Hi Mq,
Taxpayers haven't had the huge tax cuts.
I'm afraid you'll have to stand corrected on this one... All qualified US citizens received a check, called a rebate check if I recall correctly, some time ago now, maybe 2 years or so ago, which was the start of the "tax cuts". In my particular case, I think my wife and I received something like $600 or $650...
But, as I said, the rebate check was only the beginning. Tax rates were rolled back for almost all citizens, starting in January, 2002 (I think). I know my effective tax rate was lower this past year than it had been in prior years, with the last dollar dropping to something like 27% from the old 28%. I may have the exact numbers/dates incorrect, but US citizens are currently benefiting from a lower federal tax rate.
And I live in a state where the state taxes are based upon the federal taxes. So, a drop in my federal taxes produces a similar, corresponding drop in my state income tax.
KJC |
