Posted by Mike (WA) on February 19, 2009 at 08:11:38 from (69.10.199.245):
In Reply to: Re: O/T My tax credit posted by T_Bone on February 19, 2009 at 04:17:52:
The promised $500 tax cut ($1,000 for couples) got reduced to $400/800, and the $13 bucks a week (goes down to $8 a week in January) is that $400/800, spread over the year. Because many people end up getting all their income tax withholding back, and thereby pay no income tax, it is being taken out of social security withholding instead. So each person's social security withholding will be $13 less, hence their paycheck will be $13 bigger. As for us self-employed folks, who don't pay until tax time, I guess we just reduce what we pay by $400, come April 15, 2010.
I take my responsibility to stimulate the economy and provide jobs very seriously, as opposed to you guys who talk about buying a round of coffee and donuts down at the Sip and Lie. I'm going to save mine up for the year, then build a steel mill. Or buy up the majority of stock of General Electric, which should be down to about 400 bucks by then, the way its going.
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