Saturday, December 4, 2010

The Bush-Era Tax Cuts and the Nation's Economic Health (Post #27)

UPDATE: Obama has signaled a compromise has been reached with Republicans that would extend the tax cuts for all income levels but also extend unemployment benefits and provide for a temporary payroll cut on social security taxes for the middle class.

Below is a list of the main provisions of the Bush-era tax cuts from 2001 and 2003 that are set to expire on December 31, 2010:
  • The two "marriage penalty elimination" provisions will expire, so that:
    • The standard deduction for married couples will fall, no longer double what it is for single filers; and
    • The ceiling of the 15% bracket for married couples will fall, no longer double what it is for single filers
  • The 10% tax bracket will expire, reverting to 15%
  • The child tax credit will fall from $1,000 to $500
  • The tax rate on long-term capital gains earned by middle- and upper-income people would rise from 15% to 20%
  • The tax rate on qualified dividends earned by middle- and upper-income people would rise from 15% to ordinary wage tax rates
  • The 25% tax rate would rise to 28%
  • The 28% rate would rise to 31%
  • The 33% rate would rise to 36%
  • The 35% rate would rise to 39.6%
  • The PEP and Pease provisions would be restored, rescinding from high-income people the value of some exemptions and deductions
  • The estate tax would be restored with an exemption level of $1 million and rates that top out at 55%
Here is a visual of the savings for each income bracket under the Bush tax cut and the alternative plan of the Democrats. Allowing all Bush-era tax cuts to expire will save the US government about $700 billion. It is clear that the Republican plan will save the most money for the wealthiest classes. But will those tax cuts to the wealthiest allow money to trickle-down to the rest of society?

Earlier this week the U.S. House of Representatives voted to extend the so-called Bush Era tax cuts for families making $250,000 or less. The House allowed the tax cuts to expire on those making $250,000 or more.

On Saturday, the Senate, led by Republicans, voted to not to extend the Bush-era tax cuts for those making $250,000 or less. The Republicans are playing a game of chicken. By voting no on extending the tax savings to the middle class, they are trying to push Democrats to extend the Bush-era tax cuts to all groups, including those making millions of dollars a year.

Our politicians are struggling with two polarizing concepts. One, the US economy needs a boost and extending tax cuts will increase aggregate demand and hopefully spur spending and hiring. But which groups in society should benefit from a tax cut? On the other hand, we are facing a $13 trillion debt and ending the Bush tax cuts will provide the US government with over $700 billion, helping to reduce the deficit.

Here are more detailed arguments in favor of extending or ending the tax cuts:

Arguments for allowing the tax cuts to the rich to expire.

Arguments for extending the tax cuts to the rich.

Your task:
Should the Bush-era tax cuts be extended to all groups including millionaires or only on the middle class? Or should all the Bush-era tax cuts expire?

Other questions to consider: what is a fair tax? Who should shoulder the burden of taxes in society? What is more important, balancing the budget or stimulating the economy?

Be sure to post by Wednesday, December 8 at 8:00am.

113 comments:

  1. Well i'm not here to say the wealthy don't pay their share of taxes, in fact most of the taxes come from the wealthy already; however, from my current situation, my parents work for the state and they're already taking 15% pay cuts and barely skim by each month, allowing the tax cuts to expire will affect them greatly... The wealthy generally have more living money to spend and can generally afford to cut their expenses. Taxes aren't good for anyone but generally the less wealthy can lose a great deal just from little expenses becoming greater.

    ReplyDelete
  2. Alexis Watson Bauer 3December 4, 2010 at 8:23 PM

    If we put taxes on a percentage then it would be evenly distributed by percent, rather than having one pay more than the other. The rich would still pay more, bt it would be fair.

    ReplyDelete
  3. by only cutting the taxes of the rich, you're letting the rich keep a little sliver of their money. and obviously the economy isnt well, like Obama's campaign slogan; "it's time for a change" let the cuts expire, and thats a big chunk of the deficit gone right there.

    ReplyDelete
  4. i believe the cuts should expire because it will eliminate alot the of states deficit. also its not fair that theyre only cutting taxes for the rich. if they have an easy time affording life then they should have an easy time paying the amount of taxes that everyone else does. even if they pay a little more., they will survive.

    ReplyDelete
  5. I think that balancing the budget is very important right now. The U.S. debt is comically large, and desperately needs fixed. Of course, raising taxes right now would hurt many people, especially families that are getting the married and child tax cuts. I like the idea of extending the tax cuts to those with $250,000 or less, because it would earn money for the government while not harming those who really need it.
    Caleb Boyd
    Sloan
    Per. 2

    ReplyDelete
  6. If the Bush-era tax cuts are currently not helping the U.S. and we can benefit from it ending, then we should end it. $700 billion would put a minor dent in the deficit or it can go to other programs to help boost the economy, but letting the bush tax cuts go on would simply be of no use to us. If it came down to who should be taxed more or less, I would say it should be fair; meaning that there shouldnt be a huge percent of someone's income going to taxes and there should be a limit instead of growth on the percentage.

