I received detailed information with my retirement check to explain why I am receiving more money each month -- as part of the new president's financial stimulus program.
I received detailed information with my paycheck to explain why I will be seeing less money each month -- to offset the potential increase in personal income tax I'll owe next April due to the additional monthly increases to my salary check as part of the new president's financial stimulus program.
Uh, say again? In theory, I'm going to receive more money each month as part of the economic stimulus program, but that on-paper increase actually requires that more taxes be withheld from my checks, based on the new increase in taxable income because increasing the amount of money I receive each month increases my tax liability next April which means that I'm actually going to have less income each month?
I do, indeed, feel stimulated by the obvious transparency of the president's plan and its fiscal impact on me, an impact that won't truly be appreciated until tax time next April.
Subscribe to:
Post Comments (Atom)
1 comment:
The problem I see here is the comment about "potential loss" due to taxes. First, they have the IRS rules already, so they should KNOW if there will be a loss. Second, adding the additional per-month to your existing salary should tell them concretely whether the additional amount will push your total net into the next higher tax bracket.
So, given all of this, why is it "potential"? Don't they know?
Post a Comment