On Tue, Aug 12, 2008 at 06:29:10PM -0500, Geoffrion, Ron P [IT] wrote:
Of course if my net income drops by over $500/month due to the tax increased caused by the expiration of the tax cuts in 2010, I could be forced to move into something cheaper.
LOL - you need to earn $200,000 minumum to have that much impact on the expiration of income tax cuts passed by Bush. So unless you spend a lot of money on software, you'll do fine.
http://www.taxfoundation.org/research/show/22424.html
Thanks,
Ron Geoffrion 913.488.7664
After the tax cuts expire, the child tax credit will be reduced from $1000 to $500 per child. That increases my tax liabilty by $2500. I will also move from the 10 percent tax bracket into the 15 percent tax bracket which is in itself a 50% tax increase. My standard deduction will also return to the previous pre-marriage-penalty amount. It is a significant tax increase for me.
http://www.taxfoundation.org/research/show/134.html
Note that I am the head of a family of seven, not a family of four.
Thanks, -- Hal