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

To: TimF who wrote (143754)	10/28/2008 4:44:54 PM
From: geode00	Read Replies (1) \| Respond to of 173976

From the IRS on EITC: irs.gov Earned income and AGI must be less than: $12,590 ($14,590 married filing jointly) with no qualifying children. Maximum tax credit is: $428 with no qualifying children. This person would pay a few hundred dollars in taxes. Granted it isn't much but this person is probably living in a tent.

To: TimF who wrote (143754)	10/28/2008 4:48:31 PM
From: geode00	Read Replies (2) \| Respond to of 173976

Experts: Limited benefit Most tax experts, however, said that the difference in the candidates' stances is of minimal importance. For one thing, the jury is out on whether shareholders change their behavior based on shifts in the capital gains rate, said Clint Stretch, managing principal of tax policy at Deloitte in Washington. It would only make a difference to someone with the potential to have an extraordinary gain, such as the case of successful small business owner who is looking to sell. Those making more than $1 million, who would get 66% of the benefit, would see their federal tax bill drop by $72,255, on average, while their average federal tax rate would fall by 2.3 percentage points, according to a Tax Policy Center analysis. Meanwhile, those earning between $75,000 and $100,000, who would get 0.8% of the benefit, would see their taxes drop by $31, on average, but get no reduction on their tax rate, the analysis found. If anything, slashing the capital gains tax for two years may prompt more people to sell by the end of 2010, injecting more volatility into the stock markets, experts said. ========= from cnn IIRC comparing the capital gains rate proposals between Obama and McCain. OTOH, cutting payrolls taxes for those making relatively little income will put that money directly back into the economy. I would bet more on the effects of people spending the money now rather than some supposed benefit in the future.