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What does the new tax cut mean?

I don't really get stuff like that. So he said people would get like $1 cut from there taxes. I'm a student and work independently...how does it affect me ?

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Jazmineamomma

Asked by Jazmineamomma at 4:22 PM on Dec. 22, 2010 in Money & Work

Level 18 (5,231 Credits)
Answers (11)
  • Don't know.
    louise2

    Answer by louise2 at 4:22 PM on Dec. 22, 2010

  • Nothing is changing from the way it has been. If the president and congress didn't sign the bill to continue the previous 'Bush tax cuts' then our taxes were going to increase. Instead they are staying the same as they have been for the last several years.
    slw123

    Answer by slw123 at 4:29 PM on Dec. 22, 2010

  • lol I never understood what that stuff meant. Like do you need to make a certain amount or own property to get any of the advantage? I wish they could use basic English when saying stuff.
    Jazmineamomma

    Comment by Jazmineamomma (original poster) at 4:29 PM on Dec. 22, 2010

  • Oh well he is on the news saying he did something and signed a bill. the Dream Act and something else didn't pass.
    Jazmineamomma

    Comment by Jazmineamomma (original poster) at 4:30 PM on Dec. 22, 2010

  • I haven't watched the news today, should turn it on since it's so quiet in the house right now. Maybe I can figure out what else is going on in the tax world.
    slw123

    Answer by slw123 at 4:42 PM on Dec. 22, 2010

  • What are those bills that did'nt pass?
    mamaofficer

    Answer by mamaofficer at 5:19 PM on Dec. 22, 2010

  • The dream act and ummm I have to come back with a link.
    Jazmineamomma

    Comment by Jazmineamomma (original poster) at 5:23 PM on Dec. 22, 2010

  • slw is right. Nothing will really change. Taxes were just scheduled to go up in 2011, and for now they'll stay where they are until the end of 2012. They also extended the make it work credit. Which I *think* was a tax credit for middle and low income families that offset taxes by the maximum amount of $800.

    Here's a link:
    http://www.whitehouse.gov/blog/2010/10/21/tax-cut-facts-how-obama-s-tax-cuts-are-helping-american-families
    Erica_Smerica

    Answer by Erica_Smerica at 7:23 PM on Dec. 22, 2010

  • If you earn over $250,000, you will have an extra $70,000 a year.
    rkoloms

    Answer by rkoloms at 10:20 AM on Dec. 23, 2010

  • oh damn...I just need to earn $250,000 in the next year to get 70G back lol
    Thank Erica
    Jazmineamomma

    Comment by Jazmineamomma (original poster) at 10:33 AM on Dec. 23, 2010

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