The Bush Tax Cuts

The Tax Cuts that George Bush signed in 2001 are due to expire 31 December 2010, unless Congress acts.

Just to remind everyone, these are the numbers associated with the 2010 Tax Rates under the Bush Tax Cuts and how much Federal Income Tax will increase if they expire.

2010 Tax Rates, Couple filing Jointly
Annual Income Tax Rate
$0 to $16,750.......... 10%
$16,751 to $68,000.......... 15%
$68,0001 to $137,300.......... 25%
$137,301 to $209,250.......... 28%
$209,251 to $373,650.......... 33%
above $373,650.......... 35%

2011 Tax Rates, if Bush Tax Cuts are not extended, Couple filing Jointly
Annual Income Tax Rate
$0 to $58,200.......... 15%
$58,201 to $140,600.......... 28%
$140,601 to $214,250.......... 31%
$214,251 to $383,650.......... 36%
above $383,650.......... 39.6%

Does anyone feel that taking just 25% of your income is more than enough? Can you imagine making one million dollars and your Federal Tax Burden would be $396,000?

Why can't the Liberals see that Small and Mid sized business will be hit hard by the tax increase and therefore won't be creating any new jobs?

This is the single biggest issue which spawned the Tea Party movement. Taxation and regulation without representation. My God, we have elected legislators who pass bills without reading them!!! We have to throw them all out come November 2nd, 2010. Then we throw out their ring leader in November 2012.