    ReplyDelete
  7. Eliminating the tax cuts only help when people actually have money, so, I say keep it for those who make 250000 or less.the rich can afford it, everyone else can't.
    Rebecca miles
    Ap p.4
    Bauer

    ReplyDelete
  8. I believe that some tax cuts should stay. The ones for families and the other for people making under 250000 a year should extend their tax cut. THey are the ones having the hardest times with economic down turn. Another thing is that the rich should not have their tax cut especially now a days. The concept of the rich trickeling down their money is not working. It needs to be raining down.

    ReplyDelete
  9. I think that taxes should be distributed evenly among the population. However, i think it is a good idea to extend the tax break to the lower and middle classes of people, The lower and middle classes experience the hardships from economy in a magnified way. IIt is important to help the deficit however not everyone should suffer more eso those who already have difficult times because of the economy. Sloan p3

    ReplyDelete
  10. JOsh, i agree. It should rain down. The trickle has obviously not been working well. By establishing a fixed percentage of income to go to taxes, we would create a fair tax level for all tax brackets. Wealthy would pay more, poor would pay less, and all would pay proportionally. Nobody can complain. Also, we should levy taxes on capital gains. There are people ,making billions on investments and the government gets nothing, even though they make it possible.

    ReplyDelete
  11. i think that the tax cuts should go to the middle class. the really rich people can afford to pay more for taxes.

    ReplyDelete
  12. Emily Geiszler, Bauer, Period 4December 5, 2010 at 10:25 PM

    I feel as though the tax cuts should not be extended for everyone. Anyone who can afford to pay a little extra in taxes should help us decrease the deficit. I think that the tax cuts should expire for anyone who makes over $100,000, not $250,000. Those people can afford to pay the extra few percent. A lot of people who make less than $100,000 don't have a lot of extra money. They generally end up using most of their paycheck each month so its hard so save much for taxes come April.

    ReplyDelete
  13. I think that taxes should be evenly distributed. Since it isn't now I dont understand why they would want to cut the taxes for the rich who can afford taxes and not the middle class. Alot of people can't afford it.
    Tori Milligan
    Sloan per.3

    ReplyDelete
  14. I agree with the idea of extending the tax cuts to those with $250,000 or less, because it would earn money for the government. It would also not harm those who actually need it.

    -Ivan Cardenas
    Mr. Sloan Per. 3

    ReplyDelete
  15. Maria Schmidt, Bauer, per 5December 6, 2010 at 4:41 PM

    I think thats it's a good idea to extend the tax cuts for people who are making less than 250,000. Demand will increase and people will most likely spend more. I think it's more important right now to stimulate the economy rather than balance the budget because ending the tax cuts will hurt a lot of people. Many people don't have extra money and like others have said, many citizens have a hard time making ends meet month-to-month.

    ReplyDelete
  16. i think that the tax cuts should extend to those who are in the lower and middle classes. the people in the upper class are able to pay their taxes well enough and can continue to do so. the money should be given to those in need of it; they will spend it and begin to stimulate the economy.

    ReplyDelete
  17. I believe we should just end all the taxes and make everyone happier. This would benefit the lower class and help them get better lives. this would help the economy and have everyone live happier

    ReplyDelete
  18. I don't think the taxs cuts should be extended because they already had the tax cuts for a long time. If not extending the taxs cut will save billions of dollars then we should not extend the tax cuts.
    Erica Ayala, Bauer, per. 4

    ReplyDelete
  19. The US needs to find a solution to helping its enormous debt. If the Bush-tax cut was not helping the economy during the years it was valid, then the US should attempt a new economic strategy. Letting the tax cut expire may be a good solution, saving the government $700 billion, which would help to jump start savings.

    Devin Smith, Mr. Bauer, P.1.

    ReplyDelete
  20. If ending the Bush-tax cut will save $700 million then I don't see the reason why it is so difficult to end it. The only thing that I do think that they should do is to extend tax cuts to those that are not earning $250,000 or more. I think that they can even lower it down so that there can be more money saved. The rich have enough to spare, so it shouldn't be a big deal if the aren't given the tax cut.

    ReplyDelete
  21. If bush's tax cuts arn't helping the u.s they should be cut, i still believe that it is the governments job to fix our enormous amount of debt, but find other ways, besides bush's tax cuts. The tax cuts should no longer be extended, it is not longer bush's term.

    Trista Dowdy
    Sloan per.5

    ReplyDelete
  22. I belive that maby lettting the tax cuts expire would be a good way for the economy to bounce back from being a bad one. Tax money should not only go to the first class,it should go to the lower and middle classes because they are the ones who need it most.so i think tax cuts should be extended to the lower and middle classes.

    Clarisa Carrillo
    per.4
    Sloan government.

