guy.

Answer 3

Obama said that he will give tax cuts to 95% of the people. So, I guess that means the remaining 5%will have to pay for everything.

I believe they will leave the country when they get the tax bill, and everything will go back to the way it's already been...of course, minus the 5% of the 'top earners'.

Answer 4

Increase.  Many studies show this.  

Answer 5

The non-partisan Tax Policy Institute compared Obama's and McCain's tax plans.  They concluded that 1) Obama's plan will save people making under $112,000 a year more than McCain's 2) people making between $112k and 161k would get about the same tax cut from both plans 3) Obama's plan would raise taxes on those making over 250k while McCain's would cut them and 4) that Obama's plan, while decreasing revenue would still bring in significantly MORE revenue than McCain's plan.

Answer 6

Yes. Happens all the time. Increase taxes and people spend less. The Democrats don't seem to grasp that or simply want that guaranteed cash. They certainly don't care about how I feel when I can barely pay my taxes in NY State.

BTW: the top 5% means anyone over 145K, not 250K. I wish the media would question this. They also pay most of the Federal budget NOW, but for some reason everyone is fine with "other" people paying the bill. Never mind how much effort goes into making 145K+. Don't forget he plans to increase capital gains taxes and payroll taxes (over 250K). Let's do the math on that one:

Payroll tax for the self employed is 13.5%

if you make $1 Million (I wish), you will have to pay an additional $101,250 in tax. Don't forget the $400,000K these folks already pay (Liberals love to ignore net income). That's half just for federal. State is 7%, so another35-50K, and property taxes are 30-40K for these folks. Nice living, but holy cow. There you have it. Socialism. Watch how these people move their money off shore. That should create jobs.

Edit: of course Obama's plan will bring in more revenue on paper! These people pay all the taxes. The bottom 50% in this country pay 3% of the federal budget. Those analyses don't account for economic activity.

Answer 7

u assume too much

tell obama to get elected first bunky

Answer 8

Well IF he was president it wouldnt be up to him, it would be up to congress, he would then either sign them or veto them or ignore them. ignoring or signing would of course just be allowing whatever congress decided to go into law.

Answer 9

The tax cut issue is a CROCK.  I make WAY less than 250k, and I never saw a dime of Bush's great tax cuts.  Face it: the tax cuts worked very well for the billionaires.  For the other %99.999 of us, we got stuck with the bill.   I'll bet you're not a billionaire either.   How much money in your pocket have you actually *seen*, after runaway inflation.     Its negative, bud.

Read my lips "The Rich Don't Pay Taxes".    Why so many middle to lower middle class people get sucked in by Rush Limbaugh and Ann Coulter is beyond me.

Answer 10

yes the deficit will increase

barack will tax everyone up & down the scale

don't buy the hype

hugs!