Did you get a tax cut last year?

Discussion in 'Current Events' started by Immanuel, Apr 22, 2010.

  1. Immanuel
    Offline

    Immanuel Gold Member

    Joined:
    May 15, 2007
    Messages:
    16,823
    Thanks Received:
    2,210
    Trophy Points:
    183
    Ratings:
    +2,224
    I'm wondering about this so called tax cut that President Obama supposedly gave all of us.

    Here are the figures for my taxes this last year and this year:

    2008-Married filing jointly:

    2008 | Adjusted Gross Income $ 73,327.00
    Federal | Taxable Income $ 40,042.00
    Tax | Total Tax $ 4,201.00
    Return | Total Payments/Credits $ 4,921.00
    Summary | Amount to be Refunded $ 720.00
    | Effective Tax Rate 5.73%

    2009-Married filing jointly:

    2009 | Adjusted Gross Income $ 71,847.00
    Federal | Taxable Income $ 38,715.00
    Tax | Total Tax $ 4,959.00
    Return | Total Payments/Credits $ 4,953.00
    Summary | Payment Due $ 6.00
    | Effective Tax Rate 6.90%

    Now, in 2009 my son turned 17 and I no longer received the "Child Tax Credit" of $1,000. In 2009, President Obama gave us a "work credit" of $400 per individual $800 for a couple. Therefore, to attempt to show apples to apples, I will add the thousand dollars to 2008's tax figure bringing my total 2008 tax figure to what it would have been without that credit. Adjusted 2008 taxes = 5,201 on $73,327 total income an effective rate of nearly 7.1%. The $800 work credit should actually be counted as a tax cut therefore 2009's taxes should not be adjusted and without the credit, I would have paid $5,759. Technically speaking a tax cut Without the "tax cut", I would have paid an effective rate of 8% (5759/71847).

    But, it seems to me, that my taxes actually went up before they came down due to the "tax cut".

    The reduction in my effective rate was based upon lower income, the "tax cut" and better tax planning on my part rather than President Obama's gifts to me.

    If I had paid an effective tax rate of 7.1% in 2009, then my total tax would have been $5,101 rather than $4,959.

    When all is said and done, I don't see much of a change between the years let alone a significant change in my tax situation from last year to this year. The President's plan increased my taxes and then gave me a credit to compensate for it because my wife and I were working. That is much like the "I was for it before I was against it" claim of John Kerry.

    Okay, all that said, I don't see this tax cut that the left keeps bragging about.

    I realize that this is just one example and there are a myriad of other situations out there. I'm curious, did you receive a tax cut this year over last year?

    Immie

    PS:There is nothing in my post that I consider personal except that now you all know what I made last year... BFD. My wife made a little of that income but she works for a dry cleaner and barely gets paid minimum wage.
     
  2. boedicca
    Offline

    boedicca Uppity Water Nymph Supporting Member

    Joined:
    Feb 12, 2007
    Messages:
    41,772
    Thanks Received:
    12,766
    Trophy Points:
    2,250
    Location:
    The Land of Funk
    Ratings:
    +22,718
    No. We paid an uholy amount of taxes last year.
     
  3. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
  4. manu1959
    Offline

    manu1959 Left Coast Isolationist

    Joined:
    Oct 28, 2004
    Messages:
    13,761
    Thanks Received:
    1,625
    Trophy Points:
    48
    Location:
    california
    Ratings:
    +1,626
    he altered the witholding tables....less was taken out of your check....he did not alter the tax brackets...

    with all things being equal it would be a push.....
     
  5. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    Arkansas Times


    Conservative pundits and their followers were shrieking in rage on Tax Day last week, so wrought up they forgot to mention that Americans are paying less in taxes under President Obama than they paid under his conservative predecessor, George W. Bush.

    The Recovery Act signed by Obama last year cut federal income taxes for 98 percent of working Americans, according to Citizens for Tax Justice, an activist group. Arkansans did even better, although the state voted against Obama in the 2008 presidential election. Ninety-nine percent of working families in Arkansas benefited from at least one of the tax cuts signed into law by Obama. The average tax break was $1,016. Obama has signed no legislation to increase taxes.
     
    Last edited: Apr 22, 2010
  6. Care4all
    Offline

    Care4all Warrior Princess Supporting Member

    Joined:
    Mar 24, 2007
    Messages:
    32,710
    Thanks Received:
    6,608
    Trophy Points:
    1,170
    Location:
    Maine
    Ratings:
    +11,041
    the 800 dollar work credit was the tax cut i thought?
     
  7. Immanuel
    Offline

    Immanuel Gold Member

    Joined:
    May 15, 2007
    Messages:
    16,823
    Thanks Received:
    2,210
    Trophy Points:
    183
    Ratings:
    +2,224
  8. boedicca
    Offline

    boedicca Uppity Water Nymph Supporting Member

    Joined:
    Feb 12, 2007
    Messages:
    41,772
    Thanks Received:
    12,766
    Trophy Points:
    2,250
    Location:
    The Land of Funk
    Ratings:
    +22,718
    I have a policy - I do not click on links posted by people who do not have the intellect and courtesy to post a comment about their relevance to the discussion.

    (Note - TM still has not provided any proof that I received a tax cut last year. And she never will, cuz I didn't).
     
  9. Truthmatters
    Offline

    Truthmatters BANNED

    Joined:
    May 10, 2007
    Messages:
    80,182
    Thanks Received:
    2,223
    Trophy Points:
    0
    Ratings:
    +2,233
    Richest Virginians get biggest Obama tax cuts | Reuters


    All U.S. taxpayers got an average benefit of $1,158 apiece from the tax cuts that were part of the Recovery Act, according to the study by Citizens for Tax Justice, a Washington think tank that says it promotes tax fairness.

    For the rich and the upper middle class, the break typically was from tax relief from the alternative minimum tax, which helped about 25 million people.
     
    Last edited: Apr 22, 2010
  10. hboats
    Offline

    hboats Silver Member

    Joined:
    Feb 10, 2010
    Messages:
    1,297
    Thanks Received:
    199
    Trophy Points:
    98
    Location:
    Minnesota
    Ratings:
    +199
    I tried explaining that to Ravi, and some other liberals, but they refuse to see it.

    My taxes went up this year and I didn't move into a new tax bracket.

    Rick
     

Share This Page