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Topic: Tax cut

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In the News (Thu 25 Apr 19)

  Tax cut - Wikipedia, the free encyclopedia
A tax cut is a reduction in the rate of tax charged by a government, for example on personal or corporate income.
The immediate effects of a tax cut are, generally, a decrease in the real income of the government and an increase in the real income of those whose tax rate has been lowered.
The longer term macroeconomic effects of a tax cut are not predictable in general, because they depend on how the taxpayers use their additional income and how the government adjusts to its reduced income.
en.wikipedia.org /wiki/Tax_cut   (893 words)

 TomPaine.com - A Tax Cut Like It's 1986
The House is still debating its tax cut bill, having postponed a vote so that they wouldn't be passing another tax cut for the wealthy in the same day they slashed funding for domestic safety net programs.
I don’t mean the big tax cuts for the rich that he put in place when he came into office; I mean the tax reform bill that he signed in 1986.
Taxing all income the same way meant that there was no money to be made by gaming the system—for example, by disguising wage income as capital gains income.
www.tompaine.com /articles/2005/12/05/a_tax_cut_like_its_1986.php   (920 words)

 Two Tax Cuts Primarily Benefiting Millionaires Slated To Take Effect In January, 9/19/05
The Tax Policy Center finds that the two tax-cut measures in question will give these “millionaires” nearly another $20,000 a year in tax cuts, when the measures are phased in fully.
According to the Tax Policy Center, households with incomes of more than $1 million are receiving tax cuts that average $103,000 this year, and will receive tax cuts averaging $108,000 in 2010, from the other income-tax cuts included in the 2001 and 2003 tax-cut laws.
In its analyses, the Tax Policy Center examines the effects of the tax cuts on different “tax units.” These “tax units” include individuals and married couples who file income tax returns, as well as those who do not file (primarily because their incomes are below the minimum threshold for filing).
www.cbpp.org /9-19-05tax.htm   (2252 words)

 CNN.com - Bush tax cut won't be big deal for some - May 27, 2001
The tax cuts in the new bill will bring many taxpayers closer to the threshold that would require them to pay the AMT -- and as more cuts are gradually implemented, more taxpayers will have to pay it.
But tax experts said the cuts would not be a substantial help for most taxpayers without children under 17 years old.
Tax credits for children will be doubled by 2010, but they do not come into play for individuals with taxable income of $75,000 or more and couples filing jointly with taxable income of at least $110,000.
archives.cnn.com /2001/ALLPOLITICS/05/27/tax.cut   (817 words)

 A Tax Cut...   (Site not responding. Last check: 2007-11-07)
The case for a major tax cut of any kind is weak, but the case for the cuts he's pushing is even weaker.
The tax cuts Archer is advocating would do next to nothing for typical households and would instead lavish tax cuts on the wealthy.
Rather than squandering our good fortune on unnecessary tax cuts that would be unproductive and would make it harder to solve the long-term problems, we should use this historic opportunity to provide durable repairs to our nation's most cherished programs while we can still afford to do so.
www.brookings.edu /views/op-ed/gale/19990720.htm   (910 words)

 The Unofficial Paul Krugman Web Page
The 2001 tax cut phases out the inheritance tax, which is overwhelmingly a tax on the very wealthy: in 1999, only 2 percent of estates paid any tax, and half the tax was paid by only 3,300 estates worth more than $5 million.
They sold tax cuts on the pretense that they would be painless, when they themselves believed that it would be necessary to slash public spending in order to make room for those cuts.
Indeed, the 2003 tax cut has already proved a major boon to some of America's wealthiest people: corporations in which executives or a single family hold a large fraction of stocks are suddenly paying much bigger dividends, which are now taxed at only 15 percent no matter how high the income of their recipient.
www.pkarchive.org /economy/TaxCutCon.html   (6792 words)

