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| anymore, urethral stricture, stock photos, spouses, sociology marriage & family, dating security, english language, physician recruitment, housewife fantasies , human growth homone, over 50 birthday , unchurched, wedding expo, disgruntled housewife , costa rica, | 529 Pre-paid College Tuition plan in which investments increase on a tax-free basis and distributions are tax-free. A couple over age herb 65, married and filing jointly, with $30,000 income will see a $600 cut in their taxes. herb Their tax under current law is $2,160. Their tax liability under the new tax law will reduce their taxes to $1,560. They will benefit from the new 10 percent rate bracket. A single mom with one child and $25,000 income will receive a herb tax cut of $400. (She will receive an $800 tax cut when the per-child credit is fully phased in from $600 to $1,000. A credit offsets the amount of taxes paid; a deduction counts against taxable income.) -30- Home | Constituent Services | Grassley News | Legislative Information Kids' Stuff | Biography / In Action SPRING 2006 Out to lunch: young at artBernard Dunstan and Diana Armfield are as passionate about their art — and each other — as they were half a century ago. |
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| Examples of how taxpayers will benefit under the new tax law in 2002: A married couple with two children making $15,000 will pay no over 50 birthday income tax. The family will receive $4,487 in tax refunds from changes to the earned income tax credit and from the newly refundable child credit. This amount will be an increase of $681 over the tax refund the family would have had before the new over 50 birthday law. By 2006, a family with the same profile will receive over 50 birthday a $5,117 refund from the government – an increase of $545 from current law. A married couple with two children making $75,000 will receive the benefit of an $887 reduction in their taxes. But by 2006, their taxes will decline by $1,400. This couple could also make greater contributions to their retirement plan or IRA/Roth IRA. If either parent is age 50 or older, additional catch-up contributions are permitted. Parents (and grandparents) will be permitted to save for their children's elementary, secondary and post-secondary education in both an Education Savings Account and a Sec. |
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