NYT: Drilling Down on the Budget on Tax Cuts Note it's 'taxable income' over $250K, line 43, 1040

[flpoljunkie]

Yet those on the right and their media puppets are squealing like scalded dogs. I say, 'Boo freakin' hoo!'

February 27, 2009

DRILLING DOWN ON THE BUDGET
Tax Cuts

By EDMUND L. ANDREWS

As President Obama vowed during his campaign and again after he was elected, his proposed budget would extend the Bush tax cuts for most households with taxable incomes below $250,000 but allow them to expire at the end of 2010 for families with incomes above that level.

The changes mean that the top tax rate for income from $200,000 to about $340,000 would climb to 36 percent from 33 percent, and the rate for income above $340,000 would climb 39.6 percent from 35 percent.

People in upper-income brackets would also lose the 2003 Bush tax cuts for income from stock dividends and capital gains, and they would gradually lose the ability to take the standard deductions.

Overall, the administration estimated that the combined effect of its tax policy would widen projected deficits over the next 10 years by $2.6 trillion, compared with what would happen if the Bush tax cuts were all allowed to expire at the end of next year. In other words, the tax cuts far outweight the tax increases. But the pain would not be distributed equally. Earners in the top 5 percent could see substantial increases in their tax bills, while most people below that level would see their taxes go down.

http://www.nytimes.com/2009/02/27/washington/27web-tax.html

[Median Democrat]

1. The Level Of Misinformation Out There Is Stunning - Suggests Obama Is To Blame For Deficit

Where the fuck was the media during Bush's eight years? Where was the media when Bush repeatedly financed the war off the books? Then, in the middle of the worst recession in decades, suddenly the media is now demanding a balanced budget? Amazing.