How can Obama “keep the middle-class Bush tax cuts” when he said they were always only “for the rich”?
Question by : How can Obama “keep the middle-class Bush tax cuts” when he said they were always only “for the rich”?
Nine years Democrats have been saying that Bush only cut taxes for the rich and now they’re saying they want to preserve them for the poor and middle class?
So were they lying then or are they lying now?
Best answer:
Answer by ColleenIsBack
It cut the EFFECTIVE marginal tax rates of the wealthy far more than for middle class Americans. The effect of the cut in the marginal rates was more significant for wealthier taxpayers than for lower income people because credits for personal deductions, dependents and the standard deduction reduce lower income taxpayer’s taxable income to a much greater degree than does lowering the marginal rate. Perhaps you need to read up. See article linked below. It also cut the capital gains rate from 20% to 15%, which was a huge benefit to the very wealthy. The top .02 percent of households, with incomes over $ 1 million, the wealthiest of the wealthy, get 54% of all capital gains income.
Under Obama’s plan the marginal rates for everyone making less that $ 250k for couples will remain the same while the marginal rates for those making more will increase between 4 – 5%. It is the right thing to do. The wealthy can afford it, the middle class cannot and the revenue is needed.
Finally, you are mischaracterizing what was claimed. The Bush tax cuts were said to benefit the rich more than the middle class and that was exactly right. I dare you to find even ONE direct quote from Obama where he says that the Bush tax cuts were only for the rich. I don’t think I will hold my breath.
What do you think? Answer below!
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I guess you caught them in a lie no matter which way they turn…..Good work..
Colleen thats BS
Bush cut the lowest rate from 15% to 10%.
To put it back to 15% from 10% that would be a 50% increase.
The higest bracket was cut from 39.9% to 35% by Bush.
You need a bit more education than what Limbaugh and Fox is giving you.
That would not only help you but us as well.
well the simple fact of the matter is the rich are paying the right amount of taxes, it’s the middle class that is getting off to easy over half of all american don’t pay any income tax, it’s a major problem, i don’t support tax breaks for the rich but and I am not rich but i think the middle class needs to be taxed more.