Skip O'Neill – Liberty for All

Ron Paul for A New Direction

Democrats really want to extend Bush Tax custs..Here’s why

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The Left is bluffing about the fiscal cliff and are blaming the GOP for standing in the way of a compromise.  Let’s see, if the Bush Tax cuts expire (which is part of the “fiscal cliff”) then the impact to those who voted for Obama would be:

        • The lower income tax bracket would rise from 10% to 15% (50% jump)
        • The employee share of Social Security payroll tax would rise from 4.2% to 6.2%  (30% jump)
        • Approximately 33M taxpayers (many in blue states) will move to the AMT (alternative minimum tax) bracket.  This up from just 4M today.
        • Child tax credit would be cust from $1,000 to $500

The democrates think they have the upper hand in the negotiations.  I say to the GOP, call their bluff and let’s go over the cliff.

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Written by opinionoregon

November 21, 2012 at 4:53 pm

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