Comments on: The Six Worst Tax Cuts in the Senate’s Stimulus Plan Package. http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/ A place to discuss money...for the rest of us. Mon, 23 Nov 2009 05:09:30 -0500 hourly 1 By: DoneToZen http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31546 DoneToZen Sun, 15 Feb 2009 01:39:25 +0000 http://www.mytwodollars.com/?p=1922#comment-31546 I agree with Nickel. I make less than $100K but still got hit by AMT. I agree with Nickel. I make less than $100K but still got hit by AMT.

]]> By: Rob http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31495 Rob Wed, 11 Feb 2009 21:51:09 +0000 http://www.mytwodollars.com/?p=1922#comment-31495 #3 is a good move for the economy as a whole. Encouraging debt, from a "big picture" standpoint, is good. More debt = more money circulating. More money circulating is good right now, as it will help diffuse deflation worries ( deflation being even worse than inflation ). Taking on more debt is bad for *me*. But more people financing cars is good for the country. Go figure. #3 is a good move for the economy as a whole. Encouraging debt, from a “big picture” standpoint, is good. More debt = more money circulating. More money circulating is good right now, as it will help diffuse deflation worries ( deflation being even worse than inflation ).

Taking on more debt is bad for *me*. But more people financing cars is good for the country. Go figure.

]]> By: david http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31489 david Wed, 11 Feb 2009 18:00:55 +0000 http://www.mytwodollars.com/?p=1922#comment-31489 Agree 100% nickel Agree 100% nickel

]]> By: nickel http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31488 nickel Wed, 11 Feb 2009 17:44:49 +0000 http://www.mytwodollars.com/?p=1922#comment-31488 As someone who's not overly rich, but gets hit by the AMT, I welcome #1. If they would've just indexed this to inflation in the first place, it would be a non-issue. As someone who’s not overly rich, but gets hit by the AMT, I welcome #1. If they would’ve just indexed this to inflation in the first place, it would be a non-issue.

]]> By: david http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31485 david Wed, 11 Feb 2009 15:57:03 +0000 http://www.mytwodollars.com/?p=1922#comment-31485 Everyone - I didn't write the list, just an FYI. :-) Everyone – I didn’t write the list, just an FYI. :-)

]]> By: PK http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31481 PK Wed, 11 Feb 2009 14:34:51 +0000 http://www.mytwodollars.com/?p=1922#comment-31481 The $15k Home Buyers Credit is not just for the wealthy. In it's current wording, anyone with an tax liability under $15k will have no tax liablity at all if they buy a house in the qualifying time frame. A single earner making $50k and taking the standard deduction (because he doesn't own a home) is liable for $6.6k in taxes or 13.2% of his income. 100% will be waived. Conversely a single earner making $100k will owe $19.5k and only decrease his taxes by $15k while STILL having to pay $4.5k (almost as much as the first guy got waived). Only 77% of his taxes are waived. Clearly the first guy gets better deal. You can't argue to keep a graduated tax system with out graduated benefits for rebates and credits too. You should be happy the credit isn't based on the pre-credit liability of taxes. The $15k Home Buyers Credit is not just for the wealthy. In it’s current wording, anyone with an tax liability under $15k will have no tax liablity at all if they buy a house in the qualifying time frame.

A single earner making $50k and taking the standard deduction (because he doesn’t own a home) is liable for $6.6k in taxes or 13.2% of his income. 100% will be waived.

Conversely a single earner making $100k will owe $19.5k and only decrease his taxes by $15k while STILL having to pay $4.5k (almost as much as the first guy got waived). Only 77% of his taxes are waived.

Clearly the first guy gets better deal.

You can’t argue to keep a graduated tax system with out graduated benefits for rebates and credits too. You should be happy the credit isn’t based on the pre-credit liability of taxes.

]]> By: Miranda http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31480 Miranda Wed, 11 Feb 2009 12:54:41 +0000 http://www.mytwodollars.com/?p=1922#comment-31480 Great list! As usual, it appears our leaders have once again attempted to make things look good, but are really railing the people who need actual help. This whole thing would be much easier -- and better -- if they'd just focus on the task at hand, job creation, and stop throwing money around indiscriminately. Great list! As usual, it appears our leaders have once again attempted to make things look good, but are really railing the people who need actual help. This whole thing would be much easier — and better — if they’d just focus on the task at hand, job creation, and stop throwing money around indiscriminately.

]]> By: Imee http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31476 Imee Wed, 11 Feb 2009 06:28:25 +0000 http://www.mytwodollars.com/?p=1922#comment-31476 The sixth, which is the Delayed Recognition of Certain Cancellation of Debt Income, I have to agree on you on that one. The sixth, which is the Delayed Recognition of Certain Cancellation of Debt Income, I have to agree on you on that one.

]]> By: david http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31474 david Wed, 11 Feb 2009 01:36:06 +0000 http://www.mytwodollars.com/?p=1922#comment-31474 Good point, was wondering that myself... Good point, was wondering that myself…

]]> By: traineeinvestor http://www.mytwodollars.com/2009/02/10/the-six-worst-tax-cuts-in-the-senates-stimulus-plan-package/comment-page-1/#comment-31472 traineeinvestor Wed, 11 Feb 2009 00:58:42 +0000 http://www.mytwodollars.com/?p=1922#comment-31472 With respect, it is very difficult to understand why Citizens for Tax Jusitice reach their conclusion on the home ownership tax credit will beneft home owners generally - not just the wealthy (unless their definition of wealthy is anyone who owns a home). Also, it has at least the potential to help support house prices. Given that a significant part of the world's financial problems were associated with the US housing market, anything that supports house prices is more likely to help than hurt. Am I missing something? With respect, it is very difficult to understand why Citizens for Tax Jusitice reach their conclusion on the home ownership tax credit will beneft home owners generally – not just the wealthy (unless their definition of wealthy is anyone who owns a home). Also, it has at least the potential to help support house prices. Given that a significant part of the world’s financial problems were associated with the US housing market, anything that supports house prices is more likely to help than hurt.

Am I missing something?

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