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4 Bumps

Where are you on this?

So Obama says he doesn't want to keep the tax cuts for the so called rich.
The Republicans want to keep everything status quo.
Some in congress say temporary for everyone or just the rich. There have been all kinds of scenerios. There will obviously be lots of name calling and arguing in the process. What do you think they should do? Remember there will be no new tax cuts or costs if everything is kept the same.

 
itsmesteph11

Asked by itsmesteph11 at 9:41 AM on Nov. 14, 2010 in Politics & Current Events

Level 39 (113,405 Credits)
This question is closed.
Answers (55)
  • The whole tax code needs to be re-written. Just throw the damn books and the IRS out the window and start over. I think the tax cuts should be extended, and I think that the amount of $250k needs to be thrown out the window. Someone making $250k per year where I live is doing quite well for themselves, but they're still upper-middle class. In some parts of the country, particularly California, $250k is right there smack in the middle. The average citizen of this country cannot afford for their paychecks to get smaller come January 1. Have you not noticed that food prices are on the rise? Gasoline just shot up again? Companies are still not hiring, nor are they giving raises. Healthcare premiums are on the rise thanks to Obamacare.

    The agenda of the liberal elitists running this country right now is frightening. It's almost like they want people to depend on the federal government 100%. Wait a minute...
    Journey311

    Answer by Journey311 at 2:14 PM on Nov. 14, 2010

  • I am willing to pay more taxes to generate revenue for the country---isn't that how it SHOULD be? ANd I don't even have an income of 50,000. I am considered poor....yup...but I will contribute.

    ***
    At 68, aren't you retired and collecting social security?! And don't you have medical benefits for LIFE because of your ex-husband?! I'm failing to see how your social security income relates in any shape or form to what those of us still raising our families are going through!!

    I guess once you're in "the club" of not needing to worry about income and tax increases, suddenly you don't mind paying your "fair share?!" I'll bet if your social security payments were cut in half...you'd be screaming at the top of your lungs right along with members of the TEA Party!! But since it really doesn't affect you, you really don't care.
    LoriKeet

    Answer by LoriKeet at 11:00 AM on Nov. 14, 2010

  • I find it so funny that people can b**** about raising taxes now, when the fact is we have had runaway spending AND tax cuts for almost a decade. We were gonna have to pay for it eventually.


    ***


    Yeah, regarding that runaway spending...



    How do you explain the above?! :o)


     

    LoriKeet

    Answer by LoriKeet at 11:45 AM on Nov. 14, 2010

  • The only thing accomplished by letting the tax cuts end will be more spending. It will not go to deficit reduction. It will not go to existing debt. As soon as they see that influx of cash, they will have 8 ways to spend each dollar that comes in, and spend the next year arguing over which one of the 8 should win. We shouldn't be giving them more money to play with, we should be cutting back even more and doing whatever it takes to force them to behave like responsible adults.
    NotPanicking

    Answer by NotPanicking at 11:57 AM on Nov. 14, 2010

  • DO NOT TRUST THIS PREZ ON ANYTHING TO DO WITH THE ECONOMY!


    Just hope and pray the country can survive his ridiculous presidency.


    So sad for our country.

    mustbeGRACE

    Answer by mustbeGRACE at 10:22 AM on Nov. 14, 2010

  • Jenny--

    You keep harping about ONLY the 35% bracket going up. Do you REALIZE that ALL tax brackets will be going up in January, INCLUDING a NEW tax BRACKET?! PLUS there will be a whole slew of eliminated or reduced credits and deductions.

    2011 Federal Income Tax Brackets

    Tax Bracket......Married Filing Jointly......Single
    15% Bracket....$0 – $70,040..................$0 – $35,020
    28% Bracket....$70,040 – $141,419.......$35,020 – $84,872
    31% Bracket....$141,419 – $215,528.....$84,872 – $177,006
    36% Bracket....$215,528 – $384,860.....$177,006 – $384,860
    39.6% Bracket.Over $384,860...............Over $384,860

    In other words, the 10%, 15%, 25%, 28%, 33% and 35% tax brackets that we’ve grown accustomed to, will be replaced by 15%, 28%, 31%, 36%, and 39.6% brackets.

    Are you enjoying the CHANGE yet?!
    LoriKeet

    Answer by LoriKeet at 10:48 AM on Nov. 14, 2010

  • See I don't subscribe to the whole "one size fits all" mentality that socialists and "let the government think for me" people do!! I understand the concept of paying taxes, and I do, willingly, HOWEVER, all of those taxes were by CHOICE!!

    I agreed on the town I wanted to live in and understood the costs of living here. I agreed to the size of home I wanted to live in and what that meant in terms of property taxes (which pay for excellent schools, roads, emergency services, etc.). My husband and I (over the years) chose the career paths we would take, what income it would generate, and what we would have to pay the government!

    I do NOT begrudge ANY of the taxes I pay, that are the result of my CHOICES. I do however, begrudge the taxes I am forced to pay due to irresponsible lawmakers, that result in taking MORE money away from my family and the needs of our children, and do not give us anything in return!!
    LoriKeet

    Answer by LoriKeet at 11:13 AM on Nov. 14, 2010

  • IF deficit and debt reduction is the goal, spending must be cut AND revenues generated.

    ***
    And WHO is responsible for all of the federal spending?! I certainly didn't approve of the spending, but that doesn't matter, we all have to pick up the tab because of DEMOCRAT fiscal irresponsibility since 2007, and even more so in the past 2 years?!

    I think every elected official who VOTED for all of this crazy spending, should have to fork over THEIR money first! They are after all, among the TOP INCOME EARNERS, now aren't they?!
    LoriKeet

    Answer by LoriKeet at 10:55 AM on Nov. 14, 2010

  • There are people who apparently just like to complain, whine B and M- when faced with the obvious solutions, INCLUDING BOTH spending cuts AND revenue raising. Plenty of folks who are fine with the solutions as long as THEY are UNAFFECTED.

    ***

    Since I am in no position to control what Congress does...except for casting a lowly little vote for the fiscally responsible ones, and I can only control the spending and savings in my little corner of the world, then that is exactly what I/we will HAVE to do!

    We already live frugally--as the needs of our children and their futures always come first--so we're not going to curtail our spending any further in that aspect, but what we MIGHT have to do, to offset tax hikes, is to curtail how much we DONATE to charity or eliminate a couple of charities that we feel good about giving to!! Charity begins at home! Now I suppose I'll be called a monster for not continuing to give as much.
    LoriKeet

    Answer by LoriKeet at 12:11 PM on Nov. 14, 2010

  • I guess my issue with it is that there are already so many families that are struggling to make ends meet and once these cuts expire that thread they have been holding onto will be cut. Our government spend a ridiculous amount of money prolonging this horrible economy on the 'hopes' that their reckless spending would improve the economy and it didn't happen. Had they just left things alone then we would have likely been past the worst of the pain by now. But instead they borrowed a butt load of money that we owe back WITH INTEREST, it didn't improve a damned thing that it was supposed to and now we are seeing clearly that we will have to feel the pain eventually. I wonder how many families are about to lose everything due to irresponsible policy and power grabs. Not everyone can afford an increase in taxes. I guess these are things that liberals and conservatives will never agree on.

    QuinnMae

    Answer by QuinnMae at 11:04 AM on Nov. 14, 2010