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View Diary: White House report takes aim at Republicans' War on Christmas, middle class hostage-taking (23 comments)

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  •  i was about to write a diary about this (1+ / 0-)
    Recommended by:
    denig

    -You want to change the system, run for office.

    by Deep Texan on Mon Nov 26, 2012 at 01:03:58 PM PST

    •  more (1+ / 0-)
      Recommended by:
      denig

      Under the President’s proposal, the 98 percent of American families with incomes of less than $250,000 per year would continue to benefit in full from the income tax cuts expiring at the  end of 2012, including:

      - The doubling of the Child Tax Credit to $1,000 per child, and the extension of the credit to millions of working families that previously could not benefit from it.

      - The 10 percent tax bracket, which will provide middle-class couples with a tax cut of up to $890 next year.

      - Marriage penalty relief, which reduces or eliminates marriage penalties for nearly 38 million couples.

      - Lower tax rates on up to $250,000 of income ($200,000 for single filers).

      - Under the President’s plan, the income tax rates for high-income households would return to what they were under President Clinton, when the economy created nearly 23 million new jobs, we went from deficit to surplus, and businesses and investors did very
      well.

      -You want to change the system, run for office.

      by Deep Texan on Mon Nov 26, 2012 at 01:07:09 PM PST

      [ Parent ]

      •  more (1+ / 0-)
        Recommended by:
        denig

        The President’s proposal and legislation introduced by Congressional Democrats would provide certainty for the 114 million middle-class families whose taxes will go up on January 1 if Congress does not act.  Without Congressional action:

        - 114 million  middle-class families will see their federal income taxes increase by an average of $1,600.  

        - A typical middle-class family of four will see their taxes rise by about $2,200 as a result of losing the combination of the expanded child credit, marriage penalty relief, and the 10 percent bracket.

        - Over 35 million families will receive a smaller Child Tax Credit, and millions of low- and moderate-income working families with children will lose access to the Child Tax Credit altogether.  

        - 11 million middle-class families will no longer get help paying for college from the American Opportunity Tax Credit.

        - Small businesses will be able to claim immediate tax deductions for only $25,000, rather than $250,000, of new investment.

        -You want to change the system, run for office.

        by Deep Texan on Mon Nov 26, 2012 at 01:14:05 PM PST

        [ Parent ]

    •  examples (2+ / 0-)
      Recommended by:
      denig, Flying Goat

      Examples of Middle-class Families that Will See Their Taxes Rise If the Middle-class Tax Cuts Are Not Extended

      - Example 1: A typical middle-income family of four: a married couple with two children with income between about $50,000 and $85,000 would see a $2,200 tax increase.

      o A tax increase of  $1,000 because the Child Tax Credit will fall from $1,000 to $500 per child.

      o A tax increase of $890 because of merging the 10 percent tax bracket into the 15 percent tax bracket.

      o A tax increase of $310 because of the expiration of marriage penalty relief that provides a larger standard deduction for married couples.

      Total Tax Increase on this Family if Congress Fails to Act = $2,200

      - Example 2: A married couple with a 15-year-old at home and a 19-year-old in her second year at the state university; the couple’s income is $80,000.

      o A tax increase of  $550 because, instead of being able to claim the $2,500 American Opportunity Tax Credit to help with college expenses, they will only be able to claim the Hope Credit worth $1,950.

      o A tax increase of $500 because the Child Tax Credit will fall from $1,000 to $500 per child.

      o A tax increase of  $890 because of the disappearance of the 10 percent tax bracket.

      o A tax increase of $310 because of the expiration of marriage penalty relief that
      provides a larger standard deduction for married couples.
      Total Tax Increase on this Family if Congress Fails to Act = $2,250

      - Example 3: A middle-income family with three young children: a married couple with three children with income of $75,000 would see a $2,700 tax increase.

      o A tax increase of $1,500 because the  Child Tax Credit will fall from $1,000 to $500 per child.

      o A tax increase of $900 because of merging the 10 percent tax bracket into the 15 percent tax bracket.

      o A tax increase of $300 because of the expiration of marriage penalty relief that provides a larger standard deduction for married couples.

      Total Tax Increase on this Family if Congress Fails to Act = $2,700

      -You want to change the system, run for office.

      by Deep Texan on Mon Nov 26, 2012 at 01:12:25 PM PST

      [ Parent ]

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