Looking at very tragic and violent deaths of two families in ireland, it was down to both of those families where hit with unemployment due to the ireland being in a critical financial crises. I do understand that this goes for alot of countries.
I don't believe that the Bush incentive will be cut to the wealthy by the first of the year. The GOP Congress will not allow that to happen, no matter what Obama says.
The so called rich are the ones that own Corporations and Private Businesses. They do the hiring. If a tax increase would come their way, then our unemployment rate would rise.
American businesses need confidence. Today, they are not sure about taxes next year. That is why they don't hire or invest.
I say extend the Bush incentive for at least (5) years so that the USA businesses can get back on their feet. This can be done by eliminating excessive spending and earmarks.
There is an alternative though. The flat tax or fair tax. I see no talk in Congress about this yet. I have written to my Congressman.
This video explains a little. We must get rid of the IRS power and go to a fair tax for the American people.
You can Google this on the internet to find more; Flat tax or fair tax.
goodgollygosh: Looking at very tragic and violent deaths of two families in ireland, it was down to both of those families where hit with unemployment due to the ireland being in a critical financial crises. I do understand that this goes for alot of countries.
If the Republicans win the next election it will almost definitely lead to depression.
You may have been led to believe that only individuals in the top bracket will face higher federal income taxes if the Bush cuts go bye-bye. Not true!
Unless Congress takes action and President Obama goes along, rates will go up for everyone -- not just a sliver of the wealthiest.
Americans. The current six rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%.
The phase out for itemized deductions was also eliminated by the Bush tax cuts, and these will also kick back in. Some taxpayers may lose as much as 80% of their itemized deductions if their income is too high.
One major provision that will expire at the end of 2010 is the child tax credit.
Right now, the standard deduction for married joint-filing couples is double the amount for singles. For this, we can thank the Bush tax cuts, which included several provisions to ease the so-called marriage penalty.
Before the Bush tax cuts, a nasty phase-out rule could eliminate up to 80% of a higher-income individual's itemized deductions for mortgage interest, state and local taxes, and charitable donations.
Before the Bush tax cuts, another nasty phase-out rule could eliminate some or all of a higher-income individual's personal exemption deductions. The rule was gradually cut back and finally eliminated this year.
The Bush tax cuts don't just offer tax relief to the wealthiest Americans. They offer it to just about anyone who pays federal income taxes. Their scheduled demise next year will raise the tax bill of nearly every taxpayer, unless Congress makes changes and the president jumps on board.
goodgollygosh: Looking at very tragic and violent deaths of two families in ireland, it was down to both of those families where hit with unemployment due to the ireland being in a critical financial crises. I do understand that this goes for alot of countries.
To be honest recession would/will lead to all of the above
Well yes, of course, i just wondered what people think globally as we are in a world recession and its only going to get worse here, we could be looking at another 5 years before ther is any upturn in the economny here!
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