    ReplyDelete
  23. Honestly in this economy right now, bush's tax cuts should only be extended to the middle class because the people in middle class who getting the tax cuts now can barely make it through. If eliminating bush's tax cuts that would probably make it almost as impossible for tjem to make it through or feeding their families.
    Adilene vazquez
    Sloan period onee;

    ReplyDelete
  24. apparently the rich are being taxed about 35% of their income, if i'm reading some stats correctly.
    That is over a fourth of their income.

    I am for tax breaks. We should keep the breaks.
    We should reduce our deficit by reducing spending, not by increasing how much we take from the people.

    Can i tell my boss that, instead of limiting my spending, ill just take his money to pay for my costs?
    Caleb N.

    ReplyDelete
  25. I think that taxes should be distributed evenly among the population.If ending the Bush-tax cut will save $700 million then I don't see the reason why it is so difficult to end it.
    jake beilby

    ReplyDelete
  26. Josh Agans, Bauer P.5December 6, 2010 at 7:56 PM

    i think all taxes should be cut no matter what. this would help our economy and make everyone happier. this would also be more fair because we would not be only taxing the wealthy anymore. i think it is more important to balance our budget before we stimulate the economy. we need to help the lower and middle class because the upper class can already pay off all of their taxes with some ease.

    ReplyDelete
  27. gabriel mabalot bauer 3December 6, 2010 at 8:07 PM

    i believe bush era tax cuts should expire. know who had things good? Clinton. He put us into a surplus. do what he did.

    ReplyDelete
  28. Cristian Garcia Bauer p3December 6, 2010 at 8:12 PM

    i think they should let the Bush Era expire because this country is in a major deficit. the taxes need to get higher because the country needs money to make money.

    ReplyDelete
  29. The Bush-era tax cuts should be extended to all groups in order for it to be a fair tax. But the Bush-tax cut saves $700 million. I think that it's a hard choice between balancing the budget or stimulating the economy. Both are important to the nation. During this time, maybe it's better to stimulate the economy first.

    Chrissy Vue
    Sloan
    Period 3

    ReplyDelete
  30. I think we should extend the Bush Era, if we save the money then our economy may fall but if we use the taxes then our economy will rise. We need to find the equilibrium balance between this to make the economy and citizens better.

    ReplyDelete
  31. I think the tax cuts should be extended to the middle-class only since millionaires have enough to pay bigger taxes.Some taxes can mount up to be a big issue to any middle class family.I think that stimulating the economy is more important.The thought that money can just trickle-down from the wealthy to the poor seems like it wont work.
    Jose Alvarez.Sloan p4

    ReplyDelete
  32. I agree with extending the tax cuts to people with an income of $250,000 or less. We are in a recession right now and a tax break to some people would help but the government will also gain from the other citizens still paying full taxes. I think overall a good idea.

    ReplyDelete
  33. Danielle Smith, Sloan P1December 6, 2010 at 10:03 PM

    I think the taxes should be put out for everyone to pay, regardless of income. Just keep everyone level and give them a tax that is based off a percentage, not off an income. Plus, I don't think it's right that people want to tax the wealthy more. People earn their living; they shouldn't be punished for being successful.

    ReplyDelete
  34. Kevin Krivda, Bauer P1
    I beleive that the tax cuts should be extended to those who make 250,000 or less. if there is one thing that Americans can agree on is that they hate large taxes. With the republicans taking over congress, I believe that the rich wont b taxed heavily because it is their belief of the trickle down effect to help improve the economy. The country's budget does need some serious help, either way there are going to be people that are upset but ultimately Obama is going to have to make a tough decision, we'll see if he makes the right one. Hopefully he wont need the help of a tele prompter.

    ReplyDelete
  35. I think that everyone should have a flat tax of 10% to make it fair. Whatever you get you have to give back 10% in taxes. This would make it fair across the board. There would be ways to cut down on that precentage kind of like medi care except you would need a very good reason to do so

    Zachery Atkins
    Mr. Bauer
    Period 2

    ReplyDelete
  36. Tax cuts should definitely be extended to people with incomes of 250,000 or less because they are those who still need money because they are not really rich or poor so they have no benefits. The rich should not have tax cuts at all because they have the money. The tax deficits should not come from one group of people but should be distributed evenly but it should not be intended to make those who are poor suffer more.

    ReplyDelete
  37. Michael Freeman Per 5 SloanDecember 7, 2010 at 4:04 PM

    The governments policy of taking from the rich and giving to the poor people that do nothing to contribute to life is a big mistake. Tax cuts should fall in the favor of every individual instead of taking it all from the rich. People don't get the fact that if you keep taking from the rich, they will no longer be rich, and are economy will be shot. Money floats downward from the upper class to the lower class. This is are economy ways, but if you take away the source, the money will no longer flow like it should. This will total the economy for good.

