The Senate passed the tax-cut today. I'm mainly for it but I can see where there might be some problems with it.What do you think?
Are you for or against....
by RubyTuesday 39 Replies latest social current
-
-
truthseeker1
Well, seeing all the extra cash the state of CA has laying around, All the teachers getting laid off and all the public assistance programs getting cut I can see why we are cutting the funds.
-
blondie
whose immediate effects include $400 refunds per child and fatter paychecks for many workers as of July 1 — that’s when companies will reduce tax withholding to reflect lower income tax rates.
But not everyone will reap a reward.
And while most taxpayers will see some reductions, low-income, single taxpayers with no children won’t benefit at all.
How does this work?
For example, an employee in the 27 percent bracket will see his top income tax rate fall to 25 percent, but for the next six months, only 23 percent will be withheld. The downside is that next year the withholding will jump back up to 25 percent.
Having children will be rewarded more.
Child tax credit increases.
Now at $600 per child under 17, it will rise to $1,000 retroactive to last Jan. 1 and run through 2004.
And I am glad to see this change.
Marriage penalty’ reduced.
For married couples, their standard deduction will rise to twice that of single taxpayers. And the 15 percent bracket will widen for married couples filing jointly. As a result, some couples will pay less of the "marriage penalty" — a structure in the tax code that causes married couples to pay more tax than two single individuals.
Blondie
-
oldcrowwoman
To me this real crazy making. In the state of Minnesota we are having major, major cuts state, county and city level here in Minnesapolis and St. Paul. It does'nt make sense????To be getting a tax relief.
What was said on the media a persom making 500,000 will receive a $13, 000 tax relief. Than on the other end of the money chain $50.00!! I'm not impressed!!!!!
I work for a county hospital We have to trim 11 million dollars off our budget. They letting go of 190 full time employess. Some are asked a early retirement with $30,000 bonus. Clinics outside of the hospital are being closed. Social services, nutrition services, chaplaincy services, maintenance and the list goes on.
And the Federal government wants to give us a tax break?? There is something wrong with this picture?? It's all pretty dysfunctional!!!!!!!!!!!!
Thanks for the vent!!!
OCW
-
Yerusalyim
I'm for the tax cut! We aren't under taxed in the US we over spend, plain and simple.
One comment put out was this;
And while most taxpayers will see some reductions, low-income, single taxpayers with no children won’t benefit at all.
To which I respond, well DUH! If you're not paying taxes you don't get a reduction in taxes. Most taxpayers will see a difference. I should get a check for $800.00 here sometime real soon, which I will immediately pump back into the economy. The richer guys, getting the tax break, will invest their benefits to expand business because of the money I spend creating jobs, growing the economy, and increasing the tax base.
Kids this takes YEARS. It took eight years for the Reagan Tax cuts to take effect. There are no quick cures for our economic woes. Another terror attack on the US mainland could set us back again.
WE ARE NOT UNDER TAXED we overspend.
-
proplog2
Winning wars doesn't get you re-elected. Bush doesn't want to repeat his fathers mistake and seem like he didn't do anything about the economy.
It won't help the economy at all. State taxes will go up to make up for programs that are cut by the Federal government. Which is fine. States should be taxing their people instead of making the Federal government tax everyone. This gives better control over funds.
The economy is simply going to finish this down cycle until all the fat is gone. It will recover on its own. Bush will reap the benefits if the recovery is felt by election time. If the recovery isn't felt strongly by Next September the Democrats will get back their control. Since recoveries tend to be longer than recessions the Democrats will probably hold onto the presidency for two terms. The republicans should have let Gore win and then they would have gotten into the recovery rhythm.
Unfortunately the recovery is going to be derailed when we become victims of the next act of Super Mega Terrorism. As Warren Buffet says "it's not a matter of if - only how and when"
-
Yerusalyim
Pro,
To some extend I completely agree. South Carolina is trying to raise taxes rather than cut the budget. Not realizing that historically it's been shown that raising taxes hurts the economy and shirnks the tax base, thus decreasing revenues.
-
Hamas
mmmmmmmm Its the lovely Ruby Tuesday
-
proplog2
Yerusalym:
You got your post in before me. But we agree on one thing - terrorism is the wild-card.
One reason Bush was in a hurry to get the Iraq war over was to clear the way for an economic recovery before his election.
-
Yerusalyim
Lets hope that the economic recovery continues for many reasons. Sure, I want to see Bush Re-Elected (Rumsfeld has to complete the transformation of the armed forces that is under way). Also, everyone gets along better when they don't have to worry quite as much about lunch tomorrow.