Friday, December 3, 2010

Call the Republican Bluff by Letting All of the Bush Era Tax Cut Expire!

Everybody (on TV at least) talks about the disaster that would strike if the Bush tax cuts were to expire, but you rarely hear any of the pundits specify how much people would have to pay in tax if the entire unfinanced tax cut were allowed to expire as it was intended to do. The bottom half of the population would have to pay between $5 and $836 more in tax in 2011. Big deal! The 3,4 % making 200-500.000 would have to pay $7,484, which is peanuts considering their income and the fact that their tax break for 2004-2010 was $54,707. Why all this hysteria? Call the bluff, and let the whole thing expire!

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