    ReplyDelete
  38. I think that we should keep the Bush-Era tax cuts. It will save more people money, raising taxes is the last thing anyone wants to deal with. Sloan per 1

    ReplyDelete
  39. Our economy and budget is at a very low point right now, we need to do only what gives weath to the unwealthy. The rich can accept being tacted, so the idea of granting tax cuts only to the low income families is a wise decision.

    ReplyDelete
  40. Bush tax cuts should only be extended to the lower and middle classes. The trickle-down philosphy hasn't been working so why keep giving the milliornaires tax breaks. I believe everyone should shoulder the burden of taxes because everyone is a citizen and no one should gt a free ride.

    ReplyDelete
  41. I feel that millionaires should pay higher taxes so that the rest of society's wealth is more balanced. This would aid the economy.

    Guadalupe Velasquez
    Sloan, Period 1

    ReplyDelete
  42. Bush's own financial advisors didn't agree with his tax-cuts. He cut far too much and now we are in extreme debt and if it continues we will be at the mercy of foreign countries. However, lower-income families need any money they can get at the moment, so the wealthy should have taxes increased enough to compensate for the lack of taxes that lower-income families are paying.
    Sloan Per. 3
    Bauer Per. 4

    ReplyDelete
  43. Right now, we need to balance our budget. The US debt is embarrassing. Lower income families do need more money, so it would be nice to give them a tax cut. However, the wealthy have more money than they can handle so i think they can "suffer" without tax cuts.

    ReplyDelete
  44. Our economy is not doing so well so I believe that the rich shouldn't be the ones having to get the tax cuts because they have the money to afford to pay the taxes, while the people with less money cannot. They should raise the rich peoples taxes, and extend the tax cuts to the lower and middle classes.

    Melissa Quezada
    Mr. Bauer
    P.2

    ReplyDelete
  45. First of all, to address trickle down theory, we've learned that it doesn't work, or if it does, it's usually so minimal that it wouldn't make a difference. Rich people have a funny thing about them in that they are really good at keeping all the money. That's why they're rich. If anything, give some money to the poor so they can play with it a bit before it goes back to the rich. However, if this was a perfectly fair concept, everyone would be taxed equally. But, since the rich have plenty of money, they can live with paying a little more taxes than the poor, at least until the economy gets back up. Either way, it's a lose-lose situation. If the tax cuts extend, then one side will be really unhappy and complain about it, and if the tax cuts don't extend, people will still be unhappy.

    Brian S.
    Per. 4

    ReplyDelete
  46. i belive tax cuts should be extended for those with a low income. it is evident that many wealthy people can pay their taxes because they are wealthy. the lower income classes should be able to keep their tax cuts because it allowes them to survive. as for the government needing money there has to be other ways to earn the money needed.
    Alondra Munoz
    sloan P.5

    ReplyDelete
  47. I believe that the Bush-era tax cuts should be allowed to expire for all tax payers because if they were allowed to expire, then we would be able to lessen our deficit. If any should be renewed, then we should only renew the tax cuts for Americans making less than 250,000 dollars. The middle and low class are the ones that need the help, not the rich. The rich do not need to be made richer than they are, instead they should use their extra money to pay higher taxes, and they should consider the higher taxes as simply donations to their wonderful nation. Donations that are helping their country to pay off its deficit.

    ReplyDelete
  48. Miriam Bejines P.5 Mr.SloanDecember 7, 2010 at 6:25 PM

    I agree with the fact of tax cuts because some millioners have alot of money to help the people who really need it.I think that extending the unemployements benefis helps many Americans.

    ReplyDelete
  49. all bush era taxes should be cut. and also, they shouldnt just cut the middle classes, they should cut everyones, cause we, as human beings are just as egual as every one else.
    kim hernandez
    sloan
    p.4

    ReplyDelete
  50. Haley Collins (Mr. Sloan Period One)December 7, 2010 at 6:34 PM

    People in the Middle and lower classes of society honestly cannot afford the tax cuts. There are families out there that are just getting housing and creating a life for themselves and deleting the taxes may be beneficial for the richer classes, and also may be beneficial to our National Debt, but personally I think we should wait for change until we know citizens are stable.

    ReplyDelete
  51. We definetly need these Bush-Era tax cuts lifted: and soon. I mean, if we were to make taxes what they were before, we could bring in $700 billion, making some sort of dent in our HUGE $700 trillion debt. I know that people dont want to give their hard earned money to somebody else, but its what we have to do. We need to make sacrifices all around. How does everyone suppose we are going to get out of this incredible debt? A good comprimise would be to extend the cuts to people who make less than $250,000. I mean, this is a really horrible economy, and some people really need that money to put a roof over their families head, and food on the table. Can we try that?

