Is this a Tax Cut for the Sake of Using the Words 'Tax Cut' and Who Really Benefits?
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Updated:
By Tim Skubick, Fox 2 News -
You'll probably need to call a family meeting to decide how to
divvy-up the windfall income tax rollback you are about to get from the
state.
After all Junior will want a piece; Janey will want to stash some away for college and then Mom and Dad deserve something, too.
Forget it.
With an average of 25 bucks per year, just flip a coin to see who gets it.
The governor and GOP leaders have settled on moving up the starting
date for a lower income tax rate. That rate will be sliced a whopping
one-tenth of a percent in year one or about 7 cents a day.
The
Senate GOP leader takes umbrage, suggesting that something is better
than nothing. "25 bucks a year. The next year 50. The next year 75 and
then 100," explains Monroe Republican Randy Richardville. "You know the
good thing is, it's not $25 more. It's 25 less."
But the
figure is a tad misleading. For those of you dragging down a hefty
salary your savings will be well above that mark if a lobbyist for the
truly needy, Karen Holcomb-Merrill, has her math right.
"If you are making about a million dollars...you would get $444 back."
Hum. $25 vs. $444.
Ms.
Holcomb-Merrill sees all this as just election year "maneuvering" by
the GOP to offset the tax hikes they imposed on the public last year.
They disagree saying it's just time to share the wealth with everyone.
But if you do the math, this meager tax rate reduction will not come
anywhere near replacing what you are still paying the state through lost
tax credits and the like. However they are hoping you don't do the math
and just focus on the term "tax-cut" which does have some appeal until
you discover it ain't (sic) much.
The governor, who has signed
off on all this, notes, "I'm a taxpayer, too and if I can get a little
more relief, I'd be happier about it." Reminded by some snotty nose
reporter that because he is well-off, his break will be bigger, the
governor responds, "In terms of moving up the tax cut opportunity, this
proposal is a good idea that we can do."
Notice he didn't answer the question about how he gets more and you get less. Maybe another time.
Tuesday, June 18 2013 11:01 PM EDT2013-06-19 03:01:57 GMT
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