The administration of George Bush has never seen a tax cut for the wealthy it did not raise nor has it ever supported a large pay raise for members of the military. Both the house and Senate are prepared to defy Bush by raising the pay of those fighting to defend America. The Bush administration [...]
Understanding the dynamics of the November election isn't all that complex if one simply takes the time to draw some necessary comparisons. In many ways, the policies of the Bush administration have provided the essential contrast. With that as the backdrop, we ought to be able to make prudent political decisions as an electorate. Further, [...]
From News Limited media reports, here are the expected tax cuts (on average) for next financial year:- Workers earning $15,000 or less will have their tax rates cut by 75 per cent, to just $150 a year- Those earning $35,000 a year will get a tax cut of $20.19 a week, equivalent to 3 per cent of their salary- Those on an average wage of $55,000 are in line for an extra $15.86 a week; and those on $60,000, $11.53.- At the higher end, those on $150,000 or more a year will get the equivalent to just 0.7% of their pay or about $20 a week.Australia's lowest-paid workers will be the big winners when $31 billion in federal tax cuts come into effect on July 1. I guess this confirms that the Labour party is back to its roots in helping the low and middle class income families per their election pro
It is interesting to see the almost unanimity across the American political spectrum about the need for tax cuts. Americans seem to talk of tax cuts so frequently it is surprising they still have any taxes left to cut.
These are some of the benefits of Cutting Taxes:
1. Expansionary Fiscal Policy.
With falling house prices, there has been a marked slowdown in consumer spending, this could lead
For the those who flunked Econ 101 (apparently most of the Democrats on the tax-writing committees in Congress) and those who want an informative look at tax cuts and how they spur economic growth, Red Planet Cartoons has an extremely instructive and completely painless lesson. The above cartoon is only the overview.Go check it out. Don't be a tax cut dummy.Back to Front Page.
The government is planning to lower the corporate income tax rate in a bid to favour investors, but some observers have countered that greater investment incentives should also be taken into consideration।Scores of foreign invested firms have put their hand up in support of lowering corporate tax ratesTruong Chi Trung, Vice Minister of Finance, said the plan to reduce corporate income tax (CIT) by 3 per cent down to 25 per cent, which would bring Vietnam in line with other countries in the region, was being carefully considered.Trung said that a number of companies had complained in recent years about the tax being too high, and expressed their belief that maintaining tax level at 28 per cent could adversely impact the business environment.“The CIT reduction plan, which is expected to become effective in 2008, could cause the state coffers to witness a dramatic drop in revenues,” said Nguyen Van Ninh, head of the General Department of Taxation under the Ministry of Finance.He est
You can read what Fred Thompson says about the Bush tax cuts, and his view on taxes here.
Some highlights:
Perhaps the most fascinating thing about this success story is where the increased revenues are coming from. Critics claimed that across-the-board tax cuts were some sort of gift to the rich but, on the contrary, the wealthy are paying a greater percentage of the national bill than ever before.
The richest 1% of Americans now pays 35% of all income taxes. The top 10% pay more taxes than the bottom 60%.
That doesn’t sound like anything I have ever heard in the mainstream medis before. It doesn’t fit their agenda.
Now, as before, politicians are itching to fund their pet projects with the short-term revenue increases that come from tax hikes, ignoring the long-term pain they always cause. Unfortunately, the tax cuts that have produced our record-breaking government revenues and personal incomes will expire soon. Because Congress has failed to make them permanent, we are
Sent to me by my dad. SHOULD BE REQUIRED READING FOR ALL16 YEAR OLDS ! CLEAR EXPLANATION OF TAX CUTS.........................Sometimes politicians, journalists and others exclaim; It's just a taxcut for the rich! and it is just accepted to be fact,...
Ron Paul publishes a weekly column called Texas Straight Talk. He addresses many issues, many of which involve the economy. Below is an excerpt from a recent column and the subject of tax cuts.
I apply a very simple test to any proposal to overhaul the tax code: Does it reduce or eliminate an existing tax? If not, then it amounts to nothing more than a political shell game that pits taxpayers against each other in a lobbying scramble to make sure the other guy pays. True tax reform is as simple as cutting or eliminating taxes. No studies, panels, committees, or hearings are needed. When reform proposals seem complicated, they almost certainly don't cut taxes. Congress should simply focus on cutting existing taxes and reducing spending, instead of complicated overhauls of the system.
He stresses the need to back up tax cuts with real spending cuts. Otherwise, the government is just playing games with your money. Spending has to show up somewhere. If not
From various news sources it appears that several tax cuts have been extended including:
Taxpayers in states without income taxes (Texas, Nevada, Florida, Alaska, Washington and South Dakota) have the option of deducting, as an itemized deduction, their state and local sales taxes through 2007.Classroom supplies purchased by teachers can be deducted (up to $250) as an adjustment to their income
