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Figure your tax cut under Obama
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<blockquote data-quote="tieguy" data-source="post: 397302" data-attributes="member: 1912"><p>Same Source:</p><p> </p><p>In 2000, the top 60 percent of taxpayers paid 100 percent of all income taxes. The bottom 40 percent collectively paid no income taxes. Lawmakers writing the 2001 tax cuts faced quite a challenge in giving the bulk of the income tax savings to a population that was already paying no income taxes.</p><p>Rather than exclude these Americans, lawmak&shy;ers used the tax code to subsidize them. (Some economists would say this made that group's col&shy;lective tax burden <em>negative</em>.)First, lawmakers low&shy;ered the initial tax brackets from 15 percent to 10 percent and then expanded the refundable child tax credit, which, along with the refundable earned income tax credit (EITC), reduced the typical low-income tax burden to well below zero. <span style="color: red">As a result, the U.S. Treasury now mails tax "refunds" to a large proportion of these Americans that exceed the amounts of tax that they actually paid.</span> All in all, the number of tax filers with zero or negative income tax liability rose from 30 million to 40 million, or about 30 percent of all tax filers.<a href="http://www.heritage.org/research/taxes/bg2001.cfm#_ftn17" target="_blank"><u><span style="color: #800080">[17]</span></u></a> The remaining 70 percent of tax filers received lower income tax rates, lower investment taxes, and lower estate taxes from the 2001 legislation.</p></blockquote><p></p>
[QUOTE="tieguy, post: 397302, member: 1912"] Same Source: In 2000, the top 60 percent of taxpayers paid 100 percent of all income taxes. The bottom 40 percent collectively paid no income taxes. Lawmakers writing the 2001 tax cuts faced quite a challenge in giving the bulk of the income tax savings to a population that was already paying no income taxes. Rather than exclude these Americans, lawmak­ers used the tax code to subsidize them. (Some economists would say this made that group's col­lective tax burden [I]negative[/I].)First, lawmakers low­ered the initial tax brackets from 15 percent to 10 percent and then expanded the refundable child tax credit, which, along with the refundable earned income tax credit (EITC), reduced the typical low-income tax burden to well below zero. [COLOR=red]As a result, the U.S. Treasury now mails tax "refunds" to a large proportion of these Americans that exceed the amounts of tax that they actually paid.[/COLOR] All in all, the number of tax filers with zero or negative income tax liability rose from 30 million to 40 million, or about 30 percent of all tax filers.[URL="http://www.heritage.org/research/taxes/bg2001.cfm#_ftn17"][U][COLOR=#800080][17][/COLOR][/U][/URL] The remaining 70 percent of tax filers received lower income tax rates, lower investment taxes, and lower estate taxes from the 2001 legislation. [/QUOTE]
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