    ReplyDelete
  52. I believe the tax cuts should be ended so many of the states deficit would be gone.
    Jasmine Singh
    Bauer P.3

    ReplyDelete
  53. I think tax cuts should be placed on all classes, but a little more on the lower classes than on upper classes. Tax cuts on the higher classes may help the economy more by opening up more jobs and therefore more spending. Tax cuts for the lower class will help reduce debt in some households since they can't always pay for everything they buy. On the other hand if tax cuts don't happen and people get into more debt, then they may help out the economy more because although they slowly pay, interest adds on and they never stop paying which may gain more money for the government than if they were to spend it any other way. Bad for the people but maybe good for the government. The burden of taxes should be on the shoulders of the upper classes because they are more likely to pay it, although I think they would be able to manage the money better if tax cuts are given to them.

    Melody Morphis
    Mr. Sloan
    per. 1

    ReplyDelete
  54. I think all of the previous tax levels should be reinstated, even to the middle class. The tax "savings" don't encourage people to spend; they encourage people to save the "extra" money from the federal government. If the government has those few extra dollars per person, more money can be funneled into education, roads, defense, etc. Federal programs will benefit, and the debt can be paid down, even if it is in an infinitesimal amount. The trickle-down theory of economics will not work in today's economy. Allowing tax breaks for corporations and the wealthy only helps them, not the rest of the people. Yes, they create jobs, but where are these jobs located? An incredible amount of work is outsourced to countries with few to no labor regulations. Corporations hire more people in these countries, producing more products with little cost, which they then sell in the United States. People may benefit from the companies, but the majority of work is in other countries, and the money created is lining the owner's pockets. At this point, the federal government, and by extension the people, are suffering far too much to allow this to happen any longer. Taxes should be allocated fairly: larger numbers for those who can afford it, and a lesser burden for those less fortunate, but I do believe all should be raised if our programs are to continue at the level we expect them. We have to sacrifice to take care of each other, and ultimately ourselves.

    Emily Dirksen
    Bauer
    AP Gov

    ReplyDelete
  55. I believe that the tax cuts should be extended for all classes. Tax cuts should be equal among all classes. Taking more money from both the middle and higher classes will result in less spending. Stimulation the economy right now is more important than balancing the budget. If Americans stop spending money, especially the rich, our economic situation will only get worse.

    Sloan p. 2

    ReplyDelete
  56. My opinion is they keep attacking the middle class is because theirs more of them then the rich. That is why more and more homeless people are becoming more of an issue, if they would tax the rich their would be less people struggling and less people on the street.

    ReplyDelete
  57. I believe everyone should have tax cuts. They should keep it the way it was, the way bush had it until the economy picks back up again.

    Spencer Pellandini
    Sloan
    P.1

    ReplyDelete
  58. on one hand, there are people who really can't afford to lose their tax cuts. on the other hand, the government really needs to start chipping away from our deficit. i think that taxes, however they are, need to be equal to everybody. just because someone is rich doesn't mean they are bloated and greedy. people work hard for their money.
    ease people out of these cuts be reducing them over time maybe? there's no perfect solution.

    ReplyDelete
  59. Jacob farrar
    bauer 4th
    From my knolage, i belive that the tax cuts should only be stoped for the people making 250,000$+, i would think that this increase tax wouldent affect them as much. i think that the unemploym,ent should have not been extended becuse if we alwase cratle our problems, there will be no awnser to them. i dont fully agree on what obama did but who does anyway.

    ReplyDelete
  60. I believe that the tax cuts that Bush had done should stay the same because our economy is already really bad. Having high taxes is the last thing Americans want to deal with. Tax cuts should be the same for all classes whether you are wealthier or poor it shouldnt matter. So overall we should stick with Bushes idea until everything around the world becomes back to normal.

    Jaskiran Kaur
    Mr. Bauer
    Economics
    Period 2

    ReplyDelete
  61. I'm sure the wealthy pay taxes just as middle class pays their taxes. Although, I'm pretty sure that what they pay isn't as fair as what middle class pays. I think they should make the rich pays the same percentage middle class pays. All taxes should be fair, and the wealthy shouldn't pay less than middle class just because of the amount of money they own.

    Stephanie Romero
    Period 3
    Economics
    Bauer

    ReplyDelete
  62. I think that the rich should be the only ones who are taxed more. Adding more to taxes for the lower classes won't help. the rich can afford being taxed more and it would help our economy big time.

    Daniel Ruiz
    Sloan
    Per.5

    ReplyDelete
  63. In my opinion I do not think the it is fair for the rich to only have their taxes cut beacause they live life easy and they have enough money to pay it off instead of puttin it all to the people who make little money.so yea I think that taxes should be also given to the rich beacause since they have more money it would be easer to help the countries economy and would make life easier.

    ReplyDelete
  64. Well, I think the Rich people should pay taxes since their RICH and have money to pay taxes. In my opinion they should just have them pay more taxes than the poor or middle class people.

