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To: sr4402

If Joe has a family (say, a wife and 2 kids), with that income level, he is not paying income taxes. By the time the deductions for each dependent are taken, plus anything else he can itemize, 401(k) contributions, etc., he will be below the income level needed to pay taxes. But he is probably using earned income credit (gives money back), and/or things like child/dependent care coverage credits, which will possibly be reduced. I think the earned income credit can actually pay cash to the “taxpayer”. I don’t know whether this EIC is reduced under the new taxes structure. (I am not an accountant but I once pretended to be one.) Joe may not actually have a decrease in how much money he gets from us.


14 posted on 10/03/2012 7:07:29 AM PDT by NEMDF
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To: NEMDF

Think, no kids, just a wife, TAXABLE INCOME (that actual taxes will be paid on).


15 posted on 10/03/2012 9:14:13 AM PDT by sr4402
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To: NEMDF
Think, no kids, just a wife, TAXABLE INCOME (that actual taxes will be paid on).

Good try obfuscating the lower bracket tax increases.

16 posted on 10/03/2012 9:14:54 AM PDT by sr4402
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