 CNN.com - $1.35 trillion tax cut becomes law - June 7, 2001
The law, the first major tax cut in 20 years, cuts income tax rates across the board, reducing the lowest rate from 15 percent to 10 percent, and the highest rate from 39.6 percent to 35 percent.
Some of the law's provisions are delayed several years, but eventually the measure will double the child tax credit from $500 to $1,000, reduce the tax penalty on married couples and fully repeal the tax on estates.
One provision of the law -- the cut of the lowest tax rate to 10 percent -- was made retroactive to January 1, 2001, and taxpayers will be sent a rebate to cover that cutback.
archives.cnn.com /2001/ALLPOLITICS/06/07/bush.taxes   (908 words)

 Is the Tax Cut for Real? - Mises Institute
Yes, 9/11 was a kind of tax on the American people, the destruction of our lives and wealth by those who are unhappy with the federal government's numerous and obnoxious interventions into lands far, far away.
Even on the specifics, this tax cut is not what it is advertised to be.
And the terrible problem of the payroll tax, which now accounts for 37.8 percent of all federal receipts, isn't addressed at all, though it would be a good time to do so.
www.mises.org /fullstory.asp?control=1235   (1323 words)

 The Tax Cut   (Site not responding. Last check: 2007-11-07)
By this measure (and as noted by all other measures), the tax cut is very regressive, giving increases in after-tax income of several percentage points to the highest income households and virtually nothing to the bottom 40-50 percent.
Estimates of the 2001 tax cut and the 2003 tax cut suggest that the negative impact of tax cuts on national saving (via the deficit) are as big or bigger than the net positive effects from the change in economic incentives (the first effect).
The 2001 tax cut and the 2002 tax cut and the 2003 tax cut will reduce their revenues further, unless they decouple their income taxes from the federal income tax.
www.brookings.edu /comm/chat/20030528gale.htm   (5300 words)

 The Bush tax-cut record - The Washington Times: Editorials/OP-ED   (Site not responding. Last check: 2007-11-07)
Tax cuts take effect but are scheduled to expire at some date within the 10-year horizon, thus reducing the overall "cost" of the package by eliminating the reductions in revenues from a particular cut in the final years.
Democrats who opposed the first Bush tax cut and wished to continue to articulate opposition after it passed faced the question of whether or not to call for a halt to the phase-ins.
If you sincerely believe that economic growth is the main goal and that tax cuts will be a spur to achieving it, then you want your program changes in place as quickly as possible in order to start working.
www.washtimes.com /op-ed/20030609-104541-6263r.htm   (835 words)

 David Malpass on the 2003 Bush Tax Cut on NRO Financial   (Site not responding. Last check: 2007-11-07)
Important growth provisions include the acceleration of the already-scheduled income-tax cuts, a cut in the long-term capital gains tax rate to 15 percent, a cut in the dividend tax rate to 15 percent, and an expansion of the expensing of business-equipment purchases.
The cuts in the income and dividend tax rates are retroactive to January 1, while the capital-gains tax cut is retroactive to May 6.
Two important factors in the ultimate value of the tax cut will be: when and how Congress clarifies whether tax rates will actually go back up at the end of the tax cut provision; and whether this tax cut is used as a step in broader tax or scoring reform.
www.nationalreview.com /nrof_malpass/malpass052303.asp   (855 words)

 CTJ May 26 Analysis of Final Bush Tax Plan
The tax plan approved by Congress on May 26, 2001 preserves the high-income tax cuts proposed by George W. Bush, but adds enough new tax breaks to make the final bill 20 percent more costly that the original Bush plan.
Income tax cuts include: Reductions in the current 28%, 31%, 36%, and 39.6% rates to 25%, 28%, 33% and 35% (effectively to less than 34% for the top rate, including the repeal of the itemized deduction disallowance) by 2006.
The average tax cut for the best-off one percent is very close to that in the House bill.
www.ctj.org /html/gwbfinal.htm   (914 words)

 BBC NEWS | Business | Bush's tax cut politics
But for the president and his political team, the issue is not so much the size of the tax cut package as the way it will play in the next election.
But to get his tax cut through Congress with a wafer-thin majority, Mr Bush also has to win over a few moderate Democrats, in order to neutralise the moderate Republicans like Maine's Olympia Snowe who are worried about the size of the deficit.
By accelerating his earlier tax cuts, the president is forcing his rivals to say they will raise taxes in order to realise their more ambitious social objectives - something that only Representative Dick Gephardt, who called for repeal of the 2001 tax package to fund universal health care, has done so far.
news.bbc.co.uk /2/hi/business/3022201.stm   (693 words)

