Tax Cut? What Tax Cut?
Jan. 7th, 2003 03:50 pmWell, Mr Bush has unveiled his stimulus package. Things of note and snarky comments to follow.
First, he's increasing the child tax credit from $600 to $1,000 a year. So each child, whose upkeep will easily cost you $5k-$10k in a year (if not more), will save you $400 on your taxes. Woo frickin hoo. That said it is a step in the right direction.
Second, he's elminating the marriage penalty. This I will actually say is cool.
Third, he's raising the deductible for small businesses for depreciation of assets. OK, I've had accounting courses so that's why *I* think it's decent. And I'm not afraid to say so. He's linking the amount to the rate of inflation after this point. Why can't he do that for the child tax credit, huh?
Fourth, he's accelerating the tax cuts which are putting us back in deficit spending. Smart. Real smart. We need more holes in the wallet like we need more holes in the head.
Fifth, and this is the centerpiece of the plan, he's eliminating taxes on stock dividends.
Say WHAT?!?
He feels it's double taxation, see, because corporations are already taxed. He seems to feel it's important because half of the population owns stock.
Of course, most half of us have small amounts in 401(k) plans. Where the stuff already isn't taxed.
Equitable, huh? Nobody will be taxed on dividends whether they have earn them or not.
I'm getting steamed about this. Really steamed. I'm starting to wonder if I should run for public office. This shit has gotta stop.
First, he's increasing the child tax credit from $600 to $1,000 a year. So each child, whose upkeep will easily cost you $5k-$10k in a year (if not more), will save you $400 on your taxes. Woo frickin hoo. That said it is a step in the right direction.
Second, he's elminating the marriage penalty. This I will actually say is cool.
Third, he's raising the deductible for small businesses for depreciation of assets. OK, I've had accounting courses so that's why *I* think it's decent. And I'm not afraid to say so. He's linking the amount to the rate of inflation after this point. Why can't he do that for the child tax credit, huh?
Fourth, he's accelerating the tax cuts which are putting us back in deficit spending. Smart. Real smart. We need more holes in the wallet like we need more holes in the head.
Fifth, and this is the centerpiece of the plan, he's eliminating taxes on stock dividends.
Say WHAT?!?
He feels it's double taxation, see, because corporations are already taxed. He seems to feel it's important because half of the population owns stock.
Of course, most half of us have small amounts in 401(k) plans. Where the stuff already isn't taxed.
Equitable, huh? Nobody will be taxed on dividends whether they have earn them or not.
I'm getting steamed about this. Really steamed. I'm starting to wonder if I should run for public office. This shit has gotta stop.