$45 IN TAXES FOR A FAMILY OF FOUR EARNING $40,000?….Jesse says today:
The long and short of all of this is any family earning $40,000 (and falling) that actually sees their tax burden on predominant, if not total non-dividend income fall the 96% that Bush claims is taking me out to dinner, considering that they will have an effective tax burden of .11%. Now THOSE are some real tax savings.
The thing is, Bush’s claim is probably true (or pretty close to true). A family of four with an income of $40,000 only pays about $1200 in federal income taxes, and part of Bush’s plan is an increase of $400 in the child tax credit and removal of the marriage penalty. I don’t know for sure if this would reduce their tax liability to $45, but it comes pretty darn close.
They still have to pay sales taxes and property taxes and excise taxes, of course, but in terms of federal income tax, Bush’s claim is pretty much correct.
(Oh, and if you’re single and have no kids ? well, you’re pretty much out of luck. But that’s what we get for electing a “family values” president: if you have no family, you get no value. Tough luck.)