WoooHOOOOO! Who's excited about the CHECKS Coming this summer?

[mayfly]

$400 per kid! And tax breaks for everyone the next two years!!!!

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Taxpayers could start receiving checks this summer
Friday, May 23, 2003 Posted: 4:49 PM EDT (2049 GMT)




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CNN's Kathleen Hays on what the $350 billion tax package can mean to the average U.S. family.

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RELATED
CNN/Money: Families and the tax bill

Senate passes tax-cut bill

House approves tax-cut bill


TAX CUTS AND YOU


Here are average annual savings that taxpayers with various levels of income can expect under the proposed tax measure.

$41,000 INCOME
• Single: $211
• Married couple with two children under 17: $1,208

$63,000 INCOME
• Single: $551
• Married couple with two children under 17: $1,100

$126,000 INCOME
• Single: $1,827
• Married couple with two children under 17: $3,028

$170,000 INCOME
• Single: $2,743
• Married couple with two children under 17: $3,148

(Source: AP/Deloitte & Touche)

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WASHINGTON (CNN) -- Millions of families could begin to receive checks this summer and the Internal Revenue Service will take less money out of paychecks when President Bush signs a new tax cut into law.

The House and Senate passed the tax-cut package Friday, sending the measure for Bush's signature. (Full story)

Part of the tax-cut deal would raise the tax credit from its current level of $600 per child to $1,000 for this year and next. In 2005, the credit would revert to the level set by the 2001 Bush tax cut -- $700, unless Congress votes to extend it.

The cuts are expected to have an immediate impact on many families, with the Treasury Department expected this summer to begin rolling out checks to give families an advance payment of the increased 2003 child credit.

According to the Treasury Department, about 22 million American families with an adjusted gross income of $110,000 or less would receive checks this summer worth $400 per child.

Another 3 million families who make an adjusted gross income between $110,000 and $130,000 would get a check for a portion of the credit -- less than $400 per child, depending on their income.

The tax legislation also would affect taxpayers by speeding up income-tax rate reductions, making changes to the alternative minimum tax and speeding up "marriage penalty" relief.

Those changes would be translated into changes on the tax tables the government sends employers.

These suggest how much money employees should have withheld from every paycheck for Uncle Sam.

Employers would begin adjusting the amount withheld in July to account for the changes to the 2003 tax code.

Specifically, married Americans would be able to claim a higher standard deduction on their 2003 taxes. The current deduction, $7,950 for a married person, would rise to $9,500.

Married taxpayers also would be affected by an expansion in the amount of income that would fall into the 15 percent tax bracket.

A number of single Americans would see their taxes drop because the lowest bracket -- which taxes the first portion of every American's income at 10 percent -- would be expanded.

In addition, those in the 27 percent bracket or higher would see their taxes drop because the rates of taxation in those brackets would fall immediately -- from 27 percent to 25 percent; from 30 percent to 28 percent; from 35 percent to 33 percent; and from 38.6 percent to 35 percent.


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[cujo0123]

Hmmm, I have no kids and I'm not married. Do I get anything this summer? I'm still a little confused.

Also, I feel like there is more behind the tax cuts than just giving money back to us.

[Shainie]

Show me the money! We could SO use it right now. With Bronson starting Montissori next year, trying to finish our landscaping and putting a yard in . . AND I'd LOVE to get laser surgery. Every lit bit helps!


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[freesurfer]

Really? That is Great!!!!!

[Jwelch111]

"The typical family will only get a tax break of $217 next year." (Paul Krugman, economist). Please read this article. There is more to this "tax cut" that meets the eye of the mass media: [Only registered and activated users can see links. Either login above or Register Now]


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[Jwelch111]

The link in my post does not work. This tax cut won't work either, IF it's aim is to create jobs. The wealthy will simply stuff the extra money into their pockets. Their is no real incentive for them to create jobs. What WILL happen from this tax cut is a growing deficit, that your grandchildren will have the pleasure of inheriting. Didn't we do this a generation ago with Reagan???

