Sunday, June 26, 2011

Bush Tax Cuts

These cuts lowered taxes across the board. Why are they often referred to as cuts for the wealthiest?

We see it as a good plan to put money back into the economy and agree with the extension for the middle class. This has given people more money to buy necessities which creates more sales to keep our businesses going. What do the wealthiest do with the extra money? Warren Buffet says he "just gets richer" and that cuts for the wealthy does not help the economy.

PUBLIC LAW 107–16—JUNE 7, 2001
‘‘In the case of
 taxable years
 beginning during      The corresponding
 calendar year:          percentages                                                     
                                shall be substituted for
                                the following percentages:
                                28% 31% 36% 39.6%
2001 .......................27.5% 30.5% 35.5% 39.1%
2002 and 2003 .......27.0% 30.0% 35.0% 38.6%
2004 and 2005 .......26.0% 29.0% 34.0% 37.6%
2006 and thereafter .25.0% 28.0% 33.0% 35.0


Credit:
The per child amount is—
                                                                       
2001, 2002, 2003, or 2004 ... $ 600
2005, 2006, 2007, or 2008 .......700
2009 .........................................800
2010 or thereafter ...................1,000.’’








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