A lot has been said about the Bush tax cuts. The Democrats and their Liberal cohorts depicted the tax cuts in terms of "class warfare" (tax cuts for the rich, corporate welfare, etc.).
The factual truth is that the Bush tax cuts have provided relief to most American families, of all income levels and kept our economy going strong through years of war spending, natural disasters and rising oil prices.
On Thursday, the Senate voted 52-47 to reject a move by Sen. Lindsay Graham, R-S.C., to extend Bush's tax cuts for middle- and higher-income taxpayers. John McCain, Republican presidential nominee-in-waiting, voted for the full roster of Bush tax cuts. Rivals Hillary Clinton and Barack Obama, both voted against them.
The developments came as the Senate began a full day of votes on a $3 trillion Democratic budget blueprint for 2009. The nonbinding plan promises generous increases for many domestic programs, but achieves those goals only by assuming major tax increases when Bush's tax cuts expire. Obama and Clinton both promise to reverse Bush's tax cuts, but the Democratic budget they'll be voting for would allow income tax rates to go up on individuals making as little as $31,850 and couples earning $63,700 or more. Socialism is expensive and if you didn't know that, just ask the Europeans.
"The biggest issue in this campaign is going to be your taxes," Bush said Wednesday night at a GOP fundraiser. "I think the biggest issue in this campaign is which side of the political divide is going to let you keep your money, and which side is going to raise your taxes."
Under the Democratic plans (in the Senate and Congress), tax rates would increase by 3 percentage points for each of the 25 percent, 28 percent and 33 percent brackets. At present, the 25 percent bracket begins at $31,850 for individuals and $63,700 for married couples. The 35 percent bracket on incomes over $349,700 would jump to 39.6 percent. The Democratic plans would provide generous, greater-than-inflation increases for domestic agency budgets.
All those who want to pay more in taxes raise your hands....Now get out of here!
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