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
> >
> >
> >
>
>
>
