President Obama’s fiscal year 2015 budget proposes to increase taxes on individuals by over $820 billion and on businesses by about $500 billion, for a total of over $1.3 trillion in new taxes over the next ten years....
- USA Today highlights the Income Tax Calculator at MyTaxBurden.org.
USA Today highlights the Income Tax Calculator at MyTaxBurden.org.
By Richard Wolf, USA TODAY
KALAMAZOO, Mich. — Susan Yetter recalls vividly the day in March 2001 when President George W. Bush came to Western Michigan University and declared that the U.S. budget surplus "is the people's money, and we ought to trust them with their own money."
Less than three months later, on June 7, 2001, Bush signed into law a 10-year, $1.6 trillion package of tax cuts making good on that promise. It buoyed businesses and consumers at the government's expense, creating private investment and jobs but contributing to future budget deficits.
Willing to return his share
Rob Oakleaf knows what the Bush tax cuts mean to his wallet: $635 a year.
He'd gladly live without it, Oakleaf says, so the U.S. government could spend more on programs that benefit the people he serves: Kalamazoo's poor and homeless.
"I have not given any thought to the tax cuts, and I don't think they have been any benefit to me," says Oakleaf, 30, executive director of the homeless day shelter Ministry in Community.
Unlike wealthier individuals or business owners, Oakleaf has no difficulty computing the impact of the tax cuts on his middle-class existence. He earns $55,000 a year. The Tax Foundation's online calculator computed his tax cut for him.
Bush's tax reductions were enacted about the same time Oakleaf was graduating from Kalamazoo College. He since has worked lesser-paying jobs as a high school teacher, bartender and website and graphic designer. At those jobs, the tax cuts were worth less to him.
In the most recent twist of the fiscal cliff negotiations, Speaker Boehner has offered to allow the Bush tax cuts to expire for millionaires, meaning in this case those earning literally one million dollars or more in adjusted gross income....
Recently, we released an analysis looking at the potential total tax increase on the median four-person family in each state. We found that higher income and lower states tended to...
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