The Tax Preparation Blog

Question: Why do Republicans keep thinking that they’ll pay more taxes under Obama’s plan?

Why do Republicans keep saying that Obama is going to raise everyone’s taxes? According to the Tax Policy Institute, Obama’s plan would cut taxes for 80% of households. Another 10% would see no change in their taxes from today. And the wealthiest 10% would see an increase in their taxes. Furthermore, Obama’s plan would save middle-income families more than with McCain’s.

Here’s a chart from the Washington Post comparing Obama’s plan with McCain’s:

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

Obama has said that he will repeal the Bush tax cuts for people making over $250,000/yr. For middle-income families, Obama has pledged that you will not see any increase in your taxes, not your income tax, not your payroll tax, not your capital gains tax, not any of your taxes. Barack Obama has pledged as such in his recent speech in Dover, NH (go to time 1:05 in the video):

Answer: Because they will. Despite the rhetoric on his economic page, growing gov’t with the programs he proposes have to be paid somehow and he aint gonna find it in a tree.

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Euro Falls; Trichet Says Rate Increase Today Not First of Series

The euro fell from its highest level in more than a year after European Central Bank President Jean- Claude Trichet said today’s interest-rate increase wasn’t the “first of a series” and Portugal sought a bailout.

Closeup1 2008 | Apu | Ek Paye Nupur Tomar

Budget 2011 – live reaction and analysis

LIVE: LATEST news as it comes to hand as Treasurer Wayne Swan delivers his fourth Budget – and Julia Gillard’s first as PM.

Partial Differences Subtraction App for iPhone and iPod Touch

Question: Generally what percentage of federal taxes are taken out of your paycheck if you are an hourly employee?

Answer: state withholding depends on your state, federal withholding depends on income, marital status, number of exemptions claimed on W-4. Social security is always 6.2% and medicare is always 1.45%.

I’ve attached a link to a paycheck calculator website, www.paycheckcity.com, that can help give you the info you are looking for.

Bracing for a possible federal shutdown

Marylanders keep wary eye on federal budget talks Marylanders keep wary eye on federal budget talks

Payroll Tax Cut in 2011

Question: What is the best website to learn how to prepare your own Income Tax In Canada?

Is there some good websites out there to help with Canadian income tax preparation?

Answer: Yes, the CRA tutorial is excellent. Thank you for trying to learn.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/lrn-tx/menu-eng.html

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Inter Pipeline Fund Announces April 2011 Cash Distribution

CALGARY, ALBERTA–(Marketwire – April 6, 2011) – Inter Pipeline Fund (“Inter Pipeline”) (TSX:IPL.UN) announced today the declaration of a cash distribution of $0.08 per unit for April 2011. This distribution will be paid on or about May 16 th , 2011 to unitholders of record on April 25 th , 2011.

Pay No Income Tax & Claim ALL withheld back