Bush Tax Cuts

For the past couple of months it seems that all Democrats want to do is repeal the Bush Tax cuts. They want to increase taxes to pay for more government initiatives. I am torn on whether or not we should repeal the taxes. The Democrats make it seem like all they do is help the rich, but after taking some look into the tax cuts that is not exactly what they do. Yes, some of the tax cuts went to the rich. Is that really a bid deal? They already pay most of the taxes, what is a few percentage points. If Congress does not make the tax cuts permanent we will find greater job loss and more economic problems.

If you are not convinced yet read the following:

  • Tax rates will rise substantially in each tax bracket, some by 450 basis points;
  • Low-income taxpayers will see the 10-percent tax bracket disappear, and they will have to pay taxes at the 15-percent rate;
  • Married taxpayers will see the marriage penalty return;
  • Taxpayers with children will lose 50 percent of their child tax credits;
  • Taxes on dividends will increase beginning on January 1, 2009;
  • Taxes on capital gains will increase, also beginning on January 1, 2009; and
  • Federal death taxes will come back to life in 2011, after fading down to nothing in 2010.

Source: The Heritage Foundation (http://www.heritage.org/Research/Taxes/wm956.cfm)

I will let you decide. In my opinion, that sounds ANTI-Growth, ANIT-Poor and ANTI-Investnment.

Make the tax cuts permanent Congress and be smart.

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