Tis true! This check is an advance payment on the 2001 taxes. However,
this is to reflect a 5% reduction in the primary tax rate from 15% to
10%.
If you earn 36000.00 for 2001, subtract 6000.00 for basic deduction and
tax will be 3000.00 at 10% rate. Add your $$ to that and you get your
2001 tax liability. It does beat the 15% rate of 4500.00 for the same
dollars. I know the figures are somewhat simplistic and other factors
apply..But it is my money and I have it 7 months earlier than I would
have. Looking at the facts, it seems as if the overall tax cut is biased
towards 26000.00 income or less. My stand after review...it is a good
thing.
I did look hard for this on the net and noticed that this info was
barely mentioned and
that the majority of people thought this was a refund of 2000 taxes due
to a surplus.
http://www.taxplanet.com/prez/pjct-rates/pjct-rates.html
Here is one of the links that I used in my search.
Bruce Lowry
"In the larger scheme of things, our governmant is merely the gang that
won!"
>
> > Yep, that's right. If you and the missus get a check for $600, and come
> > next April 15th, if you do your taxes and come out even, you've got to
> > send $600 right back to Washington. If you were supposed to get a $300
> > refund, you end up getting to send $300 to them.
> >
> >
>
> and you know this to be true 'cause Jesse said so? or Al after he finished
> inventing the beard.
>
> RH
>
> Be more concerned about your character than about your reputation,
> because your character is what you really are, while your reputation
> is merely what others think of you.
|