I have one comment to the mathematicians out there who are talking about the tax cuts expiring at the end of the year resulting in a tax increase. If I were being taxed in 2008 at "level 105", time-limited tax cuts in 2009 reduced me to "level 104", wouldn't the tax cuts expiring in 2010 put me back at "level 105" - which is not a tax increase since I was already there in 2008? Just sayin'......
The Question is, how were you taxed, before and after the 2003 Bush Tax Cuts went into effect. For me the effect on witholding was enough that I called the company book-keeper and ask her if she's made a mistake. When those cuts expire an average American Family will see their take home take a huge jump. This table is for married filing jointly
ReplyDeleteTax Year 2002[3] Tax Year 2003[4]
$12,000 - $46,700 15% $14,000 - $56,800 15%
$46,700 - $112,850 27% $56,800 - $114,650 25%
The Table (if it pots right) show that for many of them, it's not just the 2%, it will move them from a 15% bracket to a 27% pinch,,,, Big difference for a family at $50,000
Old Lady... I thought we were going to get to see your Herbert Hover blog.. at the moment almost everyone here is from FT, you posted that one on TDO and PNJ..
ReplyDeleteBTW; You were right, I need someone to edit my spelling, I'll fix that in the morning.
OK - do you want me to post my other presidential blogs too?
ReplyDelete