TaxMamas TaxQuips

Today TaxMama wants to address the year-end tax stalemate in the U.S. Legislature.

Dear Family,

It’s SOS Time – time to step up and Save YourSelves!

It’s time to let your legislators know how you feel! You want definitive legislation before the year ends – not pushed into next year. The nation is angry. People feel cheated.

They see congress as being embattled and stubborn. They seem not to be concerned with their overall constituents, rather, with a select few of their own friends, including themselves.

Let’s look at the facts. How big is the issue about whether or not to tax people with incomes of $250,000 or above?

In 2008, there were 142,350,256 tax returns filed.

Of those, 2,836,719 tax returns reported adjusted gross income of $250,000 or above. That’s a little under 2% of the total population.

Considering the total tax liability generated – $1,070,367,059,000 (a little over one trillion dollars) they paid $482,730,275,000 (nearly half a trillion).

That means, the top 2% of the population paid a little bit over 45% of the nation’s total tax liability.

That’s the reality.

It’s a sobering thought.

Don’t you think they are shouldering enough of the burden? Shouldn’t they share in the extension of the Bush tax cuts, too? Must they really pay to keep the country afloat?

Well…perhaps yes. After all, who is receiving the benefit of all those taxes that are spent on keeping the war in Iraq and Afghanistan afloat? Who receives the big contracts for fixing up our roads and infrastructure?

There is a proposition on the table to extend the tax cuts to all who earn $1,000,000 (one million dollars) or less. When you realize just how little $250,000 really is for a household of urban dwellers…you’ll understand why this is a workable proposal.

Whatever your position on this issue, speak up and let your legislators know you do want this to be resolved – this year!

They’ve known this issue needed to be addressed for 10 years. There’s no excuse for not resolving it by now. That’s they job!

And remember, you can find answers to all kinds of questions about tax legislation and other tax issues, free. Where? Where else? At www.TaxMama.com.

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