The new tax cuts.

Fatstrat

Heard this on radio today. Not sure if true.
But, reportely, the weekly tax cuts Obama has promised working Americans is nothing but smoke & mirrors.
The only change is in the way taxes are collected. THe actual tax rates are not changed.
Therefore, you will still be taxed the same amount, based on your gross income at end of year.
Only now you won't get as much of a return, or might have to pay in.

kristov

If you are talking about this years stimulus then this is not a tax cut at all, it is a tax credit, which is just like you over paid X-amount in taxes. Tax credits don't impact your rates, your returns and they are not taxable income. The idea behind the weekly "bonus" is the belief that people will actually spend an extra 10 bucks found in their paycheck rather than taking a $300 lump sum and using it pay off old debt or put it into the bank...Both are good things to do but neither stimulate the economy.

spasmcreek

tax cuts reality is B.S. did you see biden & pelosi grinning ear to ear while O was sermonizing....these people aren't giving one dime they stole back to anyone

trapguy2007

quote:Originally posted by spasmcreek
tax cuts reality is B.S. did you see biden & pelosi grinning ear to ear while O was sermonizing....these people aren't giving one dime they stole back to anyone

But it gives the fools a Warm Fuzzy for a while !

TooBig

Have you seen Obama and crew cut back on anything Hell no business as usual. We got your money so we spend it the way we want and screw you taxpayers.