tax cuts

Max Sawicky sawicky at bellatlantic.net
Fri Jul 27 06:20:50 PDT 2001


Thanks for the clarification. But does that mean that,come April when I do my form and have $600 coming back to me, that none of it will come back because I already got it now (this August?) les

That's exactly what it means, keeping in mind that 'coming back to me' means an offset to your tax liability. In other words, suppose under old law you would owe $1,000 next April. Under new law, you only owe $400, but since Uncle George gives you $600 now, in April you pay $1,000. Your net obligation is still the same -- $400. You've gotten an interest-free loan on next year's tax cut. Have a happy.

mbs



More information about the lbo-talk mailing list