 Tax Cut
While most tax return preparers are professional and honest, taxpayers can use the following tips to choose a preparer who will offer the best service for their tax preparation needs.
Whether you use a professional tax preparer authorized by the IRS or do it yourself on a home computer, there are many reasons to consider e-filing your tax return this year.
Taxpayers should make sure that they are aware of important changes to the tax law before they complete their 2005 federal income tax forms.
www.bushtax.com   (398 words)

 Tax cuts for the rich become tax cuts for the old. By William Saletan
Tax cuts for the rich become tax cuts for the old.
The Center on Budget and Policy Priorities estimates that under Bush's plan "nearly 40 percent of the benefits of the tax cut that would accrue to elderly individuals would flow to the 2.5 percent of elderly people with incomes exceeding $200,000.
If Bush adds tax cuts for the old to tax cuts for the dead, there's no telling how far down the life cycle he could go.
www.slate.com /id/2076472   (658 words)

 Tax Calculator
The Heritage Foundation Tax Calculator allows you to simulate some key elements of the new tax proposals introduced by President Bush in January 2003.
The Calculator shows the 2003 savings to taxpayers from fully phased in marginal rate cuts, the personal dividend exclusion, reform of the marriage penalty, and increasing the child tax credit to $1,000.
For example, It does not provide estimates of the Earned Income Tax Credit, the Alternative Minimum Tax, or additional tax liabilities you may have from loss of credits or deductions as your income rises.
www.heritage.org /Research/Features/TAXcalculator   (185 words)

 People For the American Way - Upper Brackets: The Right's Tax Cut Boosters
Thus, it is not surprising to learn that many of the organizations that provide the intellectual underpinnings and grassroots firepower that are fueling the tax-cut engine are deep-pocketed right-wing groups whose main goal is to drastically limit the size and role of government.
For these organizations, tax cuts are a matter of uncompromising dogma to which the White House needs to be both ideologically and politically committed.
Americans for Tax Reform is the inside-the-beltway operation which excels at building and maintaining political coalitions among politicians, industry groups and other right-wing interest groups.
www.pfaw.org /pfaw/general/default.aspx?oid=9498   (394 words)

 USATODAY.com - Bush quietly signs tax-cut bill   (Site not responding. Last check: 2007-11-07)
But opponents charged that the tax package had grown into a massive giveaway that will add to the complexity of the tax system and end up rewarding multinational companies that move jobs overseas.
Repeal of the tax break was needed to lift retaliatory tariffs that are now being imposed on more than 1,600 American manufactured products and farm goods exported to Europe.
The bill replaces the $49.2 billion export tax break with $136 billion in new tax breaks over the next decade for a wide array of groups from farmers, fishermen and bow and arrow hunters to some of America's largest corporations.
www.usatoday.com /news/washington/2004-10-22-tax-signing_x.htm   (403 words)

 Heinz Kerry Can Thank Bush for Low Tax Bill - Newsweek Campaign 2004 - MSNBC.com
Look at Heinz Kerry’s tax return and you see that a major reason she paid so little tax is … President Bush—specifically, his controversial tax cut forced through Congress last year, reducing the maximum rate on dividends to 15 percent from 35.
Heinz Kerry didn’t release her kids’ tax returns or those of the family trust funds, so there may be heavy-duty tax games going on there.
Bush’s tax cuts, which the Bushies bash Heinz Kerry (and by extension her husband) for accepting, are financing Peter Lewis’s attacks on Bush.
www.msnbc.msn.com /id/6308302/site/newsweek   (1012 words)

 Turbo Tax, Tax Lien, Estate Tax, Tax Cut, Tax Id, Excise Tax, Progressive Tax, Tax Code, Nj Tax, Tax Consultants
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nahleb.blog.kataweb.it /tax-365.html   (4141 words)

