From what I've been able to read about Obama's proposed stimulus
package, which hasn't been much, the tax cuts for middle-class America 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?
If you like to bet just one number on a roulette wheel:
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
Dick
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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