UnThreaded | Threaded | Whole Thread (38) | Ignore Thread Prev Thread | Next Thread
Author: criscarson Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308691  
Subject: Slight O/T : Tax Cut Date: 6/7/2001 10:05 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Well, according to the news, it's about to be official.GWB is about to sign the 1.3 Tril $ tax cut plan giving 300$ to most single Americans, and $600 to most married couples...I guess the ones who don't get it fon't need it anyway.:-)
Don't know about everyone else, but I have plans for mine already: CASH for Christmas this year, instead of mortgaging the holiday on Nextcard!
Just my .02, and Hi everyone-
-criscarson-
Print the post Back To Top
Author: foolishinTX Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75035 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 10:39 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
IF we get ours, it will probably go to a new fence to replace the dilapitated one surrounding our backyard.

We live in an area where yards MUST be fenced. Our wonderful super dog has just about knocked down every panel.

Print the post Back To Top
Author: Kilbia Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75039 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 10:47 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 3
I have plans to fall over with surprise if this supposedly gonna-benefit-everyone plan actually benefits me.

- Kilbia
wishing there were a good metaphor or simile to describe a cynical person

Print the post Back To Top
Author: criscarson Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75040 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 10:50 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
wishing there were a good metaphor or simile to describe a cynical person

How about "realist"?

-criscarson-

Print the post Back To Top
Author: Kilbia Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75043 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 11:03 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
wishing there were a good metaphor or simile to describe a cynical person

How about "realist"?

*****
You know, I keep trying to convince my husband that it's not always a bad thing to be pessimistic - at least if you're expecting the worst, you can prepare for it - but he just doesn't listen. Oh well. The whole reason I love him so much is that he balances me out. =)

- Kilbia
and I'm not pessimistic all the time, either. Just when it suits me.

Print the post Back To Top
Author: LuluB Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75044 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 11:08 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have plans to fall over with surprise if this supposedly gonna-benefit-everyone plan actually benefits me.

Why would it not benefit you?

Print the post Back To Top
Author: criscarson Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75047 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 11:26 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
and I'm not pessimistic all the time, either. Just when it suits me.

Remind me of 1 of my personal sayings-
'I'm never wrong;I'm just not right all the time'-

-criscarson-0

Print the post Back To Top
Author: Kilbia Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75054 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 11:58 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Why would it not benefit you?
*****
Well, the blurb said "most singles" and "most couples". Which implies exclusion. And thus my cynical nature automatically writes myself out of the included area.

I said I was cynical; I didn't say I made sense. Ask my husband. ;)

- Kilbia

Print the post Back To Top
Author: ScrapinBy Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75055 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 12:05 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have plans to fall over with surprise if this supposedly gonna-benefit-everyone plan actually benefits me.

Six Hundred bucks benefits me just fine.

It will take at least a month off of my snowball and get rid of FUSA that much sooner.

I'm planning to party when I get my check.

Bret
Trying not to digress into a political discussion

Print the post Back To Top
Author: Leviathan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75061 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 12:24 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
wishing there were a good metaphor or simile to describe a cynical person

A cynic is a frustrated idealist.

Leviathan

Print the post Back To Top
Author: buckzimmer Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75062 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 12:25 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Way to go, Bret.

Between my refund and our regular refund all I have to do is get my extra car sold and we will be credit card debt FREE before summer's end! Anybody want a 1993 Plymouth Colt cheap?

Fred

Print the post Back To Top
Author: sunnybiss Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75063 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 12:28 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
(i)wishing there were a good metaphor or simile to describe a cynical person (/i)

Or my new favorite... JADED!

-Sunnybiss


Print the post Back To Top
Author: neenieca One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75073 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 1:18 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Is there any way to find out who exactly might be excluded from this benefit?

neenieca

Print the post Back To Top
Author: Michaelzehr Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75081 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 1:58 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Is there any way to find out who exactly might be excluded from this benefit?

The most reliable way is to wait and see if you get a check.

That's not meant to be flippant... it's just really complicated and that means the odds of one of us duplicating the same logic that the IRS is going to use is low.


Here's my understanding:

The tax rate change (moving part of the 15% bracket into a 10% bracket) is universal.

That means most people have had money overwithheld during the past six months.

The refund is a refund against money already withheld this year -- no withholding, no refund.

It's possible (though not necessarily easy) to tell your company to withold a fixed amount each month rather than calculate based on witholding tables. Since the IRS isn't going to resumbit your witholding form, if you're one of the people that has done this you probably won't get a refund.

The IRS is going to look at last year's tax return and make some estimates for this year. Some people's total tax amount last year was based on AMT and not on the tax rates that are being changed. I'm guessing that if this was the case and the IRS expects it will be the case again this year then there will be no refund.

