How do Dubya’s latest tax cuts affect us, New Yorkers in our mid 20s? Jason writes:
I got my latest paycheck, with President W’s new tax cut already factored in. $2.52. In a great line from the world’s greatest comedy, Trading Places, “I think I’ll go to the movies. By myself.”
Let’s do a little math, shall we?
$2.52 times 15 remaining paychecks for the year equals $37.80
Thanks to budget cuts from the Federal and State governments, the NYC tax sales tax rate is rising by 0.25%. On average, I probably spend about $500 per month on taxable goods, so that’s $8.75 back right there. Plus, since NY State re-enacted it’s tax on clothing, that’s an additional 6.5% on another $100 per month left in the year, which is $45.50. So, this tax cut is, essentially, costing me $16.45 for the rest of the year.
Thanks Mr. President, you really helped!
For those of us with no income, we only feel the bad effects. Tax cuts are service cuts and will cost our generation most of all.
