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Monday, June 27, 2011

Let's Clear This Up

There seems to be a bit of confusion on the part of every liberal in America about the Bush tax cuts. Somehow libs are of the mindset that allowing these cuts to expire will only effect "rich people" who make $250k or more a year. This perception is incorrect. The Bush tax cuts "lowered taxes for almost all US taxpayers" (source: Wiki). Here's the tax bracket implications from taxfoundation.org:
Reduction in other individual income tax rates — size of 15 percent rate bracket modified to reflect 10 percent rate, and 28 percent, 31 percent, 36 percent and 39.6 percent rates are reduced to 25 percent, 28 percent, 33 percent and 35 percent, respectively (sec. 1(i)(2) and sec. 901 of Pub. L. No. 107-16).
So libs, letting the tax cuts expire will have the effect of raising taxes on almost everyone, including you.