Tax relief?

[GTSLOW]

So who can explain this tax relief? :)

More $$ ?

[88Nightmare]

i was waiting for someone to make a post like that.

from what im told, single people will get $800, married couples $1600 I think.

[GTSLOW]

i was waiting for someone to make a post like that.

from what im told, single people will get $800, married couples $1600 I think.

Ah I thought it had to do with how much your yearly income was that depended on what extra you got?

[88Nightmare]

maybe. i hear different stories from different people.

[GTSLOW]

Ditto thats what I thought I'd post it up on here.

[Yooformula]

when does this one go in effect?

[88Nightmare]

direct from the whitehouse.gov



Executive Summary

The President has proposed a bold and fair tax relief plan that will reduce the inequities of the current tax code and help ensure that America remains prosperous. This tax relief plan promotes the values that make the American economy second to none -- access to the middle class, family, equal opportunity, and the entrepreneurial spirit. This plan will reduce taxes for everyone who pays income taxes, and it will encourage enterprise by lowering marginal tax rates.

Under the President’s tax relief plan, the typical American family of four will be able to keep at least $1,600 more of their own money.

Over the past several months, the economy has slowed dramatically. President Bush’s tax cut will give the economy a timely second wind by placing more money in the hands of consumers and entrepreneurs. President Bush also understands that, over the long run, wealth is created by hard-working, risk-taking individuals, not government programs. Countries with low taxes, limited regulation, and open trade grow faster, create more jobs, and enjoy higher standards of living than countries with bigger, more centralized governments and higher taxes. The United States has led the way in economic performance over the last century because America is a freer country. If people are given the freedom to create, they do. If people are given a stake in the outcome, they succeed.


President Bush’s tax relief plan reflects this basic trust in the American people and confidence in the American ideal by increasing tax fairness and enhancing the performance of the economy. It includes:


Replacing the current tax rates of 15, 28, 31, 36, and 39.6 percent with a simplified rate structure of 10, 15, 25, and 33 percent (see Appendix for rate schedule);

Doubling the child tax credit to $1,000 per child and applying the credit to the Alternative Minimum Tax (AMT);

Reducing the marriage penalty by reinstating the 10 percent deduction for two-earner couples;

Eliminating the death tax;

Expanding the charitable deduction to non-itemizers; and
Making the Research and Experimentation (R&D) tax credit permanent.



Increasing Tax Fairness



"My tax cut plan is not just about productivity, it is about people. Economics is more than narrow interests or organized envy. A tax plan must apply market principles to the public interest. And my plan sets out to make life better for average men, women and children."
— President George W. Bush




The current tax code is full of inequities. Many single moms face higher marginal tax rates than the wealthy. Couples frequently face a higher tax burden after they marry. The majority of Americans cannot deduct their charitable donations. Family farms and businesses are sold to pay the death tax. And the owners of the most successful small businesses share nearly half of their income with the government. President Bush's tax cut will greatly reduce these inequities. It is a fair plan that is designed to provide tax relief to everyone who pays income taxes.


Increasing Access to the Middle Class:


High marginal tax rates act as a tollgate, limiting the access of low and moderate-income earners to the middle class. The belief that any worker, with enough effort, can join the middle class is at the heart of the American Dream. But when government attempts to help the poor by simply redistributing income, it often undermines incentives to work harder and earn more.

Because the benefit of the Earned Income Credit diminishes as a worker's income increases, a single mother with two children on the outskirts of poverty will lose nearly half of any additional dollar she earns (taking into account social insurance taxes, state income taxes, and federal income taxes). The benefit of taking an extra training course, working an extra shift, or assuming additional responsibility is cut in half by the government. As a result, a single mother with two children earning $25,000 a year faces a higher marginal tax rate than a lawyer earning $250,000.


Lowering these barriers to the middle class is one of President Bush's top priorities. To provide a greater reward for those who make the sacrifices needed to move ahead, the President's tax cut plan will substantially lower the marginal tax rate for low-income parents. The marginal federal income tax rate would fall by over 40 percent for low-income families with two children (see Chart 1), and by nearly 50 percent for families with one child. These lower rates result from two key changes in the tax code:



Cuts the current 15 percent tax bracket to 10 percent for the first $6,000 of taxable income for singles, the first $10,000 for single parents, and the first $12,000 for married couples; and



Doubles the existing child tax credit to $1,000 and applying the credit to the AMT.

[Yooformula]

what....you dont like the new username? its as original as your old one and more fitting as you dont have a BLK TA or a set of balls.

[88Nightmare]

what....you dont like the new username? its as original as your old one and more fitting as you dont have a BLK TA or a set of balls.

o snap :rolf :rolf :rolf

[GTSLOW]

when does this one go in effect?

This tax season?

[GTSLOW]

what....you dont like the new username? its as original as your old one and more fitting as you dont have a BLK TA or a set of balls.

:rolf you sob! Atleast I didnt drive a formula. :goof

I want BLK02TA back :(

[Yooformula]

go buy another BLK02TA and you can have the old username back.

[GTSLOW]

Thats dirty!

Well I made a new thread for your hero Yoo:

http://brewcitymuscle.com/forum/showthread.php?p=323350#post323350