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If all tax cuts expire on 12/31/2010 this would happen…!

October 13, 2010

If I may beat a dead horse here I want to give specific examples dollar wise of what happens to various tax payers if all tax cuts expire on 12/31/2010. How can we change this from happening? We contact our government officials, we write letters, we go to meetings and we have a voice!

Sample Taxpayers, if all tax cuts expire:

Single parent, two children, annual adjusted gross income (AGI) $34,000

Now receives (after credits) $3,446, would receive $958

Single person, AGI $43,300

Now pays $4,259, would pay $5,708

Married couple age 65+, AGI $52,400

Now pays $599, would pay $1,451

Married couple, two children under 13, AGI $69,900

Now pays $1,653, would pay $4,290

Married couple, no children, AGI $98,600

Now pays $9,393, would pay $12,608

Married couple, one child in college, AGI $127,900

Now pays $13,177, would pay $18,278

Single person, AGI $325,000

Now pays $73,000, would pay $79,600

Married couple, two children under 17, AGI $1 million

Now pay $236,200, would pay $289,400

Married couple, two children under 17, AGI $5 million

Now pay $1,320,200, would pay $1,596,600

Clearly a lot of variation, but as you see when the tax cuts expire you will be paying much more tax. Some of the tax cuts may renew later in the year, but we cannot hold our breath. We have a voice and need to be heard. Give us a call at 212-979-6830 or stop by our office for a free consultation and we can see how these changes will affect you! Visit our website at http://www.gunwel.com  today. And we’ll see you soon!

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