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Who exactly is in the 10% tax bracket again?
Yep, I meant 28% tax bracket for marginal rates.
I don't have the time I used to have to be on the internet. I rushed my entry and didn't make several others I wanted to. Just received my shipment of umber this morning. I'll be busy with home improvements.
FYI
When the demonrats don't renew the Bush tax Cuts, those in the 10% bracket will have a 50% tax increase on taxable income as it goes to 15%!
Who exactly is in the 10% tax bracket again?
I would guess mostly single minimum wage earners working full time, and those making twice as much with a family. I don't really know the numbers, but there are people in that bracket. I just thought I'd point out that it does amount to a 50% increase in federal income taxes for quite a few people.
A single mother with one kid making $23,000 would have her federal tax increase from $800 to $1200 based on the 2008 tax table, when the demonrats let the Bush Tax cuts expire.
Based on the tax table only, that would apply. Head of household standard deduction and two exemptions would leave $8,000 worth of taxable income.
BUT
There are two tax credits that not only take up the slack, but provide for a refund that the mother would likely receive.
One is the child tax credit, the other, the earned income tax credit. This is in addition to any credit that might be claimed for qualifying daycare expenses.
The federal income tax bill for your hypothetical mother at $23,000 would not change from $0.
never say never when it comes to gas prices
OK, I made a mistake forgetting about that. The current $1000 credit applies for a 'qualifying child' and not all qualify, for do 18 years olds. I don't remember the details. Once the Bush Tax cuts expire, this will be reduced to $500 per child. This is now $700 instead of $1200. A $700 increase rather than a $400 increase. Thank-you for pointing out my mistake! This single mother gets dinged even harder than I thought!
Yes, she still doesn't owe taxes because of Earned Income Credit, but she now has $700 less coming to her in that total!
You make a lot of mistakes, mostly because you have poor critical thinking skills when it comes to hearing/reading something you agree with on whatever conservative news source you get your from and failing to apply any level of honest questioning to it, propaganda-boy.
Now that we have figured out that a Single mom making $23,000 still wouldn't pay any taxes after the much-vaunted Bush tax cuts expire, perhaps you can answer me this with your vast knowledge of the tax code:
After the Bush tax cuts expire, how much more in taxes would a single mom making $500,000 a year pay?
I don't know, but do you know if she is actively dating. I sure would like to get to know her.......even at my age. With that kinda income she can even be u g l y as a mud fence. And I would qualify as a double exemption.
I don't know, but do you know if she is actively dating. I sure would like to get to know her.......even at my age. With that kinda income she can even be u g l y as a mud fence. And I would qualify as a double exemption.
Yeah buddy. Good luck, we could all use a sugar mama...
Typical answer from someone who knows he is wrong. Not willing to dispute the numbers. The single mother has less money afrer filing taxes than befor. Is that disputed?
She gets far less in earned income credit. I have acknowledged my mistake. Why cannot you do the same?
Less. I'm not going to figure it out.
Why do hou hate the rich so much as to want to penalize them?
I don't.
Why do you think people should benefit from a system, but not have to pay back into the system that produced the wealth to begin with?
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