Tax cut expiration has broad impact: Middle class families would feel the pinch along with the rich
The Detroit News reports that "there's good news and bad news" for those who have been ignoring the battle over prolonging Bush-era tax reductions "because it's just about ending 'tax cuts for rich people.'"
"The good news," according to the article, "Letting the tax cuts die would raise $3.7 trillion in the next decade for the U.S. Treasury."
"The bad news: You're one of the 'rich people.'"
According to the article, the cuts "have benefited just about anybody who pays income tax." including "the 32 million Americans smack in the middle of U.S. income groups, making an average of $50,000 a year before taxes."
Read the full article here.
Heather Lockwood is a reporter for AnnArbor.com, reach her at heatherlockwood@annarbor.com or follow her on Twitter.
Comments
say it plain
Mon, Aug 30, 2010 : 6:16 p.m.
How misleading, to say "you're one of the rich people", that's gotta be right out of the GOP misinformation playbook. Yes, the range of tax cuts set to expire include cuts for middle- and low-income taxpayers...BUT the Obama administration has made it clear that they favor letting the cuts expire *only for those making more than 250K per year*. So, let's at least try to be responsible in how we report about it. True, this story didn't straight-out claim anything about what the White House or the Congress is proposing to do, but to imply that somehow there is a conspiracy to claim we're all 'rich' and thusly all in line for an effective tax increase is disingenuous.
kmgeb2000
Mon, Aug 30, 2010 : 2:29 p.m.
Time to suck it up people. The deficit will not disappear by magic or trickle-down-economics. We have two wars to pay for and the bill is past due!