MSNBC: Obama budget cuts taxes of typical family

[scheming daemons]

http://www.msnbc.msn.com/id/29436397/

A typical American family would get a tax cut under President Barack Obama's budget proposal, and their low-income neighbor would fare even better.

Their wealthier counterparts, however, would face some steep tax increases, starting in 2011.

Families making as much as $50,000 would owe no federal income taxes, as long as they have at least two children, according to an analysis by Deloitte Tax LLP. Others making as much as $150,000 would see big tax cuts, especially if they have children in college.

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[scheming daemons]

1. Lots of recs, but no kicks.... so self-kicking

;-)

[AllyCat]

2. This is great news for most of us. But just so unfair to the rich!! How awful!

Actually, I sort of disagree with the $1K child tax credit. I know we personally benefit from this, but do we really need to reward people for having more kids right now?

[FrenchieCat]

3. What will the little Rich people do?

That 48 percent of the 2 percent who voted for John McCain? :cry:

[Triana]

4. Gee. How TERRIBLE! What blatant socialism!

:sarcasm:

[rufus dog]

5. One thing people have to remember!

When they start talking about people paying no income taxes, first there are a lot of other taxes but the kicker is....

The bigger your mortgage is the more you get to write off, so if you have a $1,000,000 house you get to deduct the mortgage interest (would be over 25k) from your income.

[EraOfResponsibility]

6. How DARE HE NOT LOOK OUT FOR RICH PEOPLE!!!!

:sarcasm: