Did you get a tax cut last year?

[xsited1]

Did you get a tax cut last year?

Nope. The percentage was virtually the same as the previous year. Next year (and thereafter) is going to get bad.

I don't know about next year, but that was what I found this year. I paid relatively the same effective tax rate between 2008 and 2009. That means I did not get a tax cut as many on the left have been claiming.

TM has been parading the site telling us he gave us a tax cut. That is not true. It is in fact a lie as far as I can tell.

Immie

I wasn't expecting a tax cut since I'm in somewhat of a high bracket. I'm guessing that many of these Leftist posters are in the $50k/year and below range.

 

[Ravi]

What was your gross income for both years?

See the OP... that info was provided.

Hehe, just pickin' on ya, Ravi.

Immie

Not your adjusted gross...your gross.

 

[Immanuel]

What was your gross income for both years?

See the OP... that info was provided.

Hehe, just pickin' on ya, Ravi.

Immie

Not your adjusted gross...your gross.

Very close to the AGI and since effective rate is determined off of AGI, it doesn't matter.

2008 Wages etc = 73,215 AGI = 73,327
2009 Wages etc = 71,667 AGI = 71,847

But, I'm not giving you my SSN over the internet, so don't ask.

That is probably a hell of a lot more information than I should have given already.

Immie

 

[Ravi]

See the OP... that info was provided.

Hehe, just pickin' on ya, Ravi.

Immie

Not your adjusted gross...your gross.

Very close to the AGI and since effective rate is determined off of AGI, it doesn't matter.

2008 Wages etc = 73,215 AGI = 73,327
2009 Wages etc = 71,667 AGI = 71,847

But, I'm not giving you my SSN over the internet, so don't ask.

That is probably a hell of a lot more information than I should have given already.

Immie

Your adjusted gross is your gross minus deductions. I suspect you are doing something wrong in figuring out 2008 vs. 2009.

 

[Immanuel]

Not your adjusted gross...your gross.

Very close to the AGI and since effective rate is determined off of AGI, it doesn't matter.

2008 Wages etc = 73,215 AGI = 73,327
2009 Wages etc = 71,667 AGI = 71,847

But, I'm not giving you my SSN over the internet, so don't ask.

That is probably a hell of a lot more information than I should have given already.

Immie

Your adjusted gross is your gross minus deductions. I suspect you are doing something wrong in figuring out 2008 vs. 2009.

I had none of the deductions available in the AGI section of the form in either year:

No educator expenses, business expenses, HSA deductions, moving expenses (thank God, I didn't move!), no self employment taxes, No SEP contributions, no self employed health insurance, no alimony (again thank God!), No IRA as the year before last I quit putting money in my 401(k) since employer refused to match and started a Roth IRA, Student Loans were paid off years ago so no interest there, as much as I would like to go back to school, I have not done so yet, so no tuition deductions, and I have no idea what constitutes "Domestic Production Activities" but I must say, I highly doubt I qualify for a deduction based on that description.

Effective rate is your salaries, wages, interest income, dividend income etc less the above listed deduction divided into the total taxes paid.

Taxable income reduces the AGI further by deducting your exemption allowances and either you standard or itemized deductions. But, then you seem to know enough about taxes to already know all that... just reiterating it for others.

Immie

 

[Polk]

Here, we did a thread about this already. If you didn't get your credit, you need to speak to your accountant or brush up on your knowledge of filing tax returns.

http://www.usmessageboard.com/politics/113336-many-filers-confused-by-stimulus-tax-credit.html

Excuse me? Did you read the OP?

I got the credit and yet my taxes were still about the same as they were last year when adjusted for the loss of the child tax credit because my son turned 17.

Edit: Without the credit my effective tax rate would have gone up by about 1%. So, he raised our taxes and then magnanimously gave us a credit to lower the effect of the increase, then expects us to kiss his ass for it... what a guy!

Immie

Wow...it's Obama's fault your son turned 17?

Yep. Used his aging beam.

 

[Harry Dresden]

I am not going to say that this is the case with you, but what you just wrote is something that should be called to people's attention.

You got a "20-30 buck increase each check" and state that as if that is a tax break. All that really is, is a smaller amount of payroll with holdings from your paycheck. That is not a tax cut. It doesn't mean that you pay less during the year if when you send in your 1040 form, you either get less of an return or actually owe money come April 15th. If you paid more money in taxes for less income in 2009 than you did in 2008 then you did not get a tax cut.

Too many people looked at the amount of the FWT deduction from their pay checks and were thrilled to death that they got a tax cut. Those are the people that don't understand the current tax system.

Immie

bottom line Immie....no matter what they do at the Federal level to get you more....Tax Break,less payroll withholdings,Etc,Etc....if your state eats it up.....ITS ALL MOOT....and California SPECILIZES in ways to get more out of you....

 

[Alpha1]

Video: Most Americans are paying less on Tax Day under President Obama

MOST Americans pay less in taxes under Obama ? Yes....because the tax breaks were only for the poorer tax payers and there is obviously more of them under Obama....
* An increase in the Earned Income Tax Credit(goes up every year, with or without Obama)
* An expansion of the Child Tax Credit
* For those who work, the Making Work Pay tax credit offered $400 per individual and $800 per couple
* For those who lost their job, there was a 65 percent tax credit to help cover the cost of health care. The first $2,400 in unemployment benefits went tax-free
* Up to $2,500 under the American Opportunity Credit for students and parents paying for college tuition
* $8,000 for first-time home buyers
* A deduction of state and local taxes paid on a new car
* Up to $1,500 for home improvements to increase energy efficiency

All these tax breaks are means tested....so if your income was under about 50K you probably got some tax break....as you did under Bush too....