Republicans Call for Tax Increases? WOW!
WASHINGTON (CNN) -- House Republican leaders unveiled their alternative to the proposed Democratic budget Wednesday, calling for $4.8 trillion less in overall spending over the next decade -- in part through a five-year freeze in most non-defense discretionary spending.
The House GOP budget permanently extends all of former President George Bush's 2001 and 2003 tax cuts. Among other things, it also suspends capital gains taxes through 2010.
It also calls for establishment of a new tax system based on two rates. A 10 percent income tax rate would apply to couples making $100,000 or less, as well as singles earning under $50,000. The income tax rate would rise to 25 percent for those earning more.
During a RECESSION? This is SHOCKING, I say, SHOCKING!
If you make a little over the $100,000 mark as a family or $50,000 mark as a single, you end up paying the same percentage of taxes (10%) as a millionaire does -- wow that's great news!
The person that makes $50,000 pays just $12,500 in taxes; but if you make $58,000 you will pay $14,500 in taxes (25%) leaving you just $43,500 to live on.
A
millionaire on the other hand would pay $250,000 of their wad (25%)
leaving them $750,000 to live on and a billionaire would pay $2,500,000
of theirs leaving them only $9,975,000,000 to live on. Poor things,
what will they do with so little money?