    Sania Bacha
    Bauer, P3

    ReplyDelete
  65. Mr.Bauer P4
    I believe in an ideal society tax cuts should be extendded to all or none but that is not always whats best in reality. The truth is that tax cuts are more beneficial to those making 250,000 or less. the rich can afford to live without the tax cuts. I believe congress has made a huge mistake. spending money on unemployment benefits as well as extending tax cuts to all will increase the national debt a lot. the best thing they could have done was extend tax cuts to those making 250,00 or less and the unemployment rights. that way the deficit would increasly only slightly or maybe not at all.

    ReplyDelete
  66. Samantha Barragan Mr.Bauer Pd. 3December 7, 2010 at 9:27 PM

    I think that it should be more of a percentage for everyone. Not amounts. The wealthier do have more to give while the less wealthy are barely skimming by as it is. It only seems fair for everyone. The taxes are inflicted on everyone but why make it worse for the less wealthy, it would just hurt our economy even more.

    ReplyDelete
  67. If someone has a gambling addiction, giving them more money won't help them, it's a waste. The federal government has proven to be a poor steward of tax dollars; continuing to give more will not solve the problem. To get out of debt, the government needs to undergo a serious downsizing. Prioritize which bureaucracies are most important, which can go, and which need to be streamlined. Also, as far as tax brackets go, a flat percent for everyone isn't entirely equitable: 20% from a $20,000 salary hurts a lot more that 20% from a six figure income. However, the current brackets are grotesquely skewed and should be toned down.

    ReplyDelete
  68. I realize this idea is fairly socialist, haha, but I think that in these times, if ANY tax cuts should be continued it should only be the the middle working class. And the other rich people should be helpin' out and paying a higher tax. I mean sure, I realize that some of the richer people have worked hard to get that money, but who says the middle class doesn't work JUST as hard? We're a country, we should work together.

    ReplyDelete
  69. karina ramos mr sloan period 1
    our economy isnt doing soo well. so i think that these tax cuts will do good for our economy. it is not fair that rich people get their taxes cut.tax cuts should go towards the middle classes rich people could afford...anything!middle and lower classes need these types of tax cuts the most. therefor, i believe that tax cuts should be desributed among the lower and middle classes. nobody wants to deal with high taxes.

    ReplyDelete
  70. Here's an idea cut the government in half make it more efficient and we don't have to pay more taxes. "Congress shall have power To lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defence and general welfare... To make all laws which shall be necessary and proper" -Constitution Article 1 Section 8. These are the only things Congress is supposed to do so why are we trillions of dollars in debt. The only reason we are stuck paying this much taxes is because the federal government has become so large it is suffocating itself.

    ReplyDelete
  71. All members of society should pay taxes, as long as they can afford to do so. Those who make less income should pay less because they cannot afford it. The very wealthy people can afford to pay higher taxes, so they should pay more because it does not hurt them as much.

    ReplyDelete
  72. I think that everyone should pay their fair share. If someone makes less money, they can't pay as much as those making millions of dollars. The wealthy should not have to support the rest of the country if they worked hard to gain their position in society. It may sound good to those in the middle class to tax the heck out of the wealthy just because they can afford it, but they are not apart of that class and shouldn't have the power to make that decision. Bauer/Sloan

    ReplyDelete
  73. Brian Magina, Sloan P.3December 7, 2010 at 10:06 PM

    The bush-era tax should be extended to everyone who can afford to pay taxes. A fair tax in my opinion would make people who make more than 250,000 dollars pay higher taxes, and people who make less would of course pay lower. The more wealhy can afford to pay higher taxes.

    ReplyDelete
  74. i agree with cassie and brian. taxes should be based on a persentage to be ultamatly fair. and if there are going to be tax cut then it should go to the middle class because the rich people can afford it. even if it is based on a persentage

    ReplyDelete
  75. The tax cut should extend to all income levels. The tax rates are absurd the way they are now and nobody needs a tax hike right now especially in this economy

    ReplyDelete
  76. Oops...
    anyways. I think it is a good idea to extend the tax cuts to those with $200,000 or less. That way, the government will earn money, and those who really need it will not be harmed. Our government needs to get out of debt, and this could be a very big help.

    ReplyDelete
  77. Why shouldn't we raise taxes? It's not like the middle-class is burdened by the current economic crisis. I mean, why not embrace the concept of socialism? It's working in European countries. Why should we even work anymore? Obama can take care of us.

    On a less cynical note, December 7th is "a date which we will live in infamy." God bless our World War II veterans. (Sloan P.3/Bauer P.4)

    ReplyDelete
  78. I do not think that the Bush tax cuts should expire cause many people are already spread very thin on their spending. The small increase in taxes can lead to many to lose their homes and other possesions which will actually cause the government to make less money on taxes cause people won't be paying them. They should not eliminate these tax cuts.

    Zach Mietz

    ReplyDelete
  79. Maria Perez
    Sloan P.4
    I believe that all classes should be equal in what they pay, but in most cases the rich have a better chance of being able to pay more than the middle class can. If the middle class paid more than now it would make the homeles situation worse because that would mean more homeless people. While the wealthy can pay more and it will not hurt them much, and it will help an important issue which is the homeless by helping many of them and having less people living in our streets.