[jsalba]

Don't get yourselves all worked up over this refund! It's a small amount of money in our pockets.. the rich are benefitting far more from this. Don't lose sight of the reality.

[crazytimes]

Well I think the main goal of the tax cut is to encourage spending which leads to hiring.

I know this would mean $800 for my family, and believe me this is money well needed! But then again, who knows, guess we aren't the "average family." I still would like to know what the "average family," is.

I remember a few summers ago when everyone was talking about refund checks they got - we got nada, so I say it's about time we got something!

I also read that article above, but I don't necesarily understand those polls. I for one would rather $800 go to ME not the "education system." Lord knows what would happen the, hmm do I smell payraise...then again it might accidentally be "lost." **** for 800 bucks I think I could do a pretty job of providing my kid with stuff to succeed in school. And health care spending, I just don't know what to say. I mean we're insured and every paycheck I get I see a large portion marked "medicare" so I'm not really sure what this spending would go for.

I just think that no one has the right to tell me how MY money can be better spent. The plain fact is that if this money wont help my family directly, then I would like that money back. It may not be the most "moral-sounding" thing to say on an online forum, but heck that's the way world works. We're by no means wealthy, heck we're living in an apartment as it is and moving in a month (and taking a pretty large pay cut as it is), but we do our best to make ends meet and I would like the government support for a change!

[Pipanella]

Originally posted by Shainie
Show me the money! We could SO use it right now. With Bronson starting Montissori next year, trying to finish our landscaping and putting a yard in . . AND I'd LOVE to get laser surgery. Every lit bit helps!

And that is the purpose of the tax cut - to put more money in our pockets, so we will SPEND it. More money spent, more goods being purchased, creates demand for more product, which in turn creates jobs. Only problem is, in my opinion, it will be short-lived, and not enough to really help with the problem of the weak economy.

But I'll still take the money and spend it. LOL


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[Jwelch111]

"Short-lived" is right--the last "windfall" from the LAST taxcut was either saved by most recipients or used to pay bills. This is nothing but ANOTHER payback to wealthy supporters who put Bush in the WH. One thing I can never understand about the argument: "It's MY money", and "I'll decide what to do with it" (paraphrase of above comment). Well, you drive on roads, don't you? Are they crumbling where you live? Ours are, and there is not much money in my state's budget to fix them. How are your health care costs? Many Americans do not have ANY health insurance, and their numbers are growing. And if you are unemployed, how far will $800 go? Add your bills up for 1 month (or 1/2 a month) and imagine how the unemployed will fare. Haven't we all been there? (I have). Wouldn't it be better to address the REAL problems of OUR country? Many states are in DEEP trouble, and this tax cut will only add to their burden. Less money in to the federal government, less money out to the states. But, somehow, the money is always found (and borrowed) for defense spending.

[Pipanella]

Yep, my husband said he's not getting too excited about it. Federal tax cut = state tax rise. They have to balance THEIR budgets, too. Well, don't they? LOL

[monkee]

Originally posted by Jwelch111
"Short-lived" is right--the last "windfall" from the LAST taxcut was either saved by most recipients or used to pay bills. This is nothing but ANOTHER payback to wealthy supporters who put Bush in the WH. One thing I can never understand about the argument: "It's MY money", and "I'll decide what to do with it" (paraphrase of above comment). Well, you drive on roads, don't you? Are they crumbling where you live? Ours are, and there is not much money in my state's budget to fix them. How are your health care costs? Many Americans do not have ANY health insurance, and their numbers are growing. And if you are unemployed, how far will $800 go? Add your bills up for 1 month (or 1/2 a month) and imagine how the unemployed will fare. Haven't we all been there? (I have). Wouldn't it be better to address the REAL problems of OUR country? Many states are in DEEP trouble, and this tax cut will only add to their burden. Less money in to the federal government, less money out to the states. But, somehow, the money is always found (and borrowed) for defense spending.

