UNLV may be forced to declare bankruptcy

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Originally posted by: pjstroh

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Originally posted by: DonDiego

malibber's link states three reasons the tax rates are so low:
1. Stimulus Law One-third of last year's $862 billion economic stimulus went for tax cuts. Biggest reduction: The Making Work Pay tax credit reduced income taxes $800 for married couples earning up to $150,000. [The Making Work Pay tax credit was part of the American Recovery and Reinvestment Act of 2009, supported by President Barack Obama, passed by a Democrat-controlled Congress, and signed by Him on 17 February 2009. DonDiego doesn't remember if this was i. the Bill that had to be "passed before it could be read" or ii. the Bill that "had to be passed so the Congress could find out what was in it". -DD]

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Sorry to interject. I simply remember that as being the bill that tea-partiers called a "massive communist takeover" in the midst of protests surrounding their oppressive tax rates - the same rates that got lowered by $400-$800 by the very bill they were protesting.

Thanks for the memory. It always brings a smile to my face.

PS - I'm thrilled that Don DIego reconizes the cost of those tax cuts by referencing the portion of the 800+ Billion dollar law. Its not often that I can find a conservative who will readily admit that tax cuts cost money. Perhaps there is hope.

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Originally posted by: DonDiego

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Originally posted by: malibber
I am sure glad I did my research before I posted it:Lowest Tax Rates

Anyway the reason those other taxes which fall mostly on the middle class and poor have been going up is because that is what is being used to offset the tax cuts that went to the upper earners.

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DonDiego is glad malibber did his research too, . . . and very glad he posted a link. But, . . . did malibber even read his own link: Lowest Tax Rates ?

malibber's link states three reasons the tax rates are so low:
1. Stimulus Law One-third of last year's $862 billion economic stimulus went for tax cuts. Biggest reduction: The Making Work Pay tax credit reduced income taxes $800 for married couples earning up to $150,000. [The Making Work Pay tax credit was part of the American Recovery and Reinvestment Act of 2009, supported by President Barack Obama, passed by a Democrat-controlled Congress, and signed by Him on 17 February 2009. DonDiego doesn't remember if this was i. the Bill that had to be "passed before it could be read" or ii. the Bill that "had to be passed so the Congress could find out what was in it". -DD]

2. Progressive Tax Rates Presidents Clinton and Bush pushed through a series of tax changes — credits, lower rates, higher exemptions — that slashed income taxes for poor and middle-class families. A drop in income now can trigger big tax breaks and sharply lower rates, sometimes falling to zero. [More citizens are paying zero income taxes. -DD]

3. Sales Tax Consumers cut spending sharply in this downturn, thereby paying less in sales taxes. [Duh! -DD]

Anyway, DonDiego thanks malibber for his research.

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