iSay - Before the presidential election I tried to talk about the candidates to my daughter and her husband but they had their minds made up and the political discussion was not welcome. I outlined pretty much what has come to pass (except 9/11). They happily took the $250 dollars from dubyas tax cut. I said that paying down the US debt is far more important and I thought the Republican run Congress would find other ways to take back the $250 and more. OK boys and girls this is what you get for listening to a lying politican and not your dad.
Please open your minds, develop some critical thinking habits, and be open to discussion about politics, religion, and life in general. Those who truly love you will continue to love you.
Stand by, America. Families that earn $75,000 to $500,000 -- those income taxpayers who shoulder half the burden of total income tax payments -- are about to get a surprise kick in the wallet. If you've closely followed the details of the president's 2001 phased-in tax cut, you are vaguely aware this nightmare is coming. But now a study by the respected Tax Policy Center has spelled out the gory details.
The aggravating marriage penalty in our tax law is about to get worse. The well-established and justified favoritism that our tax law shows for families with children is about to be radically rolled back for middle-class and upper-middle-class Americans. As for the supposed benefits of this across-the-board tax rate reduction? Well, the middle classes will end up with pennies on each dollar promised before it's over, and less each year. And if you think filling out your tax form is complicated now, it's going to be doubly difficult in the years to come.
The overall result will be a significant shift in tax burden from the wealthy to those in the middle classes. Consider two groups of taxpayers: Those earning $100,000 to $200,000 now account for 22 percent of total federal income taxes owed to the government. That's the same percentage shouldered by those earning more than $1 million. By 2010, however, the share paid by million-dollar-earners will drop to 18 percent, while the lower-earning group's share will rise to 27 percent.
 8:15:24 PM Google It! comment
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