Your Share of Stimulus Tax Breaks

[tk2kewl]

Tax Savings
How households may fare under the economic recovery plan.


Income        Avg. Tax Savings   Drop in Tax Bite
-------------   ----------------     ----------------
Under $19K      $   476               -95.0%
$19K-$38K       $   652               -22.0%
$38K-$66K       $   781               - 9.0%
$66K-$112K      $ 1,301               - 7.5%
$112K-$161K     $ 2,549               - 8.3%
$161K-$227K     $ 3,883               - 8.3%
$227K-$603K     $ 5,133               - 5.7%
$2.8M plus      $39,350               - 1.4%

Source: The Tax Policy Center


http://finance.yahoo.com/taxes/article/106626/Your-Share-of-Stimulus-Tax-Breaks

[elocs]

1. I would really love to have a job from which taxes paid may be reduced. n/t

[tk2kewl]

2. that would be the best way to get people spending

[No.23]

3. Save, don't spend.

Maybe we need to start using a different measuring device, to determine our economic health, instead of how much we can spend.

How about how much can we save?

Unnecessary spending is what brought us her.

Saving may well save us.

[DJ13]

4. The "under $19k" line makes no sense

About the only "tax" paid in that income group is Social Security withholding.

So is the withholding where the tax break comes from?

[jmg257]

5. I'm still trying to figure out how those above $75 get any break, especially

ones as huge as this chart says.???

The credit is for $75K/$150, and the AMT tax "avoidance" was about the same level ($75K).

How/why the heck are those making $500K saving $5000?

Now I am really confused!

[Johonny]

8. me too

Particularly since when I look over the tax breaks they in no way helped me at all. I was getting a big fat zero. I guess they predict you would pay AMT?

[jmg257]

6. From what I thought I knew, $400 tax credit is yours, even if it is more then you pay, so these

people should get it (weekly payroll income tax deductions) all back, plus more.

edited to add: supposedly the "$400" is actually the max amount based on a tax credit of "6.25% of earned income" up to $75K (per CNNMoney)

???

[elocs]

7. Let me add to this thread: we all question the accuracy of the unemployment rate

because it only counts those who are collecting or have applied for unemployment benefits. Regarding the stimulus, whenever I say I do not have a job, that I am unemployed, why do so many here automatically assume that I am collecting unemployment and will get more money or weeks of unemployment. I am NOT, nor have I been on unemployment. I am part of that large percentage of unemployed who are not getting unemployment benefits, who are underemployed, or who have simply given up.

Banks get billion$, but what help do we who are jobless and collecting NO unemployment benefits get?