Bushes tax cuts in action

[Heretic]

Ok I did my taxes this year and they arent much different from last year as I expected. My father did his and he is saving a whopping $4000 on taxes this year over last.

We both made just about the same as the year before, I make a good bit more than my father does, so whats the problem with the tax cuts? My dad is a long time democrat (works for AFL-CIO) but said damn Im voting for Bush in 2006 no democrat ever did this much for me.

 

[demsformd]

Well I am glad that your father got a $4,000 tax break this year. I am not sure that it is due to the president's tax plan...is he retired now or is there some other factor playing into this? My son just got his taxes done and he saved about $500 from last year. I saved a good deal of money...maybe I should buy that Mercedes that Tom Daschle said that the top two brackets could get with our tax cuts.

Now I can understand passing tax cuts, but we need some fiscal responsibility here. How can we cut taxes and increase spending at the same time? That just is not fiscally responsible and we have the $400 billion deficit to show for it.

 

[Frank]

The thing is - what you DON'T do, is RAISE taxes, during a recession, no matter WHAT the circumstances are. You'll always have a deficit after a recession.

 

[Heretic]

He is nearing retirement age. The last two years he has made significantly less money than before due to being hospitalized for 3 months of 2001 and 3 months in 2002 but both years worked out pretty much the same income. The tax preparer at H&R Block told him that due to recent changes to tax laws for the income bracket he was in that he basically got half of what he put into his 401k back, in 2001 he got approximately 20% of it back.

I made out better than I thought I would, traditionally when they lower taxes for "families" those of us who are single actually have our taxes raised slightly.