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Justi
Boy, with those low tax rates, I think I'll move to the States...somewhere where it's warm and where I don't get hurricanes...San Diego, here I come...
posted by
Nautikos
on October 30, 2008 at 6:04 AM
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Wow! I think it is a sad state of affair all the way around! I pray for relief for everyone! sam
posted by
sam444
on October 28, 2008 at 9:05 PM
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Justi, the numbers in your post look to be incorrect...
Following the link you provided, there is this announcement:
Recently an incorrect comparison of income taxes under Presidents Clinton and Bush has been making the rounds of the internet, showing up in forwarded e-mails and on numerous blogs and message boards.
The table below presents the correct amount of tax paid by each of the hypothetical taxpayers in the comparison. Note that this comparison does not take into account the Alternative Minimum Tax, and the taxpayers in these examples take the standard deduction and do not have children.
Individual Income Tax Due in 2008,
Bush Law versus Clinton Law
Taxpayer Tax That Would Have Been Owed under Clinton-Era Tax Law Tax Owed under Current Law, with Bush Tax Cuts
Single, income of 30,000 $3,157.50 - C. $2,756.25 - B.
Single, income of 50,000 $7,262.50 - C. $6,606.25 - B.
Married, income of $50,000 $5,085.00 - C. $4,012.50 - B.
Married, income of $60,000 $6,585.00 - C. $5,512.50 - B.
Single, income of $75,000 $14,262.50 - C. $12,856.25 - B.
Married, income of $75,000 $9,426.50 - C. $7,762.50 - B.
Single, income of $125,000* $29,378.50 - C. $26,472.25 - B.
Married, income of $125,000* $23,426.50 - C. $19,462.50 - B.
*This chart does not take into account the Alternative Minimum Tax
Obviously, there are some savings for every bracket, but not as substantial as what is showing here. My opinion is crumbs were thrown to the majority (Paul O'Neill, first Secretary of the Treasury in the Bush adm., alluded to this idea in his book) to distract from where the biggest cuts went...(guess..:) Now, to the average wage earner, crumbs look pretty good, until you consider the state tax situations. Because of federal cuts to state budgets, in my state, the quality of public schools has declined to the point of bare bone necessity in many districts, sales tax has risen and fees for licensing vehicles and sundry other services/public interest have also risen. So the crumbs are swept away too...always a price to pay, unless you are in the tiptop tier.
posted by
Katray2
on October 28, 2008 at 9:42 AM
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Only those that need healthcare*** wTLC, BCA *** Bill*s Wave:: Blog on
posted by
BC-A
on October 28, 2008 at 8:40 AM
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Justi.....
haven't you been listening to the soothing mantra.........95% are going to have their taxes cut! Get with the program.....even if you don't pay taxes your gonna get a check!!!
He's turning taxes into bread to feed us all.......
Hallelujah!
posted by
Corbin_Dallas
on October 28, 2008 at 8:08 AM
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don't forget under Bush the lowest bracket split down: We now have a 10%
instead of 15%.
posted by
FineYoungSinger
on October 28, 2008 at 5:16 AM
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Thank Goodness being disabled has it's advantages
My 82 year old Mom sent in for the Supplemental Payment and they audited her and said she owed over 350.00 in taxes, interest and penalties. She is a retired federal worker and had been told several years ago so didn't make enough to pay taxes by local IRS. Since she made 12,000.00 from her pension, they said she made 2000.00 dollars more than was allowed. We told them to just keep the 300.00 dollars but the robotic IRS agent we got said Mom had to pay it all. I told her to take off the penalties and interest and keep the rest. Noooooooo, this was not in her job description. We had a little ta to ta and well Mom got 68.00 back. Also, Jimmy Carter passed a law that prevents federal workers from getting social security even if they paid into it and this includes death benefits from spouses. So Mom is penalized 2/3 of what she should get from my Dad and instead of 600.00 per month, she gets 180.00/mo. So while Sally Homemaker stayed at home she can draw full benefits but my Mom who got out snow, rain or shine to work in the kitchen at the VA is penalized. Thank you Jimmy Carter. Just think what Obama is going to do.
posted by
skye08
on October 28, 2008 at 1:06 AM
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I don't really have an accountant, but I see what you mean. I'm pretty good at numbers so I've just always done everything for myself. Don't see any reason to change now. LOL
posted by
TAPS.
on October 28, 2008 at 12:48 AM
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