Recent Tax Cut No Benefit For Most Americans

It seems that most wage-earning Americans are discovering, to their amazement, that the big Bush tax cuts, that promised more money back, did, in fact, not filter down to them. Instead of realizing a reduction in income tax debt, they are discovering that the tax owed has increased. Now, many of us need that $600/1200 rebate just to cover our tax debt!

This is particularly true in our case where this year we owe the IRS over a grand and last year we received one! Seems that the so called stimulus package is to keep our taxes out of Uncle Sam's pockets for at least one more year!

I now am in the process of changing all my W-4s to request MORE tax be withheld so I'm not in this shambles next year! I'm also looking into how much more I can have taken out for my IRA to see if I can get into a lower tax bracket.

It sucks, no doubt about it! I guess I better start buying those $20 ounces of silver, you know, it was only $3 an once 5 years ago!!

Oil and gas up, gold up, taxes up and the dollar down, home sales down, job creation down spells RECESSION! Yea, who's lips are we read now! Seems there are some pretty talented ventriloquists in the White House.

The New York Times published a story just a year ago about a Congressional study revealing high income families experienced sharp drops in fed tax rates while the tax rates for middle income earners edged up.

The story continues that an exhaustive analysis of tax records and census data “reinforced the sense that while Mr. Bush’s tax cuts reduced rates for people at every income level, they offered the biggest benefits by far to people at the very top.”

RG