4% ? ~ Bev

The Republicans don’t want to raise the Bush tax cuts for the wealthy from 35% back to 39%.  The difference is an increase of 4% on their taxes.

What is 4% and how much does it represent?

4% of $1.00 is $0.04.

4% of $10.00 is $0.40.

4% of $100.00 is $4.

4% of $1,000.00 is $40.

4% of $10,000.00 is $4,000.

4% of $1,000,000.00 is $40,000.

According to the CATO Institute, In 2001. President Bush came into office promising a range of income tax cuts. He succeeded in getting a 10-year $1.35 trillion tax cut plan through Congress in 2001. It was the largest tax cut since 1981.

The 2011 Poverty Guidelines for the 48 Contiguous States and theDistrict of Columbia

is $37,630 for a family of 8.

 

2011 HHS Poverty Guidelines

Persons

in Family

48 Contiguous

States and D.C.

Alaska

Hawaii

1

$10,890

$13,600

$12,540

2

 14,710

 18,380

 16,930

3

 18,530

 23,160

 21,320

4

 22,350

 27,940

 25,710

5

 26,170

 32,720

 30,100

6

 29,990

 37,500

 34,490

7

 33,810

 42,280

 38,880

8

 37,630

 47,060

 43,270

For each additional

person, add

   3,820

   4,780

   4,390

 

The poverty rate for a family of 8 is less than the tax increase would be for millionaires. Is that increase really going to break the millionaires and multi-millionaires?  I don’t think it would send them to the poverty level.  However, the number of people in the poverty level income will almost certainly rise.

http://www.politifact.com/truth-o-meter/statements/2011/jul/07/barack-obama/obama-claims-job-rate-soared-after-clinton-raised-/

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12 Comments

Filed under BevnTempe

12 responses to “4% ? ~ Bev

  1. Hence the Occupy Wall Street movement. I think we are watching the this generations “Vietnam”. It’s fascinating to watch and ponder where it will go.

  2. Dooty

    This article by EJ Dionne is in the Dallas Morning News this AM about the OWS.

  3. Dog's Eye View

    Good post, Bev. GOP view is so selfish and short-sighted. Hope most of them get voted out on their asses. Although gerrymandering has left them “safe” seats, where competitive seats would give us democracy.

    Doots: thanks for Dionne post. Got to remember the “We are the 99%” theme. Has legs.

    James Fallows has a good post up on that subject:

    http://www.theatlantic.com/politics/archive/2011/11/guest-post-this-is-what-is-happening-around-us/248912/

  4. TempeBev

    The Super Committee fails – how many are surprised?

  5. Dog's Eye View

    I’m pleased, Bev. We’re better off with the automatic cuts than any turkey week compromise that would not provide enough revenue.

    I hope and pray the Republicans pay a big price for this, and the debt ceiling hostage situation, and for not even attempting to pass Obama’s Jobs act, and for all the other depredations. We’ll see.

  6. Dooty

    looks like the group that ramrodded the recall of Pearce is going to try for Brewster and Sheriff Joe. I wish them good luck

    http://tpmmuckraker.talkingpointsmemo.com/2011/11/group_that_recalled_russell_pearce_targets_jan_bre.php

  7. TempeBev

    Dooty – if the Brewster and Joe were recalled, I would actually have some real political pride in my state. Just waiting to sign the petitions.

  8. Dooty

    Everyone Happy Thanksgiving.

  9. Back at ya doots, and everyone else. Have a great holiday!

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