Read it and weep, liberals:
Low-income workers stand to lose the most if lawmakers fail to reach a consensus on the Bush-era tax cuts, according to a new report from the Tax Foundation.
The report states that on Jan. 1 the doubling of the child tax credit, increased standard deductions and income credits and the creation of the 10 percent tax bracket — all of which primarily aimed at non-wealthy taxpayers — will vanish if gridlock persists in Washington.
While wealthier taxpayers pay more in taxes and stand to lose more money if the tax cuts expire, the impact on low-income taxpayers will be far greater because they live on slimmer margins…
This is because the tax cuts were designed to give a lot of help to poor and middle income wage earners. While you liberals were out there screaming “tax cuts for the rich”, the reality has been quite different…it is the poor who benefited. And not just in direct tax cuts, but in the increased prosperity because job creation wasn’t hampered by high taxes on “rich” people who make 250,000 a year (meanwhile, the super rich – your George Soros, etc – never seemed to get taxed when you liberals “tax the rich”).
Just because you wanted to play class war politics, these poor people will now suffer. Because you wanted a talking point rather than a policy, poor people will now have less money to spend and save.
So, is this hope, or is it change?
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