THE PIE CHART OF WHO OWNS OUR DEBT … GUESS WHAT WE WON TOP HONORS … OUR U.S. GOVERNMENT 32% … EVER WONDER WHY INTEREST RATES ARE SO LOW. WOULD YOU PAY YOURSELF INTEREST ON MONEY YOU BORROW FROM YOURSELF … I THINK NOT!
NOW CONSIDER THE FOLLOWING: The Tax Relief Reconciliation Act of 2001 (Commonly known as the Bush tax cuts) simply because you favor one party or oppose the other. Here are some things to note if the provisions of the Act are allowed to expire:
-- Employer provided educational assistance goes away
-- Student loan interest will no longer be deductible
-- Married couples will have smaller tax brackets and standard deductions than two single people (commonly known as the marriage penalty)
-- The Earned Income Credit is lowered in many ways (low income folks only)
-- Child Tax Credit (currently $1,000 per child under 17) drops to $500 per child
-- Allowable child care expenses drop from $3,000 to $2,400 per child for tax credits
-- The temporary payroll tax cut (4.2% for FICA) returns to 6.2%
There are many other provisions, of course. However, for anyone to believe that letting the "Bush Tax Cuts" expire only hurts the wealthy may be sorely mistaken.
NOPE I'M NOT GOING TO RAISE YOUR TAXES … NOPE NOT ME … BECAUSE I CAN BLAME IT ON SOMEONE ELSE!!!
