How the fight over tax breaks affects your bottom line 18AUG10

THERE'S a lot of talk, and a lot of misinformation, or propaganda, depending on your point of view, about ending or extending the bush tax cuts......this is from the Washington Post, and it shows just who will benefit and who will pay, depending on the plan adopted by Congress. Obviously, most people, and the nation will benefit from the Obama plan, but you check it out and see which will be best for you. Click the header to go to the article and check out the interactive graph.
 Bush-era tax cuts enacted in 2001 and 2003 are set to expire at the end of the year, and lawmakers are battling over whether to extend any or all of them before November's congressional elections. Most Republicans want to extend all of the cuts, saying that any increase in taxes will hold back the economic recovery. Obama and Democratic leaders are proposing to extend many of the cuts but say tax breaks for top earners should expire to help pare down growing national deficits. Each plan would affect average tax rates for income groups differently.

NOTE: The 20% income percentile groups contain an equal number of people, not tax units. The tax cuts that President Obama is proposing to extend for families earning less than $250,000 also apply to individuals earning less than $200,000.

SOURCE: Tax Policy Center, Joint Committee on Taxation, Office of Management and Budget | GRAPHIC: Wilson Andrews and Alicia Parlapiano / The Washington Post - August 18, 2010