I am using myself as an example.
I am a married SAHM. DH works over 40 hours per week. Our annual income is $36,000 and we have 3 children. We live within our means and do not accumulate debt with credit cards, nor do we have cell phones or pay for cable; we rent. (All other debt, like the car, we are slowly paying off). We do no take anything from entitlement programs (no food stamps, no WIC, no disability, etc.). We plan on using our return to send our kids to a 2-day a week private school. (the other days are spent homeschooling).
Ultimately we pay zero in federal withholding and pay very little for state taxes - which we usually get $1000+ in state tax return. Below is what http://www.mytaxburden.org/ calculated as our possible returns when filing for 2011 (although I believe they are actually higher b/c last year - under Bush tax cuts - we received $6000+).
(1)Income Tax if All Bush Tax Cuts Expire:
(2)Income Tax, Republican Plan:
(3)Income Tax, Obama's Budget Proposal:
(4)Income Tax, Democratic Plan:
Do you think this is fair?
And don't worry - you won't hurt my feelings ;-)
Asked by Anonymous at 1:09 PM on Nov. 24, 2010 in Politics & Current Events
Answer by DSamuels at 1:41 PM on Nov. 24, 2010
First, let me applaud you for living within your means! Hubby brings home more (but no where near triple digits) and we have two kids so I don't know how you do it. I don't think taking tax cuts from anyone making a 5 figure salary is right. I think taxes should be coming from the top down and not the bottom up, but since the politicians aren't at the bottom it's not likely to happen in this lifetime.
Answer by scout_mom at 1:13 PM on Nov. 24, 2010
Answer by tootoobusy at 1:16 PM on Nov. 24, 2010
Answer by gdiamante at 1:31 PM on Nov. 24, 2010
Answer by gdiamante at 1:32 PM on Nov. 24, 2010
Answer by gdiamante at 3:33 PM on Nov. 24, 2010