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The World Unleashed

The Rantings of an unkown prophet can be found here; where no topic is safe! The resident savant will lead you thru the world as he sees it. Not an easy life, but one that MUST be shared, if the mission to "enlighten" is to reach fruition. Commentaries on religion, Catholicism, politics, abortion, evolution, sports, baseball, mets, yankees, entertainment, TV, american idol etc. can all be found here. enjoy it, hate it, come back often, send me your comments. all are welcome

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dont let my 1912 birthday bother you, i was born on feb. 29th so i only have birthdays every 4 years. so im only 26

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Thursday, April 15, 2010

Your Tax Bills Are LOWER????

Ok, I didnt "feel' any of these "lower" taxes,  probably because I'm in the highest "tax-me" state, but maybe you did???

Congress cut individuals' federal taxes for this year by about $173 billion shortly after President Barack Obama took office, dwarfing the $28.6 billion in increases by states.

In the next few years, however, many can expect to pay more. Some future increases were enacted as part of Obama's health care overhaul. And former President George W. Bush's tax cuts expire in January. Obama and the Democrats want to renew only some of them, thus raising taxes for individuals making more than $200,000 and couples making more than $250,000.

"The fact is in the past year we have had more tax cuts than almost anytime in our nation's history," said Rep. Steve Cohen, D-Tenn

The massive economic recovery package enacted last year included about $300 billion in tax cuts over 10 years. About $232 billion was in cuts for individuals, nearly all in the first two years.

The most generous was Obama's Making Work Pay credit, which gives individuals up to $400 and couples up to $800 for 2009 and 2010. The $1,000 child tax credit was expanded to more families, and the working poor can qualify for as much as $5,657 from the Earned Income Tax Credit.

There were also credits for qualified families who buy new homes or make energy improvements to existing ones, as well as tax breaks to help pay college tuition or buy new cars.


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