    ReplyDelete
  80. Steven Reichmuth, Bauer, Period 2December 7, 2010 at 11:52 PM

    The bush era tax cuts should be extended only to the middle class and not the million and billionares. The working man is the one hurting in this economy. The rich man won't go broke over a small tax increase. Sure the saved money on taxes could tickle down, but look at it now this system has been in place for over seven years and the economy managed hit a low during that time.

    ReplyDelete
  81. I believe that if the tax cuts were to be extended to those making $250,000 or less, then they should be extended to everyone. Singling out certain groups of people isn't fair and people should be treated equally. Although, in my opinion, I think the tax cuts should just expire all together to eliminate any debate of fairness.
    Sloan
    Period 5

    ReplyDelete
  82. The idea of extending taxes is a horrible idea, not much people make enough money to pay the taxes and in some families theres only one person paying everything therefor cant afford to pay the full amoint of taxes and the extra money they have they need it to buy food. This isnt fair for most people that make less than $250,000 a month.

    -RENE BONILLA
    BAUER 4TH

    ReplyDelete
  83. Sergio Maldonado, Sloan p.3/ Bauer p.4December 8, 2010 at 7:03 AM

    The tax cuts should be cut only to the middle and lower classes because the amount cut for the rich is larger than middle class. Everyone should burden some of the tax in society, but they should do it relative to their income.

    ReplyDelete
  84. The bush era tax cuts happened at the wrong time. It was a time high spending and with tax cuts that spending was not being funded. I think extending the tax cuts to families making under $ 250 thousand dollars a year would make sense. When our budget is getting close to being balanced then a tax cut can be in order for the rich as well. As of right now, i believe the tax cut for those making more than $250 thousand a year should be expired.

    Gabriella Cello
    p.3
    Mr. Sloan

    ReplyDelete
  85. It's hard to say if we should keep the tax cuts or let them expire. The economy needs to be fixed but because it's so bad, people don't really have the money for more taxes to fix the economy. I don't think the expired tax cuts should be extended to the wealthy though because most of them earn that money by putting in hours of work. I think taking away the tax cuts will help our economy but i think it would hurt too many people as well.

    ReplyDelete
  86. I believe that these tax cuts should expire because all our economy needs is more taxpayer's dollars. However, while it isn't fair to continue to have those with a higher income pay more taxes it will be affective in getting a least some of the states deficit to decrease.

    ReplyDelete
  87. i dont think that taking away taxes would lmake people spend more money. it does not make that much of a difference and taxes would help get rid of our growing debt.

    ReplyDelete
  88. i think we should extend the taxes to all income values. the rich already pay more anyway so what the biggie if they pay more for these taxes? i believe we need the taxes because this country could really use the money right now.
    hayley swearingen
    sloan per 4

    ReplyDelete
  89. Justin Tyler, Bauer, p.3December 8, 2010 at 7:33 AM

    I think that by the tax cuts expiring, it will help the economy recieve more money from taxpayers. I also believe that everyone should be taxed reguardless of income.

    ReplyDelete
  90. I think the tax cuts shouldn't be extended to millionaires and billionaires since a tax increase doesn't really affect them that much. It should still be reduced for the middle class people and below because many people in it are already struggling to get by with the current taxes. By trying to increase the taxes on the middle class, it'll lower the amount of tax money the government will receive since barely anyone will be able to afford to pay them.
    -Kevin Rodgers, Sloan Period 2

    ReplyDelete
  91. Christina Luna
    P.1

    I strongly believe like others that have posted, the tax cuts should expire. However, i believe that the rich should not get taxed more because that's their money they obviously have worked hard for it even if they inherited it obviously that money was hard earned and it's unfair to tax more than others are.

    ReplyDelete
  92. On one hand, I feel that, while the middle and lower class are struggling to get by, it' be kind of nice for the millionaires to help out a little.
    But at the same time, by doing that you're treading into socialistic territory.
    Most of those millionaires work hard to be that way, and it's unfair to ask them to give more than anyone else. Maybe we should just make a little donation jar for the white house that we could let the millionaires drop pennies in if they feel like. (hopefully the sarcasm does not get this post deleted)

    Sasha Schotzko-Harris
    Bauer 1

    ReplyDelete
  93. i dont think getting rid of taxes will make us spend more. i know that people will have more money however i dont think that they will spend it so carelessly since we r in a recession. i think balancing the budget is more important
    ASHLI ROBERTS
    BAUER
    2ND

    ReplyDelete
  94. i dont think that its fair that rich people are getting their taxes cut while the poor arent.It would be beter if the cuts would expire because it will take out alot the of states deficit. The rich should be payin more since they have more then the poor.For me i think that extending taxes is a bad idea,not everyone has enuff money to pay.

