What Will Dems Do About Evil “Bush Tax Cuts”?
The well kept secret 800 pound gorilla in the room for Democrats is that the evil Bush tax cuts that gave us five years of prosperity from 2003-2007 and are set to expire next year lowered taxes for pretty much every working person in the United States. While Nancy Pelosi and her minions like to talk about the fact that rates were indeed lowered for upper income earners(the evil rich), let’s be reminded that the Bush tax cuts cut taxes significantly for everybody. Just a reminder of what will happen when the tax cuts expire next year(citing the Heritage Foundation):
Tax rates will rise substantially in each tax bracket, some by 450 basis points;
Low-income taxpayers will see the 10-percent tax bracket disappear, and they will have to pay taxes at the 15-percent rate;
Married taxpayers will see the marriage penalty return;
Taxpayers with children will lose 50 percent of their child tax credits;
Taxes on dividends will increase beginning on January 1, 2009;
Taxes on capital gains will increase, also beginning on January 1, 2009; and
Federal death taxes will come back to life in 2011, after fading down to nothing in 2010.
Do the Democrats really believe that people are going to stand idly by and allow their taxes to be raised while they sit in Washington and squander our hard earned money? Let’s see how they finesse this fly in their ointment.