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None.
He never did squat to AMT.
If one takes only the standard deduction, is single and has no other income:
A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.
For those keeping score at home, that's a maximum difference of $1,355. In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.
If one takes only the standard deduction, is single and has no other income:
A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.
For those keeping score at home, that's a maximum difference of $1,355. In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.
really?
Tax Brackets (Federal Income Tax Rates) 2000 through 2011
I will have to call my accountant to see if what you say is true
but according to his link, what I recall owing every year (like last year) fits this link
and to be clear this is what i used to calculate the difference
So instead it is 15,000
according to you and this link is not correct
If one takes only the standard deduction, is single and has no other income:
A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.
For those keeping score at home, that's a maximum difference of $1,355. In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.
really?
Yes, really.
Tax Brackets (Federal Income Tax Rates) 2000 through 2011
I will have to call my accountant to see if what you say is true
but according to his link, what I recall owing every year (like last year) fits this link
and to be clear this is what i used to calculate the difference
So instead it is 15,000
according to you and this link is not correct
Marginal tax rates. Marginal tax rates. You can save the call to your accountant and plug the info into this tax calculator from the Tax Foundation (which offers a host of scenarios - and is absurdly useful)
Bush Tax Cuts Calculator
really?
Yes, really.
Tax Brackets (Federal Income Tax Rates) 2000 through 2011
I will have to call my accountant to see if what you say is true
but according to his link, what I recall owing every year (like last year) fits this link
and to be clear this is what i used to calculate the difference
So instead it is 15,000
according to you and this link is not correct
Marginal tax rates. Marginal tax rates. You can save the call to your accountant and plug the info into this tax calculator from the Tax Foundation (which offers a host of scenarios - and is absurdly useful)
Bush Tax Cuts Calculator
http://www.irs.gov/pub/irs-prior/i1040tt--2000.pdf
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf
I i pay taxes on a 1040 like most people in this country do
I cannot make this any simpler than this
Yes, really.
Marginal tax rates. Marginal tax rates. You can save the call to your accountant and plug the info into this tax calculator from the Tax Foundation (which offers a host of scenarios - and is absurdly useful)
Bush Tax Cuts Calculator
http://www.irs.gov/pub/irs-prior/i1040tt--2000.pdf
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf
I i pay taxes on a 1040 like most people in this country do
I cannot make this any simpler than this
So what was your taxable income? hint: It's not 75K. And the tables don't include payroll taxes, which have been cut.
That link I provided does all the math for you.
http://www.irs.gov/pub/irs-prior/i1040tt--2000.pdf
http://www.irs.gov/pub/irs-pdf/i1040tt.pdf
I i pay taxes on a 1040 like most people in this country do
I cannot make this any simpler than this
So what was your taxable income? hint: It's not 75K. And the tables don't include payroll taxes, which have been cut.
That link I provided does all the math for you.
did you miss the part that said my taxable income?
well I guess I assumed every-one Knew what i meant by the 75K
Then my above calculation from the tax foundation is accurate.and except for losses from 08 on stocks, the only deduction I have is me
And as far as payroll taxes, Those cuts did not come from GWB
So what was your taxable income? hint: It's not 75K. And the tables don't include payroll taxes, which have been cut.
That link I provided does all the math for you.
did you miss the part that said my taxable income?
well I guess I assumed every-one Knew what i meant by the 75K
You said you average about 75K, and in another thread you said you make 75K. Excuse me for assuming you meant you make about 75K.
Then my above calculation from the tax foundation is accurate.and except for losses from 08 on stocks, the only deduction I have is me
And as far as payroll taxes, Those cuts did not come from GWB
I know! You got a bigger tax cut from Obama than GWB.
did you miss the part that said my taxable income?
well I guess I assumed every-one Knew what i meant by the 75K
You said you average about 75K, and in another thread you said you make 75K. Excuse me for assuming you meant you make about 75K.
Then my above calculation from the tax foundation is accurate.
And as far as payroll taxes, Those cuts did not come from GWB
I know! You got a bigger tax cut from Obama than GWB.
No your calcs are wrong
I find it humorous that you claim Obama as a that person who lowered tax rates for the working man with that 6 dollar a week cut
No offense meant
It will mean nothing soon, and I lost that in the amount my insurance went up
I make a deal with you
make 75,000 in taxable income
get your W-2
do you deductions that most of us get, just us
and use your calcs to pay your income taxes
The links I provided do the calcs as well as the table I provided
If one takes only the standard deduction, is single and has no other income:
A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.
For those keeping score at home, that's a maximum difference of $1,355 (About 1.8%). In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.
Mine was 3-5% savings
I avg about 75k
10 years
4%
75k
Thats 30,000 I have put back into the economy that under Clinton's rate the federal govt has
and not me
And the left is for the working man?
think about it
If one takes only the standard deduction, is single and has no other income:
A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.
For those keeping score at home, that's a maximum difference of $1,355 (About 1.8%). In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.
Are you claiming that after the Bush tax cuts (in 2001 and 2003) a person making $75K paid more in taxes than they would if the Bush cuts never happened?
If one takes only the standard deduction, is single and has no other income:
A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts.
For those keeping score at home, that's a maximum difference of $1,355 (About 1.8%). In almost every case, the actual amount would be considerably less. In addition, the Obama payroll tax cut would generate savings of about $1,500, so if the Bush tax cuts expired and they extended the payroll tax cut you'd be ahead.
Are you claiming that after the Bush tax cuts (in 2001 and 2003) a person making $75K paid more in taxes than they would if the Bush cuts never happened?
No, I'm demonstrating (via calculations of The Tax Foundation) that a single person claiming the standard deduction got a larger tax cut from the 2010 payroll tax cut than they did from the Bush reduction in rates.
Are you claiming that after the Bush tax cuts (in 2001 and 2003) a person making $75K paid more in taxes than they would if the Bush cuts never happened?
No, I'm demonstrating (via calculations of The Tax Foundation) that a single person claiming the standard deduction got a larger tax cut from the 2010 payroll tax cut than they did from the Bush reduction in rates.
You weren't very clear in your claim.
"A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts"
See that looks like higher tax burden after the Bush cuts than before.
Are you claiming that after the Bush tax cuts (in 2001 and 2003) a person making $75K paid more in taxes than they would if the Bush cuts never happened?
No, I'm demonstrating (via calculations of The Tax Foundation) that a single person claiming the standard deduction got a larger tax cut from the 2010 payroll tax cut than they did from the Bush reduction in rates.
You weren't very clear in your claim.
"A person making 75K would pay:
$13,855 with the Bush tax cuts and
$12,500 without said cuts"
See that looks like higher tax burden after the Bush cuts than before.