E
eric
Guest
U.S. House and Senate negotiators agree on $146 Billion tax cut
Now this is a good idea!
The proposal would keep the $1000 child tax credit from reverting to $700 in 2005, prevent many people filing as married couples from paying higher taxes than if they filed as singles, and preserve a $200 tax reduction for most people by subjecting the first $14,000 in income to the 10% rate, which would mostly benefit families earning less than $100,000 a year.
Environmentalists should appreciate companies receiving tax credits for producing wind energy, and bleeding heart liberals have to like the fact that the even families that don't pay enough taxes to claim the full $1000 per child credit will still get a check from the government for the full $1000 per child.
Of course there must be some perks for higher income families, so the bill would also extend for 1 year a law that exempts them from paying the alternative minimum tax; hey we need a break too.
So there seems to be something for everyone, regardless of income in the proposal, and it will almost certainly be passed by congress, in my humble opinion of course. Keep in mind that in an election year, members who vote against this type of proposal will be perceived as wanting to raise taxes on the middle class, and no one wants that.
By the way, if all goes as planned it should be signed into law before the Nov 2 election. Don't we republicans have great timing?
Now this is a good idea!
The proposal would keep the $1000 child tax credit from reverting to $700 in 2005, prevent many people filing as married couples from paying higher taxes than if they filed as singles, and preserve a $200 tax reduction for most people by subjecting the first $14,000 in income to the 10% rate, which would mostly benefit families earning less than $100,000 a year.
Environmentalists should appreciate companies receiving tax credits for producing wind energy, and bleeding heart liberals have to like the fact that the even families that don't pay enough taxes to claim the full $1000 per child credit will still get a check from the government for the full $1000 per child.
Of course there must be some perks for higher income families, so the bill would also extend for 1 year a law that exempts them from paying the alternative minimum tax; hey we need a break too.
So there seems to be something for everyone, regardless of income in the proposal, and it will almost certainly be passed by congress, in my humble opinion of course. Keep in mind that in an election year, members who vote against this type of proposal will be perceived as wanting to raise taxes on the middle class, and no one wants that.
By the way, if all goes as planned it should be signed into law before the Nov 2 election. Don't we republicans have great timing?
