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July 10th, 2010
03:47 PM ET

Tax cuts set to expire – what it means to you

Tax cuts enacted during the last Bush Administration are set to expire.  That is, if Congress doesn't extend them.  Most think that only the very rich will feel the pinch, but that may not be entirely true.

CNN's Fredricka Whitfield talks to financial expert, Ron Hart, to find out what the higher taxes will mean for you.


Filed under: Anchors • Fredricka Whitfield • Josh Levs
soundoff (6 Responses)
  1. Ralph

    Regardless if it's the very rich or the fairly rich, it's about time they started to pay their fair share. In fact, they should raise the rates even higher. When they discuss balancing the budget they always suggest things like cutting Medicare or raising the retirement age. Why not make people pay into social security no matter how much they make? And then they should means test it so only people who need it get it.

    The stock market is not doing very well and then they want to cut social security benifits. What are people supposed to live on? Meanwhile the top few percent just keep getting richer. It always seems to be the average person who gets screwed!

    July 10, 2010 at 4:52 pm |
  2. Smith in Oregon

    That depends on which tax breaks are being allowed to expire.

    Federal Tax breaks by the horrific Republican administration of Bush-Cheney on Big Oil firms that over the past three years have generated the highest net quarterly profits ever recorded in America's entire Republican led corporate history? I seriously doubt the Republican Party of NO is going to allow those tax breaks to expire!

    Federal Tax breaks by the horrific Republican administration of Bush-Cheney on the ultra-rich in America that are making well over 1 Million dollars per year and expands the federal defect by some 10 Trillion dollars over the next 20 year period if not removed? I seriously doubt the Republican Party of NO is going to allow that special favor to the ultra-rich in America to expire!

    Allowing Halliburton to avoid paying Social Security and Medicare tax payments on it's employees while collecting Billions of American taxpayer dollars thru the horrific Republican administration of Bush-Cheney's no-bid contracts to them? Even thou they created a shell corporation in the Cayman Islands to sidestep paying Federal Taxes, I seriously doubt the Republican Party of NO is going to pressure Dick Cheney's former company, Halliburton from paying their fair share of federal taxes!

    July 10, 2010 at 6:09 pm |
  3. Peggy T.

    It's time these tax cuts do expire. It's will put things back to the point they were at when Clinton was in office. I remember a big surplus of government funds back at the end of his presidency. Then George Bush & his bunch got rid of it with the wave of a pen. I welcome those tax breaks going away.

    July 10, 2010 at 8:00 pm |
  4. Mikey

    This country is operating in the RED.
    The TAX CUTS did not provide the jobs or we would not be where we are now.
    We have to WARS to pay for. It is time for the fiscal conseritives and the patriots to put up or shut up.
    I will vote AGAINST anyone that tries to extend them.
    This is what the tax cuts mean to me.

    July 13, 2010 at 10:55 am |
  5. Pamela

    The tax cuts were put in place when we had a surplus.
    Then we went began the war on terror.

    When the measures were put in place the country did not have
    a defense budget that was skyrocketing.

    President Bush intended on staying out of international battles and drafted a budget.

    The tax cuts never should have been allowed to go forward after the decision was made to go into Iraq.

    We have to pay the bill for that venture.

    The Soviet Union Fell apart because of military debt and we are on the same path.

    Bring the troops home, secure the borders, and let the tax cuts expire.

    July 15, 2010 at 1:24 pm |
  6. Honey

    This Hart guy is interesting. I learned alot.

    July 18, 2010 at 11:47 am |