Now that we Amis have a nice tax cut, how to reduce spending to cover it?

[Kidlicious]

Originally posted by JohnT
You know, I just wish some people would actually look at the linked IRS chart.

Sava, people who don't pay Federal Income Tax deserve no Income Tax refund. Sorry, but that's just the way it is.

And the idea that the story isn't being reported... uh, do you even look at the news?

Actually its a tax credit not a tax rebate.

[JohnT]

http://www.irs.ustreas.gov/pub/irs-soi/00in01rt.xls

Sava, when you were bussing tables at Pizza the Hut you couldn't:

1. Claim yourself as head of household. (over $6 grand in non-taxable income right there).
2. Probably didn't have any dependents. That you know of, anyway. (That's another 3 grand right there).
3. And therefore, you happened to be the small minority of the 50% of taxpayers who pay less than 5% of all Federal Income taxes.

Fill out a copy of today's 1040 with your 1997 earnings, assume that you are a head of household with a kid (or spouse, it doesn't really matter which - after all, we are talking about families here, not singles) and let me know what happens. Thanks!

[JohnT]

"You should really put aside your political bias for a second, look at the facts and realize that Bush's tax cut is really a gift to the rich and an expense to the poor. The middle classes get a little, but a $400 dollar check doesn't mean sh1t when most people's retirements are going down the tubes. Or if they are part of the 2.6 million that have lost jobs."

Non-argumentative. One has nothing to do with the other.

Nice try, though!

[Kidlicious]

Bush is gonna lose some votes for this. He played the compasionate conservative last time, but this time he will be seen in true light. He won't get any moderate vote. He's an evil man and an enemy of the people.

[Sava]

JohnT, how can you be in favor of this tax cut that will damage the economy and worsen poverty in this country?

[JohnT]

Answer the question, please.

[Sava]

Originally posted by JohnT
Answer the question, please.

Ask one...

[Imran Siddiqui]

Ask one...

Fill out a copy of today's 1040 with your 1997 earnings, assume that you are a head of household with a kid (or spouse, it doesn't really matter which - after all, we are talking about families here, not singles) and let me know what happens.

That sounds like a question to me, Sava. Just because it doesn't have a '?' doesn't mean it isn't .

[Sava]

Originally posted by Imran Siddiqui

Ask one...

Fill out a copy of today's 1040 with your 1997 earnings, assume that you are a head of household with a kid (or spouse, it doesn't really matter which - after all, we are talking about families here, not singles) and let me know what happens.

That sounds like a question to me, Sava. Just because it doesn't have a '?' doesn't mean it isn't .

You must have an excellent command of the English language if you think that statement is a question.

[JohnT]

OK, do as I told you.

Feel better now that the nomenclature is correct?

[Sava]

Forgive me, I'm slow... can you please ask me the question... then I can provide you with a relevant answer.

[JohnT]

Well, don't worry about it. I did it already.

Edit: I did it wrong. Check post below.

Assumptions:

1. You worked full time @ $7.00/hr, no tips. 2000 hours X $7.00 = $14,000
2. You're married (remember, we are talking about "families" here, not singles - note that the Demo is not introducing a bill to allow singles to get a tax credit/refund).
3. Your wife didn't work (Because I'm basing this on your Pizza the Hut income only).

Income: $14,000.00
Standard Deduction: $13,850.00
Taxable Income: $150.00
Total Tax: $16.00
Tax Withheld: appx. $1,400.00
Tax Refund: $1,384.00

Now, in the name of fairness explain to me how you deserve a $400 check for paying $16.00 in taxes.

FYI: If you are single, your TI would be $6,300 and your tax would be $649.

[Sava]

That sounds like government trying to help the poor. I fail to see what's wrong with that.

What about single parents? Do they fall under the $649 category? With the child credit, they would have gotten $400 per kid. Now they get nothing. I see no problem with having that credit in.

According to the EPI (Economic Policy Institute), to compensate for this tax credit, the amount of tax increase would be .3% for the income bracket "greater than $280,000". So that bracket would have had to pay 35.3% tax instead of 35%. OH GOD HOW UNFAIR TO ASK THE RICH TO HELP.

[Zkribbler]

The really sad thing is that the whole thrust of the Bush tax cut is to financially aid the rich--who don't need it.

Instead of giving the rich tax-free income on their stock dividends, it would have been so much wiser to:

1) Create national health insurance...especially the long-promised prescription drug coverage,

2) Assist the state and local goverments' expenses for homeland defense...as the Bush administration originally promised to do.

3) Give block grants to the 48 states that are running deficits, so that hospitals, schools and courthouses don't have to close.

[Sava]

you damn commie leftist bast3rd!