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#1
07-18-2003, 07:43 PM
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 Re: Alabama newly proposed income tax law Frederick Jorden wrote: - quote - > Harlan Lunsford wrote:
On balance an overall tax increase in income taxes, along> > Frederick Jorden wrote: > > > Harlan Lunsford wrote: > > > > Briefly, the legislature has passed sweeping changes to > > > > Alabama medieval and otherwise antiquated income tax law > > > > (along with changes in other taxes) for a complete overhaul > > > > of the state's regressive tax structure. Trick is, the > > > > voters have to approve it on September 9th referendum. > > > > > > > If any readers are of Alabama persuasion and want a > > > > spreadsheet comparing old versus new, email me, and we can > > > > discuss it. > > > > > > > But first you have to figure out my correct email address! > > > > Hint: There IS a way. > > > Tax reform is political speak for tax increase. The VA > > > Governor is talking about the same thing but does not want > > > us to know the details until after the November election. > > political speak usually, I agree. But in this case, it's > > real tax reform. Filing threshold for a single person is > > now 1,875 (3750 for joint). This would increase to 6885 > > (12000+ for joint) and therefore remove many low income > > from the tax rolls. (including some of my clients) However > > for singles over 27,500 they would start to see a tax > > increase; joint with two, over 49,000; family of four, > > over 74,000! For those under those amounts, a tax > > decrease! Really. > > > The fate of the reform will be up to the electorate on > > September 9th. > > > Who loses if it passes, and who is more prone to vote? > > Higher income people. > > > who wins if it passes, and more prone not to vote? Lower > > income people. > > > Okay, I'm through preaching. > But will the net of all of the changes result in a total > increase? About the exemption for the low income taxpayers > how much over withholding on returns that are not filed > escheat to the general fund? I think things like that should > go into something like the Virginia Literary Fund, used for > school and library construction. with property taxes (yes, mine will be up), cigaret taxes, sales taxes on cars (2.5% versus current 2%), and a bunch of others. Here's something that might not happen in others states, where perhaps it would take only an act of legislature to increase income tax. But in Alabama, since the deductions for federal income tax and social security taxes are embedded in, are part and parcel of the state constitution, it takes a referendum to make the changes. Also according to the constitution (I won't say OUR constitution, cause I still consider myself a Georgia boy), all income tax revenues acrrue to the education fund, and not the general fund. Cheer$, Harlan Lunsford, EA in LA and GA (I work both sides of the river!) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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07-16-2003, 11:02 AM
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| Re: Alabama newly proposed income tax law Frederick Jorden wrote: - quote - > Harlan Lunsford wrote:
political speak usually, I agree. But in this case, it's> > Briefly, the legislature has passed sweeping changes to > > Alabama medieval and otherwise antiquated income tax law > > (along with changes in other taxes) for a complete overhaul > > of the state's regressive tax structure. Trick is, the > > voters have to approve it on September 9th referendum. > > > If any readers are of Alabama persuasion and want a > > spreadsheet comparing old versus new, email me, and we can > > discuss it. > > > But first you have to figure out my correct email address! > > Hint: There IS a way. > Tax reform is political speak for tax increase. The VA > Governor is talking about the same thing but does not want > us to know the details until after the November election. real tax reform. Filing threshold for a single person is now 1,875 (3750 for joint). This would increase to 6885 (12000+ for joint) and therefore remove many low income from the tax rolls. (including some of my clients) However for singles over 27,500 they would start to see a tax increase; joint with two, over 49,000; family of four, over 74,000! For those under those amounts, a tax decrease! Really. The fate of the reform will be up to the electorate on September 9th. Who loses if it passes, and who is more prone to vote? Higher income people. who wins if it passes, and more prone not to vote? Lower income people. Okay, I'm through preaching. Cheer$, Harlan Lunsford, EA in LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
07-14-2003, 09:13 PM
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| Re: Alabama newly proposed income tax law Harlan Lunsford wrote: - quote - > Briefly, the legislature has passed sweeping changes to
Tax reform is political speak for tax increase. The VA> Alabama medieval and otherwise antiquated income tax law > (along with changes in other taxes) for a complete overhaul > of the state's regressive tax structure. Trick is, the > voters have to approve it on September 9th referendum. > If any readers are of Alabama persuasion and want a > spreadsheet comparing old versus new, email me, and we can > discuss it. > But first you have to figure out my correct email address! > Hint: There IS a way. Governor is talking about the same thing but does not want us to know the details until after the November election. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| alabama, income, law, newly, proposed, tax |
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