Yep, I drive on the roads, which aren't in the best condition, but so do a heck of a lot of other people who don't pay a dime in taxes. By your reasoning, if you don't pay taxes, you should stay off the streets! If that happens, then I'll be glad to pay my share (since I'm paying more than my share now). Health care? Yep, we have it. And we pay quite a bit of money for it out of every paycheck. We also pay taxes that support health insurance for many people who don't pay taxes. It's called Medicaid. But, since I am fortunate enough to pay for my own insurance, I should also be paying for everyone else's?

"Imagine how the unemployed will fare?" What does that have to do with anything? It's not meant to be a long-term welfare payment. It's an advance on the child tax credit. No, it's not going to solve everyone's problems, but then no one thing can.

I, for one, will be more than happy to accept my $400.00 check which represents money I paid to the government, and spend it however I see fit. And if it pains you so much, you and the rest of the complainers can simply refuse to cash your checks and let the government keep the money to use as they see fit. It's ironic that you complain that the government misuses our tax money on defense spending, and yet you are outraged when they want to give it back to us. Just can't win with you, I guess. So take your check and give it to charity.

[mayfly]

I have been keeping an eye on this cnn poll, and it cracks me up, because in the last 24 hours none of the numbers have changed, even though I know all my friends just voted.


At any rate, I am very much looking forward to 1600 in the difference of the new child tax credit.

[Jwelch111]

I've read more than once that the greatness of a nation can be judged by how it treats its poor. Do you that hold your money so closely profess a faith? Or does your faith end with the Sunday church service? Never a thought during the week of those less fortunate than you, "welfare recipients" and their ilk. Where is your sense of brotherhood, of community? Taxes are needed for basic services, but OUR taxes are being diverted to pay for illegal wars (not in MY NAME). Veteran's benefits are being cut. Why can't some of you GET MAD about IMPORTANT THINGS? But back to the thread's topic: this tax cut will give you some bucks now, but YOU WILL PAY and YOUR CHILDREN WILL PAY with a higher deficit. Already, Congess must raise the debt ceiling this month. We are in debt up to our eyeballs. And this tax cut, with less revenues coming in, will only worsen the deficit. WAKE UP, and smell the red ink, people!! You'll be smelling it for a LONG TIME....


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[monkee]

Originally posted by Jwelch111
I've read more than once that the greatness of a nation can be judged by how it treats its poor. Do you that hold your money so closely profess a faith? Or does your faith end with the Sunday church service? Never a thought during the week of those less fortunate than you, "welfare recipients" and their ilk. Where is your sense of brotherhood, of community? Taxes are needed for basic services, but OUR taxes are being diverted to pay for illegal wars (not in MY NAME). Veteran's benefits are being cut. Why can't some of you GET MAD about IMPORTANT THINGS? But back to the thread's topic: this tax cut will give you some bucks now, but YOU WILL PAY and YOUR CHILDREN WILL PAY with a higher deficit. Already, Congess must raise the debt ceiling this month. We are in debt up to our eyeballs. And this tax cut, with less revenues coming in, will only worsen the deficit. WAKE UP, and smell the red ink, people!! You'll be smelling it for a LONG TIME....



I don't know if this was directed at me, but no, I don't profess a faith, my faith is nobody's business but my own. I don't go to church either, so that doesn't apply.

I will agree that there are people who are "less fortunate" than me. And yes, I feel sorry for them and do whatever I can to help them. However, not everyone who has "less" than me is "less fortunate". Sometimes, their situation is a result of their own choices and decisions. Sorry, but those kind of people are not my problem. What I do have a problem with are the socialists (masquerading as "democrats or liberals") who think that everyone should have the same as everyone else, regardless of whether or not they want to work for it. And of course, the evil people who do work and amass any kind of wealth at all should have to give up a huge chunk of that wealth and hand it over to the "less fortunate". So, yes, when I get to "get back" a whopping $400.00 of the thousands I pay in taxes, I'm taking it and smiling all the way to the bank.

Once again, if you are so concerned with the "less fortunate", why don't you take your check and give it to charity?
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