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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.
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.
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.
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