Strengthening Constitutional Self-Government

No Left Turns

Quick-Panic!

The late-breaking pro-GOP polls are making Dems nervous. Really nervous. One interesting finding from the Pew poll crosstabs (Pew was the most accurate poll in 2004): "Nearly 20 percent of independents told Pew that [Kerry’s] joke raised doubts in their minds about voting Democratic." From the New York Times account: Andrew Kohut, the president of the Pew Center, said the poll nonetheless found that Republicans were becoming more enthusiastic as Election Day approached."

If the GOP holds on in the House, get your earplugs out for Howard Dean’s scream.

Discussions - 8 Comments

Sorry to pee on on your burger, Steve, but the oddsmakers(thanks to RCP) still give the repubs only a 20% chance to hold the house. That probablility has dropped from 34% a week ago.

In related news, GWB says that a vote for dems will cost you money. Now that’s a whopper even the Burger King can’t handle!

Tom Pain:

A vote for Democrats will cost people money because they will allow the tax cuts to expire. These tax cuts do save higher income people more, but I filled in plenty of low income people’s taxes last year that benefitted from reduced taxation rates on dividend income. The question is not whether it will cost money, but whether the magnitude of the change is enough to care about.

WASHINGTON (CNN) -- President Bush’s popularity has dipped to 35 percent, according to a new CNN poll, with 41 percent of likely voters saying their disapproval of his performance will affect their vote in Tuesday’s elections for control of Congress.

Sixty-one percent of the 1,008 adult Americans who responded to the Opinion Research Corp. poll said they disapproved of the way Bush is handling his job as president, according to the survey. The poll was conducted by telephone Friday through Sunday.

This finding represents a two-point decline in Bush’s approval rating compared with a CNN poll conducted a week earlier. The decline is within the poll’s sampling error of plus or minus 3 percentage points. The new approval rating is four points lower than a survey taken two weeks ago.

(generic ballot has Democrats up 58 to 38)

Steve-

This is a serious question: When I considered myself a "low income" person, and my family a low income family, I did my own taxes, because I had nothing to itemize. I am wondering about your clientele. What do you mean by "low income," and why aren’t they using the short form, and saving money by doing their taxes themselves?

Fung:

They came to me because I did their taxes for free. I am currently involved in two VITA (Volunteer Income Tax Assistance) programs. Furthermore, low income people should NOT use the 1040EZ since it does not allow claiming of the EITC or the Additional Child Tax Credit, both things are only found on the 1040A and 1040. Both credits result in the Treasury paying money TO the taxpayer.

Also, if a person has dividend income they cannot use the 1040EZ. I enjoy helping people pay the least amount of taxes possible, regardless of their economic status.

Fung:

Sorry, I got a bit excited and forgot to answer your question. VITA accepts people with incomes below $40,000; which is considered "low income" for tax purposes. You are correct that most low income people should not itemize, but taxes is more than the choice between itemizing and the standard deduction. It is also about tax credits, the primary ones (for low income people) being the EITC and Additional Child tax credit. The EITC rewards low income people who work, giving them money in direct proportion to earned income as a result of working. It now distributes more money than general welfare programs. The Additional Child tax credit reduces tax burden, or pays money to people who have more than 2 (3 in some instances) children.

The types of low income people who benefitted from reduced dividend taxation rates were mostly students who had invested in mutual funds or whatever you call them.

If you have any other questions I would be happy to answer them, it is getting close to tax season which means I am happy and excited again.

I’ve heard the same things Steve, my father is a family lawyer or sorts (I don’t mean family law) so he does a lot of taxes, estates, legal advice, etc. His clientele are generally friends and family as well as friends of friends, and it’s safe to say most of his clients would be considered middle class. He has said the tax cuts saved people a lot of money. In fact, he specifically told me the first year the tax cut went into effect that they were putting money back into peoples’ pockets.

I almost want the Democrats to win the House, the only thing keeping me from cheering them on is the very real possibility they pull us out of Iraq. If they win and decided to cut oil companies’ subsidies, roll back the tax cut, reduce student loan rates, etc. they’re going to find a lot of people very unhappy. I rest assured knowing the Democrats really don’t have any new ideas and when they get into office will do such a poor job that they won’t get reelected for a very long time.

Thank you, Steve. That sounds like a valuable service that you provide.

Leave a Comment

* denotes a required field
 

No TrackBacks
TrackBack URL: http://nlt.ashbrook.org/movabletype/mt-tb.cgi/9324