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Tuesday, November 30, 2010

 

Bush Tax Cuts

A lot of people are under the impression that the Bush tax cuts are only going to effect the top two federal income tax brackets, but this of course is not the case. Unless Congress and the President take action, taxes will go up for everyone.. Not just the wealthy. While right now under the Bush tax cuts, the tax scale is 10%-35%, this would be raised to 15%-39.6% which would be hundreds or thousands of dollars for individuals and families. In a nutshell, Republicans are wanting tax cut extensions for all tax brackets, while Democrats only want the tax breaks for individual earning up to $150,00 and married couples up to $200,000. This just seems strange to me because we are paying taxes for public goods/services, right? Well then why should someone who is earning a lot more and, therefore probably working much harder, have to pay so much more than me for the same amount of public goods? That just doesn't seem very fair to me...

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