Tax Cut Bill

[Mademoiselle NOBS]

Aside from the "rich get richer" aspect, what does it mean for the rest of us in regards to refund(s)? I can't find any details about it anywhere (well, in "English" that is), and all I'm seeing are complaints about it.

Well, since it's already passed and there's nothing we can do about it, I'm curious how it's going to affect me - if at all. Does anyone know, or can point in the right direction? I'm curious if it's going to be anything like the $300 refund checks that were distributed a few years ago.

[Cantacuzene]

Its mostly a lowering of the % across teh brackets and a reduction in the dividends taxes. YOu won't notice much of a change unless you own plenty of stock in profitable companies.

[Mademoiselle NOBS]

Originally posted by Cantacuzene
Its mostly a lowering of the % across teh brackets...

Thanks for the reply.

I don't own any stock, so I suppose I won't be affected much. Is there somewhere to check what % will be lowered in the brackets, or is this yet to be determined? And when is this supposed to go into effect?

[blueindian]

low income married couples with kids do ok too. middle class america won't see much at all. it helps a miniscule amount with the marriage penalty.

[attgig]

Originally posted by blueindian
it helps a miniscule amount with the marriage penalty.

miniscule? i thought it made it so that there was no marriage penalty in a few years... how much is the marraige penalty?

[Two Cents]

Don't quote me but lower brackets are like this:

27->25, 30->28, 35->32, 38.6->35

For married couples, the cut-off for income taxable in the 15% bracket will be higher. You also get a bigger credit for children under 17 and under.

Something like in July, you will see less withholding from your paycheck. Also, some people will get rebates.

Finally, they kinda lumped dividends in with capitals gains as far as tax treatment, and the capital gains rate has a lower maximum percentage.

[Dave_7]

Originally posted by Two Cents
Don't quote me but lower brackets are like this:

27->25, 30->28, 35->32, 38.6->35

For married couples, the cut-off for income taxable in the 15% bracket will be higher. You also get a bigger credit for children under 17 and under.

Something like in July, you will see less withholding from your paycheck. Also, some people will get rebates.

Finally, they kinda lumped dividends in with capitals gains as far as tax treatment, and the capital gains rate has a lower maximum percentage.

That all sounds right... or at least, very close to exactly what it is, from what I know. Generally a two to three percent cut in each bracket.




Dave.