Ummm so I have to spend money to be allowed to deduct the money spent on my taxes, to get back from the IRS what about 10%(maybe) on what I paid out... Well actually, like that stupid tax credit for Hybrid cars, only a very small percentage of taxpayers will see any benefit from this, since only about 30% of total tax filers itemize their deductions. So anybody trying to work their way through college will SEE NOTHING BACK FROM THE IRS!!!!!!
That is the Democrats idea of a tax cut, taxpayer spends 20 grand, hopefully gets to write off $2000 on their taxes, to see back maybe $200 in a refund... So then said DEMOCRATS can claim, with the help of the COMMIE media, that they are helping the poor... Whoo HOO!! PARTY TIME...
Where are the democrat trolls to try and argue economics? I need someone to beat on right now.
Democrats to offer permanent tax cut
By Charles Hurt
THE WASHINGTON TIMES
December 1, 2006
Democrats have long attacked President Bush for the historic tax cuts he ushered through Congress during his first term and have promised to reverse at least some of them.
But among their top priorities when they take over Congress next month is passing a permanent tax cut of their own.
Included in their "Six for '06" platform that they say helped them win majorities in the House and Senate, Democrats promised to: "Make college tuition deductible from taxes, permanently."
Their tax cut promise is neither an election-year gimmick, Democrats say, nor a reversal in their long-standing opposition to Mr. Bush's tax cuts.
"Democrats have made it clear that the middle class will be our priority and making college more affordable is a key concern of working families," said incoming House Majority Leader Steny H. Hoyer, Maryland Democrat.
They have been less clear, however, about their plans for other tax cuts that expire in 2010 and or how to raise the revenue required to institute the "pay-go" rules they have promised. Those rules prohibit adding any new spending to the budget or cutting taxes unless there is money in the budget.
Though Republicans dramatically sliced taxes without money in the budget, they now can point to historic levels of tax receipts because of the healthy economy that was, they say, spurred by the tax cut.
The only hints from Democrats about their tax plans have come from Rep. Charles B. Rangel, the New York Democrat who will be chairman of the Ways and Means Committee. He has told reporters that tax increases are on the table, but Democratic leaders quickly reined him in and continue to adamantly insist that they have no such plans for the time being.