    Tania hinojosa
    p.5 sloan

    ReplyDelete
  95. I think that the taxes should be cut but only to the lower and middle class because they re the one who be the ones affected by it .anyway the rich will stay rich a little money that they have pay shouldn't effect them

    ricardo villalpando
    pr5 sloan

    ReplyDelete
  96. The tax cuts should be applied to the lower and middle class or dissolved. Either way i believe would be a good direction for the economy. If it were to be dissolved, then the government would bring in more tax revenue. But if it were only applied to the lower and middle class, it would stimulate the economy by giving the people more money to spend,

    Michael Robles
    Mr. Bauer Period 3

    ReplyDelete
  97. I don't understand why people would refuse to make an investment they believe would be profitable. The representatives from the whole political spectrum need to find a way to reconcile their different views and reach a decision that would be beneficial for all of us. The tax cuts should be extended for all income levels, because our economy is sick and in need of help.

    ReplyDelete
  98. Balancing the budget first should be the priority of the United States government. Therefore, the Bush-era tax cuts should be terminated. It is foolish to believe making the rich even richer would solve the country's economic problems. A compromise, however could be made. The option to extend the tax cuts to only those making $250000 or less is a good way to make both parties happy. But extending the tax cuts to all incomes is ju7st too much. The governemnt can not afford to cut any more taxes.
    Conner Woods Bauer

    ReplyDelete
  99. Balancing the budget first should be the priority of the United States government. Therefore, the Bush-era tax cuts should be terminated. It is foolish to believe making the rich even richer would solve the country's economic problems. A compromise, however could be made. The option to extend the tax cuts to only those making $250000 or less is a good way to make both parties happy. But extending the tax cuts to all incomes is just too much. The governemnt can not afford to cut any more taxes.
    Conner Woods Bauer

    ReplyDelete
  100. The tax cuts should expire, millionares and the middle class should have to pay taxes. It would help our bad economy

    ReplyDelete
  101. I believe the tax cuts should be aloud to expire since it will be such a big "benefit" to the public. Obama came into the presidency wanting to "make a change" so when is it going to happen? He has to be open to making the stretch to make the change despite if the rich will stay pleased or not.

    ReplyDelete
  102. the tax should be to all class of people so that its even all around. yeah some people wont be able to make it but the millionares should be ab;le tp afford. a fair tax should be a tax to all kinds of people no matter what class they are in. these taxes should be extended and also given out to all the rich people who can easily afford it.
    blake harrison
    bauer
    period 3

    ReplyDelete
  103. Luis Anguiano
    Mr. Bauer
    Period 2

    I think that tax cuts should go to everyone because the rich work hard for their money and earned their money.

    ReplyDelete
  104. Hannah Engebretsen/Bauer P2December 11, 2010 at 11:54 AM

    I think that taxes should be cut and that everyone can just be happier and not having to worry about higher taxes. There are diffrent ways to help our economy and it seems like taxes have to be the solution everytime. The middle class should also not be the only ones taxed. The wealthier people can afford being taxed as well.

    ReplyDelete
  105. the rich will still be paying more if you but them by persentage but it shows who pays mosrt of them if you exclude them. but itd be fair.

    ReplyDelete
  106. I believe everyone should pay a percentage of what they make, regardless of their income. It would be fair for everyone to be taxed 5% for example. Taxes are necessary in order for the US to fund the things that we do, and taxes should not be cut

    anthony garcia
    period 5
    sloan

    ReplyDelete
  107. As said by kevin krivda their will still be many people upset either way there are tax cuts or not. Im not quite sure wich should be better to do but our nation needs to get out of this bad economy. Everyone is hurting in this economy. Stimulating the money would probaly be the best solution

    ReplyDelete
  108. I think that people who have billions and millions of dollars sould be taxed more because the economy isnt that great and some people arnt getting paid that great so its harder for them to pay their taxes. I dont think it would hurt for people with a bunch of money like that to be taxed a little bit more than people who dont have a bunch of money.

    Aniscia Silva
    sloan
    Per 5

    ReplyDelete
  109. I say that the tax cuts should be extended to all groups not just the middle class. It's only fair. Like most of the time the tax cut with benefit the wealthy but it should benefit the middle class. I'm sure if a person is making million they still will be with cuts

    ReplyDelete
  110. Okay..its absolutely impossible to keep everybody happy..so do whats best for the economy,keep the tax cute ditsributed even;y.
    And if its given to the lower and middle class, it just might get the economy flowing again..
    Danielle Barros
    Sloan p.4

    ReplyDelete
  111. enrique salazar sloanper5December 15, 2010 at 4:11 PM

    I believe that the tax cuts should be for all groups not just the middle class because it wouldnt be fair for the working class

    ReplyDelete
  112. I believe the cuts should have a limit such as a certain income amount. Based on ones income is how heavily tax cuts are affected on one.
    Jordan Elzie Per 2 Sloan

    ReplyDelete

All comments will be reviewed before they are published. Make sure to leave your name to receive credit.