House passes legislation to make 10% bracket "permanent"

[CADsortaGUY]

Bill Summary & Status for the 108th Congress

House vote - Roll Call 170 (check your critters here )

Oh and for those who need read it from the press :roll: - House Votes to Keep Bottom Tax Bracket

CkG

 

[conjur]

Oh "NOES"!

 

[tallest1]

Can someone explain to me what the 10% bracket represents? I'm not quite sure what this new piece of legislation represents, to be honest

 

[klah]

It was part of the 2001 tax cuts. It reduced the first $6,000 in taxable income from 15% to 10%. I think they raised the bracket to $7,000 last year.

 

[CADsortaGUY]

Originally posted by: tallest1
Can someone explain to me what the 10% bracket represents? I'm not quite sure what this new piece of legislation represents, to be honest

Klah is correct.

CNN Money 101 - 18 - Taxes
The 10% "bracket" didn't exist until Bush's tax cuts - 15% was the lowest.

CkG

 

[Ozoned]

Tom Osborne, Nebraska
AYES


:thumbsup: :thumbsup: :thumbsup: :thumbsup: :thumbsup: :thumbsup: