In Joy Behar’s fantasy world, an automatic tax increase for nearly all income taxpayers are simply "taking back tax cuts to the rich." And if one calls it a tax increase, one is engaging in "double speak." On the January 29 edition of "The View," the co-hosts chatted about President Bush’s last State of the Union and co-host Joy Behar added this comment on the president’s tax hike veto pledge.
"There was one point where he says, you know, ‘no- we will not-’ basically he’s saying we’re not going to take back our tax cuts to the rich. Which he interprets as ‘tax increases.’ Just because you’re taking it back, he says it’s an increase. See that double speak I don’t care for."
Perhaps this rich woman should read more into what will happen if these "tax cuts for the rich" expire. The Heritage Foundation documented that not only the rich will get hit if nothing is done by 2011. For example, those on the bottom of the income tax bracket will automatically get a 50 percent tax hike or "taking it back" as Joy Behar calls it. Here are some of the "rich" that will be affected by the automatic tax increase.
- Tax rates will rise substantially in each tax bracket, some by 450 basis points;
- Low-income taxpayers will see the 10-percent tax bracket disappear, and they will have to pay taxes at the 15-percent rate;
- Married taxpayers will see the marriage penalty return;
- Taxpayers with children will lose 50 percent of their child tax credits.