Letting The Bush Tax Cuts Expire Will Only Hurt The Rich, Right?

As we head deeper into the silly season, which occurs every two years, it appears as if one of the cute little liberal talking points about the tax cuts of 2001/2003 were only for the rich has truly rotted liberals brains. Facts are pesky things which, after all these years, still elude liberals, and now the talking point goes something like this:

Letting the tax cuts expire will only hurt the rich

Really? I’ve seen this comment or something similar dropped all around the blogosphere, particularly at left leaning sites, so, let’s test that theory, shall we (figures are for single filers)?

  1. You made $50k. If the tax cuts are extended, your tax burden is $6,234. If lapsed, $6,836. Your burden would be $602 higher
  2. You made $20k. Extended: $1,149. Lapsed: $1,575. Burden is $426 higher
  3. You mad $100k. Extended: $18,932. Lapsed: $21,034. Burden is $2,102 higher

The lowest rate of 10% for those making between $0 and $8,735 goes away, reverting to 15% for $0 to $35,020. Those now in the 25% tax bracket, what is considered the true “middle class,” will see their rate jump to 28%.

Let’s say you are married, and you and your spouse each make $30k per year. Your burden will be $1,137 higher if the tax cuts expire. You can buy quite a bit of food and diapers with that, eh?

And let’s not forget that the top rate for long-term capital gains will rise from 15% to 20%, and the 0% rate for those in the lowest tax brackets will be replaced by a 10% long-term capital gains rate.

Obama didn’t lie, your taxes won’t go up by a single dime. They’ll go up by thousands and thousands of them.

Crossed at Right Wing News and Stop The ACLU

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7 Responses to “Letting The Bush Tax Cuts Expire Will Only Hurt The Rich, Right?”

  1. Lee Thomas says:

    The Progressive mindset is that they hate, loathe and despise the rich, the wealthy and Corporations.

    Hence what will transpire is the democrats will keep the tax cuts on everyone except the top bracket and that bracket will most likely be lowered to 200k per year.

    It will appease the “WE HATE PROSPERITY” Progressive base and appear to be moderate in tone to Americans who do not follow politics except at election time where they go to the polls and pull the handle for the GOP or the Democrats even if their party is currently guilty of war crimes, genocide or the destruction of America.

  2. Otter says:

    Compared to many other nations on Earth, the vast majority of the US middle class ARE THE RICH.

    And the rich WILL be taxed to the limit!

  3. John Ryan says:

    During WW II the Greatest Generation willingly paid a highest tax rate of 80%. And we were able to get rid of a higher debt in 7 years. As far as the taxpayer making 50K he will have to pay 2 dollars per day extra. For Americans who love their country and want to pay down our deficit I think that they can handle that 2 bucks. For Americans who are selfish well they can always move away to another country until things are more to their own liking.

  4. Otter says:

    Then get moving, ‘lil Liar. There’s a Mexican truck driver who wants your job.

  5. […] William Teach: Only the rich huh? […]

  6. Yeah, during WWII. It’s not WWII, it’s a nutty Progressive spending the USA into becoming Greece. How about instead of taxing the crap out of people who actually work for a living, the political class takes a break on spending? You know, like real people do when times are tough?

    Have you sent extra to the IRS yet, John? Tell you what, why don’t you folks who love to give you money to the government get the fuck out instead? And let people who believe in what America was founded on turn this country back into what it was meant to be.

  7. BuckFobama says:

    yes but the progressives do not go after the rich who make their money and give it to leftist causes[Leonardo Difaprio i’am looking at you]

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