Five Myths About the Bush Tax Cuts

I found this to be an interesting read...

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/30/AR2010073002671.html

The most fascinating thing to watch in this tax debate is the Democrats wanting to extend the tax cuts for everyone except the top 2 brackets. This after hearing for 8 years about how this was a tax cut "only" for the rich. So now they do like the lower 10% and 25% brackets, and the $1000/child credit, etc. etc. Its all so amusing to watch the reverse-spin.

What is really needed are even lower rates overall, simpler tax code, and get rid of 95% of the deductions. Good luck with that!

Joe wrote: The most fascinating thing to watch in this tax debate is the Democrats wanting to extend the tax cuts for everyone except the top 2 brackets. This after hearing for 8 years about how this was a tax cut only for the rich. So now they do like the lower 10% and 25% brackets, and the $1000 child credit, etc. etc. Its all so amusing to watch the reverse-spin.

What is really needed are lower rates overall, simpler tax code, and get rid of 95% of the deductions. Good luck with that!

Actually the MOST fascinating thing is watching the republicans who are either are 1) In the top 2 tax brackets therefore greedy selfish pigs who don't really give a crap about anybody but themselves or 2) Naively support the people in '1)' even though the pigs in the top two brackets will just as soon pee on them than give them any sort of consideration.... and look up and thank them. The flat tax benefits the wealthy only....

I am also fascinated by those on the left that seem to despise rich people. I will never likely be even close to the top two brackets, but I don't hate those people or want their money, its theirs!

The crazy tax code and deductions are the problem, not the rates. I didn't say flat rates, just lower across the board.

The tax code is not supposed to "benefit" anybody. It is only for raising the necessary revenues to fund the gov't services we all agree on and should be spread around fairly to all.

I nor anyone I know on the left not hate the rich, I do quite well myself... but we just don't feel they need to be given some sort of break because if you read the article pineinthegrass posted, they don not take their tax breaks and hire people or any other such thing that helps the ecconomy..... many of the are greedy, and they do not support you 1/100 as much as you seem to support them.

Sorry Netdude, I think you missed all my points. Thats ok, writing is difficult.
I do think the 2 top rates are going up and its probably necessary given the hole we are in.

Point 1: The Dems demagogued the "Bush tax cut for the Rich" for 8 years. Clearly there were some tax cuts for the "not rich" that they are going to fight to keep. I find this amusing and a reverse-spin.

Point 2: Tax deductions are where the real money is. Rich people don't pay taxes at these high rates on much of their income because of the complex tax code.

Peace!

SC, I see one common theme that keeps popping up- deductions. It is a political tool to dole out candy. High rates are an illusion- almost nobody pays them. Accountants dream.

Too much energy devoted to "write-downs" and tax avoidance.

There is also the need to have everyone help pulling the wagon, not 50%.

Duck and hide now while the arrows fly.