Wednesday, March 28, 2012

Promises, Promises

I had promised not to write a single word on economic issues for a month. I'm getting too much into the cost of things and not enough into the benefits. But this is worth reading. It explains why some of our fellows pay no federal income taxes. And for a large percentage, the answer is very simple. No money. You've all done taxes, so follow along. You put in the income from your W-2. Then you take the standard deduction and the exemptions. If those come to more than about $27K for a family of four, taking the deduction and exemptions reduces your taxable income Wow, you don't owe any tax. Wow, you're also a family of four trying to support itself on $27K a year. Other exemptions that do have an impact are the extra exemption for elders, the deduction of a portion of Social Security benefits, and so on. In other words, it's not people wriggling out of taxes, but people who have no money.

It's too bad that we can't start thinking, good lord, a lot of families are trying to make it on almost no money.

And the cartoon is there just because it reminded me of the day I decided to search the internet for incorrect information on tenants in foreclosed properties, and seek to correct it. I realized that it would have been a fulltime job.

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