Death & Taxes
Nothing is sure but death & taxes.
I'm not so certain that the above is an absolute. In fact it fails basic logic. But, after the last few weeks,I can say that both are sure. I have had a couple friends pass away. Both of them were strong in their faith in Jesus. Both of them touched many people. & I can say that I know both left the world a better place by their being here.
On to taxes. I e-filed my taxes Friday & I am ready to take on anybody who says the Bush tax breaks were just for the rich. I am on the lower end of the scale, income wise, less than $20,000. Thanks to the changes I am in a lower bracket & I get a tax credit that people on the upper end can't. This credit is based on a percentage of what you have deposited in your 401k/403b account. This credit (not a deduction, but a credit against your taxes) is for up to 50% of what you put in & is in addtion to the fact that this money is taken out pre-taxes. Only singles making less than $25,000 AGI can get it (higher for couples) & the higher your adjusted income the lower a percentage it is.
Some may say, so what it isn't that much. Maybe not if you make the big bucks. But, for me $500 less in taxes is $500 less. & when you add up all the little breaks on the lower end, it eventually adds up to a healthy amount. I figure that here in DBQ the new lower bottom rate alone made available over $6 million for the economy of DBQ last year. Not exactly small change.
I may not agree with everything that President Bush has done, but, this is 1 area where I am very happy.
I'm not so certain that the above is an absolute. In fact it fails basic logic. But, after the last few weeks,I can say that both are sure. I have had a couple friends pass away. Both of them were strong in their faith in Jesus. Both of them touched many people. & I can say that I know both left the world a better place by their being here.
On to taxes. I e-filed my taxes Friday & I am ready to take on anybody who says the Bush tax breaks were just for the rich. I am on the lower end of the scale, income wise, less than $20,000. Thanks to the changes I am in a lower bracket & I get a tax credit that people on the upper end can't. This credit is based on a percentage of what you have deposited in your 401k/403b account. This credit (not a deduction, but a credit against your taxes) is for up to 50% of what you put in & is in addtion to the fact that this money is taken out pre-taxes. Only singles making less than $25,000 AGI can get it (higher for couples) & the higher your adjusted income the lower a percentage it is.
Some may say, so what it isn't that much. Maybe not if you make the big bucks. But, for me $500 less in taxes is $500 less. & when you add up all the little breaks on the lower end, it eventually adds up to a healthy amount. I figure that here in DBQ the new lower bottom rate alone made available over $6 million for the economy of DBQ last year. Not exactly small change.
I may not agree with everything that President Bush has done, but, this is 1 area where I am very happy.
posted by Al @ 1:45 AM
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