If you make estimated tax payments quarterly instead of having tax withheld then you probably won't get a refund. Again it's a refund against this year's witholding so if you had no witholding it's unlikely that you'll get a refund.

Basically the question is about as hard to answer as answering how the tax law changes will affect your total tax bill in April 2002.

-Michael

Disclaimer: I'm not a tax expert. I don't have a copy of the 10,000 pages of the new bill. If I did I probably wouldn't read it anyway. Even if I read it I probably wouldn't remember all the ifs and thens and cases and elses and exceptions anyway.


Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post Back To Top
Author: SpaceEngineer Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75087 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 2:16 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0

wishing there were a good metaphor or simile to describe a cynical person

How about "realist"?


Cynical. That's me. When the news came out that "The average family cane expect $300 to $600 back," I just thought, "Suuuuuure. The single people are probably getting screwed again."

Looking at quotes like, "Single people can expect up to $300 and married couples up to $600." Here we go again. How is it that people who paid less to begin with are going to get more back?

John
Cynical Cyngle

Anyone want to join my "Cynical Cyngles Club? (CCC)"


Print the post Back To Top
Author: SpaceEngineer Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75091 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 2:24 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 4
Well, according to the news, it's about to be official.GWB is about to sign the 1.3 Tril $ tax cut plan giving 300$ to most single Americans, and
$600 to most married couples...I guess the ones who don't get it fon't need it anyway.:-)
Don't know about everyone else, but I have plans for mine already: CASH for Christmas this year, instead of mortgaging the holiday on
Nextcard!
Just my .02, and Hi everyone-
-criscarson-


Check out http://www.irs.ustreas.gov/ind_info/apinfo/index.html

There you have it. 5% of your taxable income (1040 - line 39, 1040EZ - line 6, 1040A - line 25, Telefile line K) up to $300 for singles, $500 for head of household or $600 fo marrieds.

I'm not done reading the whole thing, but the exclusions seem to be people who would be in somewhat unusual tax situations - dealing with credits and all.

They will also keep anything you owe in taxes, student loans (I assume delinquent ones), or back child support.


Print the post Back To Top
Author: ishtarastarte Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75098 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 2:35 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0

There you have it. 5% of your taxable income (1040 - line 39, 1040EZ - line 6, 1040A - line 25, Telefile line K) up to $300 for singles, $500 for head of household or $600 fo marrieds.

Thanks for the link! I'll have to look at my $2000 tax forms. For me, a Head Of Household, it seems to say that if my TAXABLE income (after credits and deductions) was greater than $10,000 (and I think it was) that I could get $500. If I understood it correctly. Cool. And I didn't think I'd get anything.

Ishtar



Print the post Back To Top
Author: Kilbia Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75102 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 3:03 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
A cynic is a frustrated idealist.
*****
Hrm. Then I wonder if that's the right word for me, then. I just happen to be fond of playing Pascal's Wager in the secular world.

Pascal's Wager says that one should be Christian because it's "safer" to live a Christian life and then find out there is no God than it is to live a sinful life and then find out there *is* a God (who would then be very very angry with you). In a more secular and generic sense, it's a matter of figuring out the various ways in which you could be wrong, and then deciding which way you'd rather be wrong. I would rather be wrong about the worst happening than be wrong about the best happening. And I'm glad to say I'm wrong quite a lot. =)

- Kilbia

Print the post Back To Top
Author: LuluB Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75136 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 4:59 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I am Head of Household and I could use the $500, which by the way, is the exact amount I need to learn to groom dogs at home. So I guess that's what I'll do with the money. I have the perfect dog to practice on, my poodle... (no she does not have the frou frou show cut or painted toenails).

Louise

Print the post Back To Top
Author: FixitWoman Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75149 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 5:32 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 5
Cynical. That's me. When the news came out that "The average family cane expect $300 to $600 back," I just thought, "Suuuuuure. The single people are probably getting screwed again."

Looking at quotes like, "Single people can expect up to $300 and married couples up to $600." Here we go again. How is it that people who paid less to begin with are going to get more back?


They aren't getting "more" back. Consider this:

Single person = $300
Married Couple = $600

(This is the difficult part)

2x=600

Married couple = 2 individual persons. So, each gets $300 like a single person and combines the 2 checks, they will get a total of $600.


And my mom said I would never use algebra when I grew up!

Kim

Print the post Back To Top
Author: warrl Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75201 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 11:39 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have plans to fall over with surprise if this supposedly gonna-benefit-everyone plan actually benefits me.

If you would under the old laws pay $1 in federal income tax this year (and it isn't on a long-term capital gain), then the change will benefit you by about 33 cents.

The more tax you pay, the lower percentage cut you get.

Print the post Back To Top
Author: warrl Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75202 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 11:44 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Well, the blurb said "most singles" and "most couples". Which implies exclusion. And thus my cynical nature automatically writes myself out of the included area.


