Cause I think he did it exactly for the reasons he stated.....
if those listening care to remember.
Anyone looking at these numbers should make sure not to look too long
at the Bush tax cuts as they are, as that scenario is not an option
being offered.
But then for some, until it hits home....who needs money to afford childcare?
Why not just let them play out in the streets.....so that we can make sure the
2% don't get what they've been getting, and make sure we worry about the deficit
all of the sudden.
Indies ain't too smart...but when they finally see the NUMBERS if nothing is done,
THEY WILL FREAK THE FUCK OUT.
Scenario # 1 - single person earning $10,000
Currently w/t Bush tax cuts:
Single person earning $10,000 per year.
Taxable income in 2010 is $650.
Tax @ 10% = $65
Make Work credit is $400
tax liability is REFUND $335
With No deal & Bush tax cuts expired:
Same person earning $10,000 per year.
Taxable income in 2011 is $650.
Tax $ 15% = $97.50
No more Work credit
Tax liability is PAY $97.50
With tax compromise:
Same person earning $10,000 per year.
Taxable income in 2011 is $650.
Tax $ 10% = $65
No more Work credit
add 2% in Payroll tax deduction of $200
Tax liability is REFUND OF $135Scenario # 2 single person earning $18,000
Currently w/t Bush tax cuts:
Single person earning $18,000 per year.
Taxable income in 2010 is $8,650.
Tax @ 10% = $884
Make Work credit is $400
tax liability is PAY $484
With No deal & Bush tax cuts expired:
Same person earning $18,000 per year.
Taxable income in 2011 is $8,650.
Tax $ 15% = $1,297.50
No more Work credit
Tax liability is PAY $1,297.50
With tax compromise:
Same person earning $18,000 per year.
Taxable income in 2011 is $8,650.
Tax $ 10% = $884
No more Work credit
add 2% in Payroll tax deduction
Tax liability is PAY $524Scenario # 3 Married Couple w/o chilren earning $25,000
Currently w/t Bush tax cuts:
Married Couple earning $25,000 per year, without children
Taxable income in 2010 is $6,300.
Tax @ 10% = $633
Make Work credit is $800
tax liability is REFUND of $167
With No deal & Bush tax cuts expired:
Same couple earning $25,000 per year.
Taxable income in 2011 is $7,950 (due to change in marriage penalty)
Tax @ 15% = $1,192.50
No more Work credit
Tax liability is PAY $1,192.50
With tax compromise:
Same couple earning $25,000 per year.
Taxable income in 2011 is $6,300.
Tax @ 10% = $663
No more Work credit
add 2% in Payroll tax deduction of $500
Tax liability is PAY $139Scenario # 4 Married Couple w/t 2 children earning $25,000
Currently w/t Bush tax cuts:
Married Couple earning $25,000 per year, with 2 children
Taxable income in 2010 is $ ZERO.
Tax @ 10% = $ZERO
Child tax credit is $2,000
EIC (earned Inc. Tax Credit) = $4,415
Make Work credit is $800
tax liability is REFUND of $7,215
With No deal & Bush tax cuts expired:
Same couple earning $25,000 per year with 2 children.
Taxable income in 2011 is $550 (due to change in marriage penalty)
Tax @ 15% = $82.50
Child Tax Credit given= $82.50
EIC (earned Inc. Tax Credit) = $3,362
No additional Child Tax Credit given= $ ZER0
No more Work credit
Tax liability is REFUND OF $3,362
With tax compromise:
Same couple earning $25,000 per year, with 2 children
Taxable income in 2011 is $ ZERO.
Tax @ 10% = $ ZERO
No more Work credit
EIC (earned Inc. Tax Credit) = $4,415
Child Tax Credit given= $2,000
add 2% in Payroll tax deduction of $500
Tax liability is REFUND OF $6,915Scenario # 3 Married Couple w/t 2 children earning $40,000
Currently w/t Bush tax cuts:
Married Couple w/t 2 children earning $40,000 per year.
Taxable income in 2010 is $14,000. (without itemization)
Tax @ 10% = $1,403
Child Tax Credit given= $1,403
Tax Liability = zero
EIC (earned Inc. Tax Credit) = $1,256
Make Work credit is $800
additional child tax credit of $597
tax liability is REFUND of $2,653
With No deal & Bush tax cuts expired:
Same couple earning $40,000 per year.
Taxable income in 2011 is $15,550 (due to change in marriage penalty)
Tax @ 15% = $2,332.50
Child Tax Credit given= $1,000
EIC (earned Inc. Tax Credit) = $203
No more Work credit
Tax liability is PAY $1,129.50
With tax compromise:
Same couple earning $40,0000 per year.
Taxable income in 2011 is $14,000.
Tax @ 10% = $1,403
Child Tax Credit given= $1,403
EIC (earned Inc. Tax Credit) = $1,256
No more Work credit
additional child tax credit of $597
add 2% in Payroll tax deduction of $800
Tax liability is REFUND OF $2,653