What will happen to family finances if the Bush tax cuts expire in 2013

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  • worf Mcallen, TX
    Aug. 20, 2012 9:14 a.m.


    What was Obama's purpose for stating these quotes? Anger at business owners for feeling smart, and hard working? Anger at them, because others weren't able to build a business on their own?

    Success comes from creativity, hard work, and the use of available resources. It's not a crime. It's these businesses which provide the tax base for government to exist. To pay for infrastructure, and education.

    Obama was out of line for criticizing hard working Americans, by trying to make them look greedy.

  • mcdugall Layton, UT
    Aug. 17, 2012 10:10 p.m.

    @patriot. If you read the context of Obamas speech he mentioned that without infrastructure , education, protection, laws, etc which government, either state, local, or federal, provides to citizens. Without these resources, it would be nearly impossible for people to start, run, and maintain businesses. Context is highly important when referencing quotes.

  • Caprice PROVIDENCE, UT
    Aug. 17, 2012 9:26 p.m.

    Thank you for this excellent article that clarifies some important questions I have had. It is very informative and to the point. I appreciate the distinctions given regarding the maximum federal income tax rates on most long-term gains from real property sales, as well as the explanation of requirements of the 3.8 percent Medicare surtax on part or all of the income for those with higher incomes, not to mention the 18 percent that would apply to long-term gains from properties acquired after December 31, 2000, and held for at least five years. The increases for those with higher incomes, beginning with the new year, were well defined and easy to understand. I appreciate knowing the facts.

  • Kings Court Alpine, UT
    Aug. 17, 2012 5:40 p.m.

    A lackluster article whose title doesn't fit the content. Nothing was really said about family finances, other than a few mentions about those who make over $250,000 per year. For most middle class families, they will see their take home pay drop by about $300 per month. The payroll tax cut also expires at the end of this year. This saves most middle class families around $100 in after tax dollars. To put it more concisely, expect your take home pay to drop by around $400 per month in January. The real job creators are the Middle Class because they spend a large portion of what they earn. Spending creates demand and drives hiring. With middle class family budgets shrinking by about 10% net pay per month, we can expect a quick return to recession and job layoffs and we can blame both Republicans and Democrats in congress. Think about the unwillingness of both political parties to work together to solve our problems before you go to the polls this fall. It is time to vote them all out of Congress and start with a fresh slate and maybe another political party.

  • patriot Cedar Hills, UT
    Aug. 17, 2012 5:01 p.m.

    Well since we all owe the Federal Govt anyway for the business's we didn't really build and any other supposed success we have ever had in our lives then getting our taxes jacked up some more is just part of our patriotic duty... according to BO. So we should all be smiling - right??