If you are a family of four making $50,000 a year before taxes, here is what would happen if the Deficit Commission had its way:
First, they would cut my child tax credit from $1000 to $500 per child.
Secondly, they would allow all the Bush tax cuts to end, costing my family of four $2,900 per year in additional taxes.
Third, they would eliminate the martgage tax deduct. We pay $7,000 a year on interest for our home loan. This deduct saves us $2,000 a year in additional taxes.
When it is all said and done, this "correction" will cost our family more than $5,100 a year in additional cash.
$2,900 of this total is the result of the Bush tax plan coming to an end.
Who said that the Bush tax cuts were only for the rich ? Let me know. I want to slap him back into reality.
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