The End of Bush Tax Rates Should Make Liberals Happy


What is commonly referred to as the "Bush era tax cuts" are simply the current rate of taxation. They were cuts when they were first introduced in 2003, but they are have not been cuts since that time. Now, on the threshold of a new year and the expiration of those rates, unless there is some kind of agreement, everyone's taxes will be going up.

According to a report put out by the Heritage Foundation in June:

On January 1, 2013, a $494 billion wave of tax hikes will take effect, hitting every American household, regardless of income.

So far several proposals have failed miserably, including the latest "Plan B" put forth by Speaker of the House John Boehner, which sought to raise taxes for all those making more than $1 million.

According to the Director of the Center for Data Analysis at The Heritage Foundation William W. Beach, in a report titled The Cost of Taxmageddon: Impact by State and Congressional District, he breaks down the new taxes on citizens in each state and congressional district.

It should come as no surprise that California will get hit the hardest with increased taxes of nearly $62 billion next year!

The report broke down the tax increases into five groups: Families, Baby Boomers, Low-Income Workers, Millennials, and Retirees. Here's how things pan out:

Families, Average Income $70,662: $4,138 tax increase.

Baby Boomers, Average Income $95,099: $4,223 tax increase

Low Income Workers, Average Income $24,757: $1,207 tax increase

Millennials, Average Income $23,917: $1,099 tax increase

Retirees, Average Income $42,553: $857 tax increase

Note that these income figures are Adjusted Gross Income (AGI). Number of filers and AGI are estimates for 2013. Take a look at the full details here.

Interestingly enough, liberals say this is a bad thing, but for them it would simply be returning to the Clinton Era Tax rates, right? Aren't they the ones who have been saying those were the "happy days" of strong economic growth, prosperity and surpluses? Unfortunately, only the liberals in power will be happy. Those that follow them are in for a rude awakening.

This combined with massive spending is sure to be a huge problem as the country faces the new year.

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Comments

comments

  • lizaz

    They should be very happy.....they'll get to pay more taxes....no more complaining now, you got your way!!!!!

  • http://www.facebook.com/people/John-M-Rolwing/1718182613 John M Rolwing

    In my case, for every additional tax $, I will have to escrow $3 to cover the increased costs + the amount for the Quarterly Estimated that must be paid. Now because I cannot print my $ legally, then it means I must, being retired and over 70, the choices left to survive may mean that I may have to go to Mother Government for help...WAIT...that sounds like it was the plan from the beginning...This divisive strategy just may work yet...[sarcasm and profanities follow]

  • http://twitter.com/LDommel Linda Dommel

    LET'S REMEMBER When Bush Tax Cuts were implimented, ALL DEMOCRATS WERE SAYING "CUTS ARE ONLY FOR THE RICH!". NOW that's doesn't fit the AGENDA, so they change the story? We were talking about KEEPING TAX RATES THE "SAME" for everyone and CUTTING SPENDING! But the Democrats said they were only for the Rich, WHY SHOULD THEY BE SCREAMING NOW? That will just make the Rich's tax go up RIGHT?

  • another_engineer

    Obama admitted to Boehner that when the cliff hits, he's going to blame republicans on national TV for it... wonder how many are going to buy his garbage.

  • BrianBDB

    Nothing makes stinking lefties happy. That's why they're lefties.

  • 1Responce

    More government, more taxes, more regulations, even more government, it doesn't cease. It continues to grow. I defy anyone to suggest one program or governmental department that is efficient and is not growing out of control. We've been asleep or too busy trying to make ends meet for decades, the whole time this has been happening. All this taxation and fines we pay for the laws and regulations we violate have put us in a position where two incomes per family does not even guarantee meeting our financial obligations. Strangers, not family members are raising and indoctrinating our children. It's no wonder society is going to hell in a hand basket. It destroys the family and doesn't teach our children how to think for themselves. If we don't teach them, then they become the useful idiots big government depends on.

  • One Way Follower

    With so many TAX-N-SPEND democrats, in Washington, D.C., along with big bruther Obama in the Oval Office (well, when he's not on one of this quarterly vacations), you can bet Americans will feel the noose, known as Democratic policy.
    I've yet to see a democrat, who didn't relish having piles of money to spend anyway he/she wanted and I don't think their agenda will change any time soon!

  • Guest

    With so many TAX-N-SPEND

  • J J

    No, it won't make them happy - they will just move on to the next item on their list that will screw American citizens. Their inability to see reality is destroying America. The America they want is not a viable option - it will self destruct because of the entitlement society they support.

  • Mikey

    I know one thing. If we raise taxes on everybody, spending is definitely going to down. Only it's the consumer who will cut spending. The government will go merrily on spending us into oblivion. We are toast unless both Parties agree on a plan that will realistically cut the deficit in five years or less. Neither is proposing anything close to that.

  • Mikey

    Well, the liberals are hypocrites. The Prez is only trying to "save" the middle class because it's an effective strategy to keep the Dems winning election (combined with their massive giveaways). Nope. I'm not looking forward to it, but I think if you lower taxes, you lower them for everybody. Raise them? Raise them for everybody. There aren't two classes of people. We're all American. We rise and fall together. Let's see how the middle class (and I'm one of 'em) likes these tax hikes. Let's see if the "Clinton Era of Prosperity" returns with these tax hikes. Once and for all we will end the argument over whether taxes help growth or are regressive.

