For the person who asked for a url: http://www.smartmoney.com/taxmatters/index.cfm?story=20030527
Had a look at how this would affect me. Divorced head of household, two kids, small business running in the red this year due to disaster losses (all equipment lost in flood). Substantial child support which is untaxed, as it is paid out of income on which father has already paid taxes. I am not sure whether the child tax credit applies to taxes owed (none) or rebated like the earned income credit. I believe the former. At best it seems I get $400 next year. Whoopee. Dana On Thu, 29 May 2003 11:00:03 -0500, Doug White <[EMAIL PROTECTED]> wrote: > In examining the effects of the tax cut law, as it would apply to me > personally, > Elderly, Widower, all children grown and gone. Own and operate a small > business, and otherwise retired (three times) > > Estimated annual tax savings for the next two years: $200.00 > > After that, the old laws go back into effect. > > The principal beneficiaries of the tax cut, even though it is for a > limited > time, is the very rich, and families with children as dependents where > the > dependant exemption goes from $600 per child to $1000 per child for few > years. > Small business can depreciate new capital assets at the rate of 50% for > the > first year, for two years, then it reverts back to the old system. > > The quoted paragraph below is one program that I personally do not feel > should > ever get Federal funding. > Over 95% of the listed children are due to domestic and custody disputes, > and > there are laws already on the books to take care of them. Adding > resources to > the already existing layers of aid is just redundant and a waste of > money. > > | > | Annual cost of funding the National Center for Missing and Exploited > | Children: $20 million > | > | > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Archives: http://www.houseoffusion.com/cf_lists/index.cfm?forumid=5 Subscription: http://www.houseoffusion.com/cf_lists/index.cfm?method=subscribe&forumid=5 Get the mailserver that powers this list at http://www.coolfusion.com Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
