Biggest Refunds from Recent Tax Cuts to Go to Small Number of Taxpayers

[reprehensor]

http://www.miami.com/mld/miamiherald/business/national/8028075.htm

This spring, the U.S. government will distribute $195 billion in tax refunds, a 23 percent increase over the $158 billion handed back last year, the Treasury Department said. Taxpayers will save, on average, $300.

But much of those savings will flow to a relatively narrow slice of the population: primarily married couples with children, investors, high-income households and small businesses. Many rank-and-file taxpayers, including most single people, will see slight savings this year.

"People expected a lot, lot more," said Joan Baron, manager of the H&R Block office on Leesville Road in Raleigh.

"A lot of conditions have to be met for a person to receive a larger refund. ... Not everyone will see relief."

The biggest breaks of the 2003 tax law, formally named the Jobs and Growth Tax Relief Reconciliation Act, benefited people who own stocks and mutual funds. The law cut the rate on long-term capital gains from 20 percent to 15 percent, and to 5 percent for people in the lowest tax brackets. The same 15 percent rate would apply to qualified dividends. Previously, dividends were taxed at ordinary income tax rates as high as 38.6 percent.

But most people will see none of this money.

More at link.

[skippysmom]

1. Got a whopping $100 back

And it will have to go to pay my rising property taxes.

Thanks George!

[masshole]

2. we didn't get Bush's Tax advance

And We are glad we didn't. We have three qualifying chidren. instead of getting $1200.00 last August we claimed the full $3000 credit. That credit resulted in a $2600.00 diference in our refund. Instead of a $2700.00 refund we are getting $5300.00.

So in essence by NOT getting the advance, we increased our refund by $1400.00.

Our taxes are done by a CPA, btw.

Sweet!

[mhr]

3. No Kids, No Stocks, No Mortgage, Nothing Back Here!

eom

[orwell]

4. On the Dole

The whole concept of taxes and public responsibility has been hijacked by the Cons. People need to understand that taxes are the dues we pay for a civil society. The upper income groups receive greater benefits on balance from the state and local governments than the lower income classes. This is the basis of Progressive taxation. All things being equal, the rates of taxation should be as low as possible within the framework of completely funding the civil society. It is deficits that are the "burden", not taxes.

It is not some "socialistic" redistribution of wealth as the Cons trumpet. It is a pay for benefits program. The majority of benefits and income flow to the very rich. They utilize the Federal Infrastructure to create personal wealth. Taxes are not a burden, but rather a real "cost of doing business."

In essence, paying taxes is patriotism and love of country. It is responsibility. It is the Cons meme that you can't get something for nothing. Why do they then refuse to pay for the benefits they receive?

Corporations are now paying the lowest level of taxes as a percent of income since the Great Depression. Doesn't that make them "on the dole?"

Let's start using the terms Tax Responsibility, Tax Obligations, Tax Fairness, National Investment. These are more descriptive of what taxes actually are. Let's change the dialog, to change the concept.

O

[dave sharman]

5. tax refund

I got $386 back but bushy boy won't renew extended unemployment compensation so now I have nothing.What a relief.