| Tax Raises for 2011 |
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| Weekly Blog Entries |
| Written by Cathy Cavanagh |
| Sunday, 25 July 2010 16:27 |
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Finally Congress is addressing the expiration of a huge amount of our current taxing structure which will affect all Taxpayers. At this point, I support the President's proposal to extend all tax cuts except for those with TAXABLE INCOME over $200,000 for Single and $250,000 for Married Filing Joint. You need to understand that people in those income areas typically have at least $260,000 in income for Singles (which average around $200,000 in taxable income after Itemized Deductions - i.e. mortgage interest, taxes, contributions) and will over $300,000 for MFJ. We have to pay back our debt and raising taxes at that income level WILL NOT negatively affect the economy much at all. Those people still have many and have the ability to shelter a huge amount of the equity (i.e. as claiming the Real Estate Professional status and deducting 100% of tax losses on real estate investments).
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