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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth -- Ignore unavailable to you. Want to Upgrade?

To: geode00 who wrote (143707)	10/28/2008 2:58:15 PM
From: TimF	Respond to of 173976

What does it mean, on the first chunk of their income? Its a minor point, because the real point is the poor typically pay no net income taxes, but You get deductions and exemptions and credits. Lets say your married and filing jointly. You get a standard deduction of $10,700 and pay no income tax on the first $10,700 of gross income, its simply gets dropped from your taxable income. irs.gov Then maybe you have a couple of kids, you get a child tax credit.