Did you get a tax cut last year?

[Immanuel]

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.

 

[boedicca]

No. We paid an uholy amount of taxes last year.

 

[Truthmatters]

http://www.examiner.com/x-5738-Poli...-certainly-less-painful-under-President-Obama

 

[manu1959]

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.....

 

[Truthmatters]

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.

 

[Care4all]

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.

the 800 dollar work credit was the tax cut i thought?

 

[Immanuel]

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - The New York Times

September 2003?

I'm not reading that whole thing... this applies to my question and this thread... how?

Immie

 

[boedicca]

Arkansas Times

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).

 

[Truthmatters]

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.

 

[hboats]

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.....

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

 

[Immanuel]

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.

the 800 dollar work credit was the tax cut i thought?

Yes, but he increased the taxes we paid before he gave us this spectacular tax cut. Well, geez, thank you so very much Mr. President for pissing on me and telling me it was raining.

Immie

 

[hboats]

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.

the 800 dollar work credit was the tax cut i thought?

The $800 Making Work Pay Credit was supposed to be the tax cut. But, what Obama neglected to tell us is that the tax brackets were not adjusted down by this amount so at the end of the year your tax burden didn't change by this amount. Basically it was a short term loan from our government. We all had to pay it back (either by actually paying more or by getting less of a refund) when we filed our 2009 tax returns.

Rick

 

[Immanuel]

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.

Let's see, using my example, that means I got my taxes raised by $1,058 and then I got this great $1,158 tax benefit. F'ng A! Thank you Mr. President.

Immie

 

[Immanuel]

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.

the 800 dollar work credit was the tax cut i thought?

The $800 Making Work Pay Credit was supposed to be the tax cut. But, what Obama neglected to tell us is that the tax brackets were not adjusted down by this amount so at the end of the year your tax burden didn't change by this amount. Basically it was a short term loan from our government. We all had to pay it back (either by actually paying more or by getting less of a refund) when we filed our 2009 tax returns.

Rick

Exactly! That is what I am trying to show here, but I know that my real life example is not necessarily the case for everyone. I wonder if there is anyone that actually improved their tax situation from last year to this year. I'm sure there must be... after all, the left has been bragging about this for a year now.

And what about people that did not qualify for the "making work pay" credit? Did they get the shaft?

Immie

 

[Truthmatters]

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - The New York Times

September 2003?

I'm not reading that whole thing... this applies to my question and this thread... how?

Immie

I posted the wrong link its now corrected

 

[Care4all]

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.

the 800 dollar work credit was the tax cut i thought?

The $800 Making Work Pay Credit was supposed to be the tax cut. But, what Obama neglected to tell us is that the tax brackets were not adjusted down by this amount so at the end of the year your tax burden didn't change by this amount. Basically it was a short term loan from our government. We all had to pay it back (either by actually paying more or by getting less of a refund) when we filed our 2009 tax returns.

Rick

mine were reduced by that $800 when said and done and filed???

 

[Truthmatters]

Only Immies taxes matter Care

 

[boedicca]

Citing AMT relief is disingenuous - and actually undermines the lefty's increase taxes on the rich rhetoric.

AMT originating as a tax on the very rich. Due to lack of indexing for inflation - it is now a middle class tax. Much like the Doc Fix, Congress tweaks it every year. Obama deserves no credit for this tweak. But if he does wish credit, then let's add the Doc Fix to the CBO score for ObamaCare.

 

[Mr Natural]

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.

the 800 dollar work credit was the tax cut i thought?

Yes, but he increased the taxes we paid before he gave us this spectacular tax cut. Well, geez, thank you so very much Mr. President for pissing on me and telling me it was raining.

Immie

And when Bush sent out those $300 rebate checks and depleted the surplus, that was the greatest thing ever wasn't it.

 

[hboats]

And when Bush sent out those $300 rebate checks and depleted the surplus, that was the greatest thing ever wasn't it.

That's funny, I thought Obama was the current President. Why do you all have such a hard on for a man that isn't President anymore and is doing his best to stay out of the limelight?

But back to the subject at hand, did your taxes go down last year Mr Clean?

Rick