[quote=mwtosd][quote=partypup]
How much will the tax reduction be? Well, according to Candy Crowley, the average reduction for middle class Americans making LESS than $250K/year will be $10-13 a year.
So enjoy your generous tax windfall, afx114. What a wonderful day it must be for folks making less than $250K/yr!![/quote]
No that is NOT correct it is $10-13 PER WEEK, not a year, (and i believe that is for the median income, not all earnings under 250k – and would scale accordingly.)[/quote]
LOL. Are we seriously quibbling over $10-13 per year vs. $10-13 per week?? Either way, we’re talking about chump change in a depression! Oh, and here’s food for thought: California is virtually bankrupt (and the majority of the other 49 states aren’t far behind), property tax receipts are plummeting and unemployment is gutting payroll tax receipts. Cities and counties are hiking all sorts of fees and trying to extort money from higher parking violations, permits, etc.
But that isn’t going to be enough to fill the gap.
And so very soon the states are going to come calling for their pound of flesh. They will NOT be granting tax cuts – and will most likely RAISE taxes, and by a whole lot more than Obama’s insultingly small tax cut. I guarantee you that what Obama “giveth” with one hand, Schwarzenegger will take away with the other.
This much-ballyhooed tax credit is purely illusory. But enjoy the fantasy, okay?
