X-Message-Number: 21963 Date: Fri, 13 Jun 2003 02:06:54 -0700 From: James Swayze <> Subject: Tax Cut: The Dirty Truth <--not my title http://money.cnn.com/2003/06/06/pf/taxes/taxcuttruth/index.htm The truth about taxes Pssst. What you save in federal taxes this year you may hand over in higher state and local taxes. June 10, 2003: 8:40 AM EDT By Sarah Max, Staff Writer for CNN/Money New York (CNN/Money) - The $350 billion in federal tax cuts pushed through in late May promise immediate gratification for many of us, in the form of child tax credits, lower income-tax rates and lower dividend tax rates. Individual tax situations are as distinct as snowflakes, of course. But according to estimates by theUrban Institute-Brookings Institution Tax Policy Center, a household with an adjusted gross income(AGI) of $75,000 to $100,000 will save about $1,700 this year. Before you run out and spend your tax windfall, though, you might want to think about this: at the same time Uncle Sam is giving us a break, cash-strapped state and local governments are raising taxes and rolling out new fees. When all is said and done, in fact, you may have less money in the bank.[cont.] More smoke and mirrors from Shrub and Co. I found these parts particularly telling: What's the cause of the short fall? [begin quote] "Up to their ears in red ink To say that state and local governments are in a budget crisis is a whopper of an understatement. At the same time they are collecting less revenue, their expenses are rising -- in part because of costly new programs many instituted during the late 1990s. In addition, states have been hit with the bill for new, federally mandated programs, such as homeland security."[end quote] Where will the states get the funds to make up for the shortfall? [begin quote] "Raising sin taxes on cigarettes, alcohol and gambling was the next line of defense. Spending cuts followed, with states slashing education budgets, postponing prison construction, imposing hiring freezes and scaling back on healthcare programs, among other measures."[end quote] Oh great so we make a black market for non taxed ciggies and booze and illicit gambling while giving the next generations less education to earn a better income and learn why to avoid such things. Then when they get sick there won't be good healthcare from research because bone head and his buddy Kass have managed with economics what they've been just shy of doing with legislation. I won't even touch "other measures", lest I be blamed again for starting something I did not start, I didn't make the initiating comment -- and then be reminded to be grateful and shut up. Here's the really scary part. [begin quote] "Who pays in the end? Whether or not your personal budget will end up in the black or at a deficit depends. This year, married filers with adjusted gross incomes (AGI) of more than $1 million will save $91,000, according to the Urban-Brookings Tax Policy Center. If that's you, increases on the state and local level may seem a drop in the bucket. Now, let's say you're a married couple with an adjusted gross income of $50,000 to $75,000. The Urban-Brookings center estimates that households like yours will save an average of $767 in federal taxes this year. If you live in Troy, N.Y., the school district's share of property taxes alone could add $600 to yourtaxes this year, on average. If you're planning to send your child to one of the City University of New York schools, you can expect to pay $800 more for in-state tuition. Then, if you go ahead and spend your federal tax savings -- you run into more taxes. Not only did New York just raise its sales tax by one-quarter of a percentage point, it suspended its exemption on clothing purchases under $110. In your county, the tax on clothes under $110 just jumped from nothing to 8.25 percent."[end quote] Looks like the big campaign contributors got their payoff. Now we can expect 4 more years of anti science anti medical research bone head bible belt antics. I sure wouldn't call it leadership. James -- Cryonics Institute of Michigan Member! The Immortalist Society Member! The Society for Venturism Member! MY WEBSITE: http://www.geocities.com/~davidpascal/swayze/ Signature Memetic Virus--The worst enemy of those who now or will need medical care is the politician and proselytizing religious fanatic who proscribes what doctors are allowed to prescribe and research, with the consent of their patients. Those who understand this are strongly encouraged to modify this to fit their personality, and add this to their signature file, and organize to recover our freedom from Big Brother. For those who wait until they are sick, it will be too late. Those who suffer from diseases which might have been cured by fetal tissue research or schedule 1 drugs banned by Big Brother, have the right to hold accountable those who sat on their hands or worse, deferred their responsibility for personal and humanity's survival to useless gods and pontificating religious quacks, while they remained ill and dying. Rate This Message: http://www.cryonet.org/cgi-bin/rate.cgi?msg=21963