Alan wrote:
- quote -

A literal mathematical interpretation of this draft of the
stimulus package indicates retirees without earned income
won't qualify for the proposed Making Work Pay Credit:

"...a credit...equal to the lesser of-"

6.2 percent of earned income (zero)

or

$500 single, $1,000 joint return

Zero, being the lesser, would seem to apply.

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Alan <sfcnm-mtm[at]yahoo.com> wrote:
- quote -

I'm taking this as a discussion document and am waiting
for the next few iterations.

What I did not see in this draft was
1. Tax relief for small business, i.e., under $1 million
in total sales with three or more employeees;
2. Tax relief for those on Social Security Disability
although there will be an additional payment of SSI; and
3. An increase in the charitable mileage deduction as
not-for-profits are going to be in a real crunch for
the next few years.

Dick

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zkeith wrote:
- quote -

http://waysandmeans.house.gov/MoreInfo.asp?section=50

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- quote -

will be in the form of a smaller percentage withheld for Social
Security taxes rather than a lowering of withholding tax rates. For
retirees, this will not result in a tax cut unless some adjustment is
made in the percentage of one's Social Security income that is
taxable. Has anyone read/heard/seen anything more specific
information about this?

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