It's true, there are people who don't benefit from the income-tax cut.

If you pay no income tax at all - you continue to pay no income tax. That saves you nothing. (However, if you contribute to an IRA, you may get a tax credit.)

If all your income is long-term capital gains, you get no cut.

If you're one of the high-income sort who get hit by the Alternative Minimum Tax - or close to that group - then you may or may not be helped any.

Print the post Back To Top
Author: warrl Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75203 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/7/2001 11:48 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 4
Pascal's Wager says that one should be Christian because it's "safer" to live a Christian life and then find out there is no God than it is to live a sinful life and then find out there *is* a God (who would then be very very angry with you).

Pascal's Wager has a serious flaw though. What if you live your life as a good Christian and then discover that there really is a God... and Her name is Kali...

Print the post Back To Top
Author: Michaelzehr Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75227 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 9:18 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
Good thing I put a big disclaimer on my last post as some of my assumptions are wrong. CNN has a good article on it this morning:

http://www.cnn.com/2001/ALLPOLITICS/06/07/tax.primer/index.html

Sorry for any confusion,
Michael


Print the post Back To Top
Author: FixitWoman Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75236 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 10:13 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
Good thing I put a big disclaimer on my last post as some of my assumptions are wrong. CNN has a good article on it this morning:

http://www.cnn.com/2001/ALLPOLITICS/06/07/tax.primer/index.html

Sorry for any confusion


From the article:
Those who had absolutely no tax liability (their tax bill was 0, or they got a rebate from the government) will not get a rebate check.

Talk to me like I'm 5 --

Does this mean if you got a refund; meaning you didn't pay at tax time that you won't get the rebate?

Kim


Print the post Back To Top
Author: MarkHiatt Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75237 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 10:21 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
>
> Talk to me like I'm 5 --
>
> Does this mean if you got a refund; meaning you didn't
> pay at tax time that you won't get the rebate?
>

I was just listening to the soundtrack from Philidelphia this morning!

No, that's not what it means.

Note the difference between "Refund" and "Rebate" and "Liability".

You earned a bag of money, last year. You had witholding. One of the line items witheld was one for Federal Income Tax.

This amount, the amount they kept from you last year, was greater than your Tax Liability, or the amount that someone earning what you did should owe.

To settle the account, IRS and Treasury issued you a check, refunding the overage back to you.

Now, and for the next several weeks, we'll be dealing with a tax rebate, a refunding of a portion of your witholding on this year's income tax liability.

So, no, if you got a refund from your April 15th, 2001 filing, it does not mean that you do not get a rebate, too. You probably will.

-MH-

Print the post Back To Top
Author: bstroh Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75244 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 10:47 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 5
Does this mean if you got a refund; meaning you didn't pay at tax time that you won't get the rebate?

ICK!! Nononononononono!

Getting a refund doesn't mean you didn't pay taxes; it means you overpaid your taxes.

If you have $8500 withheld, but only owe $7900, you get a $600 refund. You've still paid $7900 in taxes.

This misconception that refund=didn't pay is one of the reasons it's difficult to gain support for a tax cut. On the other hand, if withholding ended tomorrow, and everyone had to send the IRS a $200 check every month, tax cuts would suddenly be a >very< important issue next election...


Print the post Back To Top
Author: Benevolent Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75255 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 11:30 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
"Looking at quotes like, "Single people can expect up to $300 and married couples up to $600." Here we go again. How is it that people who paid less to begin with are going to get more back?"

Statements like that are the reason why politicians have been able to play off one group against another for decades. As a married man, I can come up with a reason for saying similar things about tax breaks that I don't get.

As long as you stay upset that I'm getting a bigger refund and I stay upset about the marriage penalty, neither of us will be able to devote our full attention to the fact that taxes are too high and too complex.

Tax planning makes it more difficult for consumers to get out of debt. I'd just like to see a system in which the calculations are simple, so I could better plan my CC payments. My taxes are so complicated that I never know until January how much I'll really owe.

Benevolent



Print the post Back To Top
Author: Jhereg Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75263 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 12:15 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Please pardon my ignorance about this, and please understand that I'm not trying to step on anyone's toes, but I'm nearly clueless about tax issues. What exactly is the "marriage penalty" or "marriage tax" that folks are talking about? I was married once before and it seemed I paid less taxes than when I was single. Now I'm single again (and appear to be paying higher taxes than when I was married), but contemplating remarrying, so I'd like to understand this better. Is it something that only affects a two-wage-earner family? With kids or without (I have none and plan on having none)? Above a certain income?

I know it's off topic for this board, so if you want you can email me instead... but since this whole thread is somewhat OT I hope you'll indulge me. :)

It's been a while since I've visited the boards, and I'd like to say it's good to be back :)

Thank you,
El

Print the post Back To Top
Author: aja91 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75264 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 12:24 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
What exactly is the "marriage penalty" or "marriage tax" that folks are talking about?

