G Scale Model Train Forum banner

1 - 5 of 5 Posts

·
Premium Member
Joined
·
1,062 Posts
Discussion Starter #1
OK here is the question. In the past when the government sent out a stimulus check, at tax time you claimed it as income and paid tax on it.  The way I understand what they are doing this time is they are allowing you to keep an extra $9.00 or so of YOUR GROSS PAY. So when you file your taxes next year you will just get that much less in your refund or owe that much more if you have to pay in... It looks like the NET gain for the average person is ZERO...   OR am I missing something?   
IF an accounting type person who actually knows, not people speculating. please,  I would really like to know..... Or are they going to keep it a secret until tax time, hoping we all forgot. 
 

·
A Steamed Elder
Joined
·
3,857 Posts
Jeff,

There won't be a next year at the rate this economy is dumping! Just a thought.
 

·
Premium Member
Joined
·
2,093 Posts
Jeff, I believe you are correct. They're just reducing the withholding but NOT the tax rate. Someday, we'll see the tax reduction being talked about for 95% of the tax payers...then again, I ain't holding my breath. From what I've been able to find out, that tax reduction takes the form of an earned income exemption...which mean those of us living on a retirement income that is NOT an earned income get zip.
 
1 - 5 of 5 Posts
Top