X-Message-Number: 21963
Date: Fri, 13 Jun 2003 02:06:54 -0700
From: James Swayze <>
Subject: Tax Cut: The Dirty Truth  <--not my title


The truth about taxes

Pssst. What you save in federal taxes this year you may hand over in 
higher state and local taxes.

June 10, 2003: 8:40 AM EDT By Sarah Max, Staff Writer for CNN/Money

New York (CNN/Money) - The $350 billion in federal tax cuts pushed 
through in late May promise immediate gratification for many of us, in 
the form of child tax credits, lower income-tax rates and lower dividend 
tax rates.

Individual tax situations are as distinct as snowflakes, of course. But 
according to estimates by theUrban Institute-Brookings Institution Tax 
Policy Center, a household with an adjusted gross income(AGI) of $75,000 
to $100,000 will save about $1,700 this year.

Before you run out and spend your tax windfall, though, you might want 
to think about this: at the same time Uncle Sam is giving us a break, 
cash-strapped state and local governments are raising taxes and rolling 
out new fees.

When all is said and done, in fact, you may have less money in the 

More smoke and mirrors from Shrub and Co. I found these parts 
particularly telling:

What's the cause of the short fall?

[begin quote]

"Up to their ears in red ink

To say that state and local governments are in a budget crisis is a 
whopper of an understatement. At the same time they are collecting less 
revenue, their expenses are rising -- in part because of costly new 
programs many instituted during the late 1990s. In addition, states have 
been hit with the bill for new, federally mandated programs, such as 
homeland security."[end quote]

Where will the states get the funds to make up for the shortfall?

[begin quote]

"Raising sin taxes on cigarettes, alcohol and gambling was the next line 
of defense. Spending cuts followed, with states slashing education 
budgets, postponing prison construction, imposing hiring freezes and 
scaling back on healthcare programs, among other measures."[end quote]

Oh great so we make a black market for non taxed ciggies and booze and 
illicit gambling while giving the next generations less education to 
earn a better income and learn why to avoid such things. Then when they 
get sick there won't be good healthcare from research because bone head 
and his buddy Kass have managed with economics what they've been just 
shy of doing with legislation. I won't even touch "other measures", lest 
I be blamed again for starting something I did not start, I didn't make 
the initiating comment -- and then be reminded to be grateful and shut up.

Here's the really scary part.

[begin quote]

"Who pays in the end?

Whether or not your personal budget will end up in the black or at a 
deficit depends. This year, married filers with adjusted gross incomes 
(AGI) of more than $1 million will save $91,000, according to the 
Urban-Brookings Tax Policy Center. If that's you, increases on the state 
and local level may seem a drop in the bucket.

Now, let's say you're a married couple with an adjusted gross income of 
$50,000 to $75,000. The Urban-Brookings center estimates that households 
like yours will save an average of $767 in federal taxes this year.

If you live in Troy, N.Y., the school district's share of property taxes 
alone could add $600 to yourtaxes this year, on average. If you're 
planning to send your child to one of the City University of New York 
schools, you can expect to pay $800 more for in-state tuition.

Then, if you go ahead and spend your federal tax savings -- you run into 
more taxes. Not only did New York just raise its sales tax by 
one-quarter of a percentage point, it suspended its exemption on 
clothing purchases under $110. In your county, the tax on clothes under 
$110 just jumped from nothing to 8.25 percent."[end quote]

Looks like the big campaign contributors got their payoff. Now we can 
expect 4 more years of anti science anti medical research bone head 
bible belt antics. I sure wouldn't call it leadership.


Cryonics Institute of Michigan Member!
The Immortalist Society Member!
The Society for Venturism Member!

MY WEBSITE: http://www.geocities.com/~davidpascal/swayze/

Signature Memetic Virus--The worst enemy of those who now or will need medical 
care is the politician and proselytizing religious fanatic who proscribes what 
doctors are allowed to prescribe and research, with the consent of their 
patients. Those who understand this are strongly encouraged to modify this to 
fit their personality, and add this to their signature file, and organize to 
recover our freedom from Big Brother. For those who wait until they are sick, it
will be too late. Those who suffer from diseases which might have been cured by
fetal tissue research or schedule 1 drugs banned by Big Brother, have the right
to hold accountable those who sat on their hands or worse, deferred their 
responsibility for personal and humanity's survival to useless gods and 
pontificating religious quacks, while they remained ill and dying.

Rate This Message: http://www.cryonet.org/cgi-bin/rate.cgi?msg=21963