John Boehner’s Plan B would raise taxes on the poor
Source: Washington Post
Details keep coming in about Plan B, House Speaker John Boehners proposal to extend the Bush tax cuts for income under $1 million permanently. A lot gets extended. The current very low estate tax rates are made permanent, and the phase-out of the personal exemption for high earners, and the Pease limit on high earners itemized deductions, are completely eliminated.
But some features dont get extended. While the bill makes permanent the expansion of the Child Tax Credit (CTC) signed into law by George W. Bush as part of the 2001 tax cut deal which bumped the credit from $500 to $1,000 it does not extend an expansion that was passed as part of the 2009 stimulus package, and has been renewed since then, allowing poor families to refund more of the credit. Nor does it extend the stimuluss expansion of the Earned Income Tax Credit (EITC), by far the most important anti-poverty program the federal government has, or the American Opportunity Credit (AOC), which provides tuition assistance for middle-class families. That has a huge impact on lower-income families.
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The working poor, on average, would see taxes go up between $1,000 and $1,500 dollars. Barely anyone making over $100,000 would see a tax increase, and as a percentage of income, middle and upper middle class people making between $40,000 and $100,000 a year would see taxes go up less. But low income families earning $10,000 to $30,000 a year really take a beating under Boehners plan. Of course, if we do nothing, then the 2001 provisions expire as well and poor families are really in for a bruising.
Read more: http://www.washingtonpost.com/blogs/wonkblog/wp/2012/12/19/john-boehners-plan-b-would-raise-taxes-on-the-poor/
Plan B does not even cut the deficit as any of the proposals that were seriously being negotiated between Boehner and President Obama. Are Republicans purposely trying to crash the economy? Default on the Nation's debt. Is it just some big temper tantrum to punish the country for voting for Democrats in 2012.
cstanleytech
(26,331 posts)"Gee there are so many poor now that we have ruined the country that they can easily afford to suckup these tax breaks for me and my rich friends"
jerseyjack
(1,361 posts)"Gee, there are so many poor now that THEY have ruined the country...."
That is how the Republicans think. Most of the poor Republicans don't realize they are poor. The rest are gonna win the next Powerball so it doesn't matter.
ForgoTheConsequence
(4,869 posts)Millions are spent to win elections with lots of demagoguery and lies. Republicans during every election claim to be for the working class and the wage earners and claim to want to protect social security and medicare and millions fall for it! Why not run ads calling them on their shit????? The DNC should be running ads right now saying "THIS IS THE REPUBLICAN PLAN, we're not making this shit up, do you agree with this? We didn't think so!!!" CALL THEM OUT ON THEIR FUCKING SHIT!!!!
Its all out there, expose these motherfuckers!
cstanleytech
(26,331 posts)so they dont want to rock the boat with the corporations and wealthy by doing that thus they remain quiet.
Fedaykin
(118 posts)Historic NY
(37,453 posts)TomCADem
(17,390 posts)It is too bad that there is so much false equivalency and misinformation out there. The corporate media is working overtime to portray Boehner's Plan B as a serious offer when it is nothing more than an effort to obscure the fact that Boehner has no support from his caucas.
lexw
(804 posts)Berlum
(7,044 posts)leftyladyfrommo
(18,874 posts)I'm pretty poor - a little less just mean cutting back on the food. There goes the frozen fruit for my smoothie.
midnight
(26,624 posts)TomCADem
(17,390 posts)...They are confident that Democrats will not also vote for it and President Obama won't veto it. As the chart in this thread shows, it is not a serious proposal and it is not even in line with Boehner's prior offers. Heck, it even leaves draonian cuts in defense spending, which many Republicans hate. The only purpose of the plan is to give the corporate media a basis for arguing that its not true that Republicans will never vote for taxes for the rich. This is why Pope Grover Norquist is going along for the gag.
yellowcanine
(35,701 posts)Linking a name pronounced "BONER" with "Plan B", a common term for an emergency contraception medication, is too full of irony to ignore. Please proceed, Mr. Speaker.