Income tax brackets and standard deductions for "Married" filers are not double those of "Single" filers. That is (and I'm pulling numbers out of thin air here) you are taxed at 15% on the first $24,000 of income if single and the first $40,000 if married. Standard deduction is $4500 if single, $7500 if married. In a two income family, that means that by filing as married, more income gets taxed at a higher rate than if they filed as singles. Singles in this example get the first $48,000 ($24k each) taxed at 10%, married only gets $40,000, so $8,000 gets taxed at the next rate (I think that's 25% now). I think the calculation I've seen is that if you take the standard deduction it comes out to about a $1300 increase in taxes for these two. If you are a single income family, the impact is less but still there.

I recall reading an article a while back about the marriage penalty. Seems it came into existence about 35 years when single folks complained that married people were getting a huge break from the government, since it cost less to be married (shared cost of housing, vehicles, insurance, et), and complained about the "Single Penalty"... ;-)

Print the post Back To Top
Author: ishtarastarte Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75268 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 12:46 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Please pardon my ignorance about this, and please understand that I'm not trying to step on anyone's toes, but I'm nearly clueless about tax issues. What exactly is the "marriage penalty" or "marriage tax" that folks are talking about? I was married once before and it seemed I paid less taxes than when I was single. Now I'm single again (and appear to be paying higher taxes than when I was married), but contemplating remarrying, so I'd like to understand this better. Is it something that only affects a two-wage-earner family? With kids or without (I have none and plan on having none)? Above a certain income?

Yes, the "marriage penalty" applies to a two wage earner family where each party makes close to the same amount. I have heard, although I do not know positively, that if one earner makes more than 65% of the household income that the "penalty" may not apply, or not as badly.


When I was married, I made about 85% of the household income, and paid less in taxes than I did before I was married.

Now, I'm a single parent, head of household, so it's totally different.

Ishtar



Print the post Back To Top
Author: WalStMonky Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75281 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 1:52 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
"On the other hand, if withholding ended tomorrow, and everyone had to send the IRS a $200 check every month,

Gosh, I would love it if I only had to send $200 a month. Heck, it would thrill me at $400 a month.

Print the post Back To Top
Author: bstroh Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75287 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 2:20 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Gosh, I would love it if I only had to send $200 a month. Heck, it would thrill me at $400 a month.

You and me both. I yanked some numbers out of the air. I think even writing a check for $200 would jump start a lot of tax revolts - picture the uproar if folks really had to send in the entire amount of various state & federal taxes, and 'contributions' to various benefit plans...


Print the post Back To Top
Author: WalStMonky Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75288 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 2:28 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I agree there is a ***lot*** more pain when I write the check than when I had it withheld. Exactly why the gubmint will never let it happen. That, and collections would be much harder because of the deadbeats and people who can't plan ahead.

Print the post Back To Top
Author: aja91 Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75289 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 2:30 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
On the other hand, if withholding ended tomorrow, and everyone had to send the IRS a $200 check every month, tax cuts would suddenly be a >very< important issue next election...

...with the winning candidate offering free postage to send the checks in? ;-)

BTW, I like your plan... can I sign up for the everyone-send-in-$200-per-month tax program?

Print the post Back To Top
Author: Benevolent Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75296 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 2:56 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
"Yes, the "marriage penalty" applies to a two wage earner family where each party makes close to the same amount. I have heard, although I do not know positively, that if one earner makes more than 65% of the household income that the "penalty" may not apply, or not as badly."

You're right, it doesn't. The percentages don't mean as much if one spouse makes little income. In fact, one-income families will save money compared to singles, though there are precious few out there these days.

I actually benefit from a marginal tax standpoint, because my wife doesn't work. But her quitting her job conicided with my self-employment, and don't get me started on Social Security taxes.

Benevolent

Print the post Back To Top
Author: ScrapinBy Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75304 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 4:01 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
How is it that people who paid less to begin with are going to get more back?

John,

I think you got it backwards. Two married people pay more taxes than two single people. It's sometimes called the marriage tax penalty. Also, two single people would get the same $600 in refunds that two married people would get, even though they would pay less in taxes. If you are one single person, I'll bet you didn't pay as much in taxes as two working married people or else you made a lot more income then each of them.

Bret



Print the post Back To Top
Author: milleniumfalcon Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 75315 of 308691
Subject: Re: Slight O/T : Tax Cut Date: 6/8/2001 5:53 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
HA!

I will not even think about that tax cut till I see the check in my hand.

Then I will read the tax law fine pring to make sure Georgie Porgie Puddin-head Pie isn't gonna try to take it back in April of next year.

milleniumfalcon

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (38) | Ignore Thread Prev Thread | Next Thread
Advertisement