Ok, pardon my ignorance first and foremost. Lets say these Bush tax cuts expire. If you claim something like Married and 3, it takes a said amount out of your check. When it's time to do taxes at the beginning of 2011, is someone that claims that going to have to pay back alot more if the cuts expire? And I am married and have 3 dependents.
Your 2010 taxes will be based on the 2010 rates. You will see the increase next year. For you it will be HUGE. I'm talking 1500 in lost child tax credits alone.
Do your own research, don't listen to Republican spin. Unless you earn more than $250,000 grand a year as a couple, the tax cuts won't expire for you.
Until something is passed to extend all or some of the cuts I am working under the assumption that I will see a massive increase next year. I would give pretty good odds that they don't have anything signed by 12/31. Here is a table I came across. Awesome, especially for married people with kids. FAQs on Bush tax cuts: What you need to know - Nov. 16, 2010
Obama has always said that only those making over $250,000 income will have their tax cuts expire. Your scare tactics attempting to show that middle incomes would be impacted is not pertinent. Admit it. Shane is easily fooled, but I am not. The cuts were supposed to be temporary and we have enjoyed them for years. But now the failed Republican economic plans have placed us deep into debt. Republicans say that extending the tax cuts will "create jobs". What bullchit! Why haven't they already created the jobs, they've been in place for a decade? Republicans suddenly bemoan the deficits now that a democrat is in office. Well, Extending the cuts for the richest Americans would cost America $700 billion in deficit spending. By 2010 it will add $4 Trillion to the debt. The richest Americans are not in financial difficulty, they have widened the gap between themselves and the middle class during this tax break decade. The GOP has been very good to them. But The United States of America is in financial difficulty and cannot afford this republican policy of wealth redistribution to the wealthiest people and the largest corporations while the national economy sputters and small business and the middle class suffer.