  • obhfwb

    democraps like obama want this country to fall and they will do anything to make it happen to please the muslim boy community organizer from hell.

    • One Way Follower

      JESUS IS COMING SOON....BE READY!

  • http://twitter.com/AlRoberts3 Al Roberts

    This is all smoke screen. A large number of taxes are going up anyway. And Obamacare taxes are going to kick in, no matter what. The media is trying to lay this off on the Republicans while the democrats are trying to drive spending through the roof.
    If the Dems got EVERY tax increase they wanted, they are still spending MORE BY FAR than the taxes would payi. And EVERYONE knows it. But the media REFUSES to report that fact.

  • TexasfedupGramma

    Oh Yes, they'll be REAL happy when they're dumpster diving for food and living in tents.

  • retiredmillwright

    I guess I will have to expand my under- ground metal salvage
    business (picking up roadside aluminum cans) to help pay my extra taxes this
    year. Maybe I could team up with an illegal Mexican and start a roadside road
    kill tamale stand, but it looks like everybody that has an income is going to
    have to come up with extra money this year. This money will be spent by our millionaire
    socialist politicians for a wide variety of things, fine liquor, parties, vote
    buying, vacations, lavish salaries, bonuses and growing bigger government to
    name a few. If our fore fathers that bought this countries’ freedom with blood
    and sweat could see this circus, they would be turning over in their graves out
    of anger and disgust.

    • http://twitter.com/AlRoberts3 Al Roberts

      Don't forget the only president who has had MANY fine vacations, what seems like more than any other before him, while presiding over the worst economy since the last socialist, Franklin Delano Roosevelt. He was the guy who made the 30's depression worse by government deficit spending and socialism. The guy who liked "Ole Joe", aka Stalin. and loved the communist he had working in his administration.

  • Chitown Winner

    The end of the Bush tax credits should make all Republicans happy, because NObama
    Won't be able to blame Bush anymore and the middle class will then realize how much Bush and the Republicans did for them.

    • http://twitter.com/AlRoberts3 Al Roberts

      There are too many fingers in the pie. No one is going to be happy either way it goes. If he CUT spending like we really NEED to, the thousands of bureaucrats whose jobs were created to push paper around will be mad. And the economy will sag as it adjusts to the temporary drop in employment. But if the cuts are not made and the spending continues, we will ALL be unhappy as the "Consecutive QEs WILL bring about inflation in a big way and thevalue of the dollar will drop like a rock. That is also know as TAX. But it is a thieving, bureaucratic way to tax.
      We are in deep DO DO. And we don't have a Sarah Palin, who has the integrity to make the hard choices. We have Bilderberg minions who are driving our nation into collapse.

    • Mikey

      Screw the bureaucrats. Time to cut spending. Meaningfully. I just read an article that says how federal workers are mostly unhappy with their pay and that affects how they deliver services to the American people. Really? Then, maybe we need less of them. See how happy they are with NO job.

    • One Way Follower

      Good point!

    • http://twitter.com/LDommel Linda Dommel

      When these taxes were IMPLEMENTED DEMOCRATS said they were CUTS "ONLY" 4 the RICH"! REMIND PEOPLE of their LIES when it GOES DOWN! These people take NO RESPONSIBLITY 4 their LIES!

  • gnafuasusual

    Eat dog dirt, Libs. It's -a -coming. Don't bang on my door for food. You voted this crock in. Live with it.

    • One Way Follower

      Well, I didn't vote for this crock (or any other state or federal politician, since I turned 19 (the first election I was old enough to vote ) so I don't understand the
      idiots, who have been duped by a con-artist twice!!

  • Phil185

    This article left out one really important piece of info. Geitner in his annual report had income totals for the past two decades. The Bush tax rates brought in more revenue than Clintons ever did. Yeah, we were so prosperous with Clinton in there wern't we?! But the Liberals and Geitner himself won't tell the public idiots that tid bit of info...EVER.

    • http://twitter.com/AlRoberts3 Al Roberts

      Until such time as there are REAL immediate CONSEQUENCES that directly can be applied to the Congressmen, there is NO REASON for them to stop spending. And since they hve the media running cover for them, the American people have no way to see just how much damage they are doing to us.
      I Chronicles.. our only hope. If the people who CLAIM to be godly, will repent and stop sinning, then God will heal the land.
      By that verse, the fault is on arrogant Christians who PLAY at politically correctness and act like they are going to church in Laodicea. Judgement is coming on the nation because of THEM and not because of the wickedness of Democrats, Pelosi, Reid, Schumer and a lot of other mormons and Jews.

  • Shutter

    Of course it will make them happy. Raising taxes on the middle class was really the idea. That is why any plan to avoid the fiscal cliff by the Republicans is being rejected. The way its going, the middle class gets taxed at a higher rate and Blamer in Chief does what he always does, blames someone else.

    • icthelite

      Damn Shuter your the first person other than myself that has posted this enlitemment on to others. Of course this is what the Socialist want. This as well as all the taxes that are going to finish going into effect for the government controlled health paln (ACA) by 2014. These along with the elimination of the payroll tax.

    • One Way Follower

      It doesn't matter who they raise taxes on...the Middle Class will feel the crunch, anyway. If they raise taxes on the millioinaires, those wealthy members of society will just raise the prices of the goods they sell to the middle class, which will replenish the money they were paying out, while also causing the Middle Class to suffer!

    • ESQ

      Yea! until they get there first pay check.