t2.bmp (300054 bytes)  Bush Tax Cuts

 

Why the Bush tax cuts are good for the middle class.

October 28, 2008


1. Lower average tax bracket from 28% to 25%. Less income tax.

2. No capital gains on dividends. So no taxes on those dividends we all get on stocks, mutual funds, and 401k.

3. Eliminated the marriage penalty. Tax tables were slanted so married couples paid more taxes. The Bush tax cut eliminated the marriage penalty.

4. No capital gains tax on sale of home. Prior to the Bush tax cut, we had to pay capital gains tax on the sale of our home. That tax made it very difficult for seniors to retire where they wanted. Imagine if you had to give the government 25% of the sale of your home on top of whatever taxes your state charges you. Do you think you would be able to retire where you want?

5. Most of all, it eliminated the death tax. The death tax was a shame. How could someone be taxed again just because they died. This tax caused small family farmers to have to sell their farms after the parents died. On paper farms were well over the limit, however the farms aren't profitable.

Obama's spread the wealth is a very bad thing. I know liberals hate the rich, (although many rich people are liberals) but it is the rich that fund small companies. Venture Capitalist take a chance and fund companies so they can get started. Yes, they make money. But more often then not, they loose money because a lot of companies don't make it. Look at all those .com companies that died in 2000-2001. All those Venture Capitalist lost money.

Obama says he won't raise taxes. He's a liar. He does say he will eliminate the Bush tax cuts. As I showed above, eliminating the tax cuts is raising our taxes. An independent CNN study looked at 3 families. Family A made $42,000. Family B made $86,000. Family C ran a small business and made about $209,000. The only one that came out ahead was family A because they don't pay taxes. It is wrong for people who do NOT pay taxes to get a tax rebate. Why should someone who doesn't contribute get money back. This is the wealth distribution Obama is proclaiming.

We paid a huge amount of taxes last year not including property, sales, electric, natural gas, phone, water, sewer, cable TV, car rental, hotel rental, restaurant, gasoline, automotive licensing, service fees, and many other taxes. Obama will raise our taxes substantially. It may help those people who do not pay tax, but do you really want a society where people who don't contribute get money from the government at my expense? I believe they call this form of government Socialism.

 

 

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