Wednesday, June 18, 2003

Dick Gephart's Page for Prez

Energy Independence for the 21st Century - "American Energy Independence for the 21st Century"; Remarks by Dick Gephardt to Silicon Valley Manufacturers Group

ESTATE TAX REPEAL: A Costly Windfall for the Wealthiest Americans

House Votes to End Estate Tax
(AP) - The House voted Wednesday to permanently end taxes on inherited estates, rejecting a Democratic effort to retain the tax for the country's wealthiest families. "What we're talking about here is fairness to families," said House Speaker Dennis Hastert, R-Ill. "They ought to have the comfort and relief to pass that business on to the next generation, to their children and to their grandchildren." The bill, passed 264-163, would permanently abolish taxes on estates and reduce revenue $162 billion through 2013. More...

EITC info;
Income and family size determine the amount of the EITC. To qualify for the credit, both the earned income and the adjusted gross income for 2002 must be less than $29,201 for a taxpayer with one qualifying child ($30,201 for married filing jointly), $33,178 for a taxpayer with more than one qualifying child ($34,178 for married filing jointly), and $11,060 for a taxpayer with no qualifying children ($12,060 for married filing jointly). The EITC Eligibility Checklist on the last page of IRS' Publication 596 , Earned Income Credit, may be used to quickly determine eligibility for the credit.

More EITC Info
Qualifying child Maximum credit
Two or more children $4,140
One child $2,506
No children $376

To be eligible for a full or partial credit, a taxpayer must have an adjusted gross income of less than:
$33,178 ($34,178 married filing jointly) and two or more children;
$29,202($30,202 MFJ) and one child;
$11,060 ($12,060 MFJ) with no children.


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