Bush's gift to the middle class

[pevodog]

A taxpayer filing a return in 2000, making $80k with a family of four, 2 little kids paid $ 11,078.43 in federal income taxes.

A taxpayer in 2007 making $80k with a family of four, 2 little kids, paid $5,829.78 in taxes. A 48% tax cut. I , out of curiousity just ran the numbers on my prossystems tax software.

 

[justobservering]

Yeah, just put it on our tab with China. You can't cut taxes and increase spending. I guess you can, but it's extremely stupid.

 

[nath05]

That's wonderful for the family, but it does not address how we are going to pay for the War on Terruh and prescription drug entitlements and pork.

Unless 'CREDIT CARD, BABY!' is an acceptable answer.

 

[AustinBat]

Pevo - you know that Bush screwed the middle class and gave all the tax cuts to the rich - why are you trying to confuse people with facts?? And President Obama will easily beat that 2000 tax bill to pay for all the freebies - that family doesn't really need that money (and I'm sure they can afford to give the government even more than that) and there are middle class people and working poor who do.

The really fair thing to do is for everyone to just hand over their paycheck to the govermment and then let the goverment give them back what it thinks they need to live on. Sigh.......

 

[Hornius Emeritus]

Federal Budget, 2003: 2.1 trillion dollars


Federal Budget, 2008: 3.1 trillion dollars


50% increase (not adjusted for inflation) in five years.

 

[Fried JJ Pickles]

When crunching these numbers, please don't take into account that it was a tax cut that created a budget deficit and your 2 little kids will be paying the difference 4 times over.

Oh, and also, don't even look at what happened to your property taxes between 2000 and 2007. You might start to think that your 'tax cut' wasn't a tax cut at all.

 

[pevodog]

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[blueglasshorse]

Now add back in the additional state and local taxes (sales, property, tolls, gasoline, various fees, etc...) and then fugure in the loss of purchasing power of the dollar, due in no small part to the deficit which was created by the tax cut, and I think you will see that you have saved very little if anything. All other things being equal, you can purchase less now that you could then at the same income level (even after accounting for inflation). That is assuming your job has not been shipped overseas... yet.

Ppty taxes are not federal taxes? True but you do realize that as the Feds cut state funding , State and local gov'ts just collect more from you make up the difference?

 

[Longhorn_Fan68]

So he hands you a few bucks and expects you to look the other way as he fucks America time and time again. What a hero!

 

[pevodog]

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[7 Iron]

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[pevodog]

Word

 

[Texas_Curl]

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[AustinBat]

7 Iron - some people will never get it. Add to you list that the US stop giving billions of dollars to countries that hate us, and that deficit will go away a lot quicker. I have never understood that - it is like taking part of my Longhorn Foundation money and giving it to the Aggies because their facilities are not as nice as our. Except that I voluntarily give to the foundation.

 

[Hornius Emeritus]

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[Horn6721]

Blue
You posted, "True but you do realize that as the Feds cut state funding , State and local gov'ts just collect more from you make up the difference? "

I am asking because I do not know. Did the Feds cut back the amount they give to states? is there somewhere I can review this?

 

[Anastasis]

If only he could have rolled back spending a commiserate amount, think of the shape we would be in. Instead we get boondoggles like Medicare Part D. Bush gave us all a nice gift, but he does his Christmas shopping on a credit card, and has no intention of paying it off.

 

[general35]

i think the point of the thread is that both obama and clinton state repeatedly that the bush tax cuts helped only the rich and that THEY are going to try and help out the middle class.

the point is that bush did make a substantial tax cut for the middle class. of course this thread morphed into what a bad president bush is etc., etc. now if you want to address tax policy then undertand that the government has more than enough income with the tax cuts currently in place...the governments income off of individual filers broke records for 2006 returns and 2007 is expected to be the same...keep in mind this is with the tax cuts in place. moreover, congress completely wastes more that 1/2 of every dollar it takes in...so please, spare me the rhetoric on how the government does not have enough money to function because of tax cuts. if the government was competent, we could have healthcare, college for all the kids that qualify, and the war on our current tax structure. of course, if we were in that scenario i believe we should lower taxes further because i do not believe it is governments job to provide those things for the collective but i do not expect you socialists to buy that. rather, just get competent people in power and you can possibly have those things.

 

[nath05]

this thread isn't about how bad a president Bush is. the point is these tax cuts didn't happen in a vacuum and aren't the be-all-end-all of economic well being.

 

[general35]

so higher taxes is the answer?

 

[nath05]

if we want foreign adventures and medicare part D, then yes, they should be.

 

[MGS]

Federal Revenue

2003: $1.8 trillion
2008: $2.7 trillion

Also a 50% increase

 

[accuratehorn]

According to the 2007 Tax Table, if the married couple's gross adjusted income is $80,000 and the married filing jointly standard deduction is $10,700, and the four deductions for wife, husband and two kids is 4x$3400=$13,600, the tax would be figured on $55,700 and would be $7576.
There are some chain e-mails going around claiming Bush's "gift" to the middle class is some greatly inflated figure, so I suspect this is another example of these unrealistic claims.
It is still less than the 2000 figure, but not as large as these emails are claiming, unless I am missing something.

 

[nath05]

Federal Revenue

2003: $1.8 trillion
2008: $2.7 trillion

Also a 50% increase

1) Do you have a link for that?
2) How much of that increase, if it is an accurate figure, comes/came from the housing sector?

 

[Fried JJ Pickles]

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[JOSEYWALES66]

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[7 Iron]

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[pevodog]

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[accuratehorn]

OK, if there is a $1000 additional child tax credit, that is $2000 off the taxable income, lowering it to $53,700, and the 2007 Tax Table has that tax as $7269. The original figure is still inflated.
I got $11219 in 2000, which is almost the same as your figure.
Still a 35% reduction if all else is the same.

 

[DeadHorse]

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