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View Full Version : "If you earn $40,000 a year, you don't pay any Taxes"


IcemanCometh
05-18-2006, 01:27 PM
NO TAX CUT FOR YOU (http://tinyurl.com/zu5zv)
Yonivore
05-18-2006, 01:53 PM
NO TAX CUT FOR YOU (http://tinyurl.com/zu5zv)
I make more than 40K and have a family and I get more back than I pay in income taxes.

If you make $40K a year, have a family, and can't get your federal tax bill into negative numbers you don't deserve a tax cut.
RandomGuy
05-22-2006, 08:46 PM
Two standard deductions are, in 2006, $10,300 for married filing jointly.

Plus four personal exemptions at 3,300 each is about $23,500 tax free. This is right around the poverty line for a family of four, if memory serves. Not quite $40k.

http://taxes.about.com/b/a/214950.htm

They may be talking about the earned income tax credit, but I think that phases out at some point as well. Have to look into it.