 Tax-Cut Tango | csmonitor.com
The remainder would speed up other tax cuts approved earlier that were to take effect in the years ahead.
While actual tax cuts will require separate bills, the budget resolution is essential to allow the cuts to pass by a simple majority vote of 51, rather than the 60 votes normally needed to end Senate debate.
In addition to tax cuts, spending reductions and Medicare reform are needed to keep the budget on a responsible course toward being balanced.
www.csmonitor.com /2003/0325/p08s03-comv.html   (413 words)

 Meme Watch: Explaining Bush lies. By Timothy Noah
According to the nonprofit Center on Budget and Policy Priorities, an unspecified number of low- and middle-income families received no tax cut at all because they'd been excluded from an expansion of the child-care tax credit.
They were folks who received public assistance via the Earned Income Tax Credit, a program to help the working poor, who would merely have to settle for a little less cash than they would have received had there been no exclusion.
Crunching the Tax Policy Center numbers, CBPP found that 89 percent of all single taxpayers (as opposed to "head of household" taxpayers) in the 10 percent bracket would receive no tax relief.
www.slate.com /id/2083852   (830 words)

 TIME.com: Dissecting Bush's Tax-Cut Plan -- Page 1   (Site not responding. Last check: 2007-11-07)
Married people with kids are by far the biggest beneficiaries of Bush's plan, saving between 15 and 22 percent of their current tax bill when the plan is fully phased in, including reductions in the so-called "marriage penalty" and an expansion of the per-child tax credit from $500 to $1,000.
But their share of the national tax pie, currently at 27.4 percent, remains the same.
After scoffing at Democratic notions that only the "right kind of people" should be given tax cuts, Bush has given a tax cut to everybody — but those "right kind of people" are still getting a lot more than everybody else.
www.time.com /time/nation/article/0,8599,98169,00.html   (907 words)

 Taxes (Harpers.org)
A man in Malacky, Slovakia, tried unsuccessfully to decapitate himself with a homemade guillotine in front of the local tax office because he was unable to pay the taxes on his house.
Members of the House Ways and Means Committee decided to give tax relief to manufacturers of bows and arrows; makers of fishing tackle boxes were also expected to see relief, as were liquor and wine distributors and movie studios.
The Congressional Budget Office published calculations showing that the federal budget deficit is largely a result of President Bush's tax cuts and spending increases; the agency estimated that only 6 percent of the deficit was the result of economic weakness.
harpers.org /Taxes.html   (2170 words)

 The Paris Hilton Tax Cut (washingtonpost.com)
Under a wacky provision of the 2001 tax cut designed to disguise the law's full cost, Congress voted to make the estate tax go away in 2010, but come back in full force in 2011.
Fewer than 1 percent of the people who died in 2004 paid an estate tax, and half the revenue from the tax came from estates valued at $10 million or more.
Those who vote to repeal the estate tax this week will be sending a clear message: They see the "crisis" in Social Security as serious enough to justify benefit cuts and private accounts.
www.washingtonpost.com /wp-dyn/articles/A45305-2005Apr11.html   (850 words)

 H&R Block - 2003 Tax Cut   (Site not responding. Last check: 2007-11-07)
Lower taxes on dividends and capital gains can put your portfolio on the path to lasting well being.
If you run a business, significant changes to the tax laws regarding depreciation could be just the medicine you need.
Get the latest info on pending tax legislation to see how your tax situation might be affected.
www.hrblock.com /taxes/fast_facts/articles/jga   (267 words)

 Mother Jones Daily: Briefing
President Bush signed his massive, $350 million tax cut into law last week, and, though smaller than originally proposed, the bill is a GOP victory by any measure.
In its defense of the eleventh-hour cut, the White House contradicted its standard -- albeit unconvincing -- argument that the tax cut will stimulate the economy.
Pro-choice groups forgo the gory details and cut to the heart of the issue: a woman's right to make medical decisions with her physician.
www.motherjones.com /news/dbriefing/2003/06/we_427_01.html   (5320 words)

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