[Winona] FW: [National] Federal Tax Cut for Minnesota Taxpayers

[Paul Double]

Duane and others The data is moving in the right direction. See link   http://www.busfac.com/busfac/bf_03_10_analysis8.asp   While much of the information is good it may be difficult for people to see the impact on their day to day lives.    I can tell you first hand the impact it has made on our investment into our business by the expansion of the increase the allowance of first year depreciation on new equipment from $25,000 to $100,000.  We have accelerated the replaced of our computers and operating system, production equipment to increase our efficiency.   While we did not have a year to justify more we clearly more than doubled our prior year investments back into our business.  Continued low interest rates combined with the new deductible amounts provided for us a payback on the investments in reduced labor in fewer than six months. Also one of our major purchases was from a company we sourced in Albert Lea, MN so a least the money in some way feeds the regional economy.   I would be remiss not to mention the steady increase in portfolio values of retirees, non profit and church trusts which will begin to relieve some of pressure to those who depend on them for their annual budgets.   Minnesota exports grew by 2.5 percent in the first 6 months of 2003 verses 2002.  Ireland is now our second largest trading partner, with Canada still number one.   While I never look forward to April 15 the long overdue elimination of the marriage penalty appears to have promise.  Kiplinger Personal Finance December, 2003 illustrates that “a young lawyer making $90,000 a year marrying a grad student who makes zero.” “the newlyweds will owe $12,220 in federal taxes.  That’s $5,542 less than the combined total they would have paid if they had remained single.”  Many may not have noticed their increased take home pay because of tax table changes or the $400-per-child advanced payment on the increased child credit.   Add to this the reductions in government spending at the state and local levels and most should enjoy having more money in their pockets to spend on their favorite church, charity, their families, their retirement or whatever else their heart leads them to do.     Paul Double       -----Original Message----- From: Duane M. Peterson [mailto:[EMAIL PROTECTED] Sent: Saturday, November 22, 2003 1:26 PM To: Duane M. Peterson; Paul Double; Online MN Winona Subject: Re: [National] Federal Tax Cut for Minnesota Taxpayers   Maybe we'll have to wait until April 15, 2004, to see if Paul's predictions will come true.  So far, I haven't seen any of his rosy predictions.  I haven't seen or heard of anyone personally who received any tax refund or other benefit.  Six months has passed so far.----- Original Message ----- From: "Duane M. Peterson" <[EMAIL PROTECTED]> To: "Paul Double" <[EMAIL PROTECTED]>; "Online MN Winona" <[EMAIL PROTECTED]> Sent: Thursday, May 29, 2003 17:58 Subject: Re: [National] Federal Tax Cut for Minnesota Taxpayers     > > [Winona - National Forum] > > Dear Paul and everyone, > Let's keep Paul's message and review it in six months to see how many of > these things have happened.  I would also like to see the statistics on how > many jobs are created within six months.  The present Federal Government > also told us that we were going to war in Iraq in order to find weapons of > Mass Destruction.  Six months have not yet passed but we have still to find > a single such weapon. > I'm always leery of rosy predictions, and I don't like people to be able to > claim later that they didn't make the prediction that did not come true. > Generally, there is no harm in making predictions, but when we make policy > and pass laws based on predictions, it can get scary. > ----- Original Message ----- > From: "Paul Double" <[EMAIL PROTECTED]> > To: "Online MN Winona" <[EMAIL PROTECTED]> > Sent: Wednesday, May 28, 2003 20:34 > Subject: [National] Federal Tax Cut for Minnesota Taxpayers > > > > > > [Winona - National Forum] > > > > > > . 1,734,000 taxpayers in Minnesota will have lower income tax bills in > > 2003 under the President's Jobs and Growth Act. > > > > . 433,000 business taxpayers can use their tax savings to invest in > > new equipment, hire additional workers, and increase pay. > > > > . 1,408,000 married couples and single filers will benefit from the > > acceleration to 2003 of the expansion of the 10-percent bracket scheduled > > for 2008. > > > > . 540,000 taxpayers in Minnesota will benefit from the acceleration to > > 2003 of the reductions in income tax rates in excess of 15-percent > scheduled > > for 2004 and 2006. > > > > . 713,000 married couples in Minnesota will benefit from the > > acceleration to 2003 of provisions that increase the standard deduction > for > > joint filers to double the amount for single filers and increase the width > > of the 15-percent bracket to twice the width for single filers. These two > > provisions were scheduled to phase in between 2005 and 2009. > > > > . 468,000 married couples and single parents in Minnesota will benefit > > from the acceleration to 2003 of the increase in the child tax credit from > > $600 to $1,000 that was scheduled to phase in between 2005 and 2010. > > > > . 505,000 taxpayers in Minnesota will benefit from the tax cut on > > dividends paid from previously taxed corporate income. > > > > > > Thank you Mr. President and Congress > > > > > > Paul Double > > > > > > > > >