I make $40,000 a year am I rich? Why does the government think so?

If your income was $40,000. for a family of four and you only took the standard deduction, married filing jointly your taxable income would be $15,700. making your total tax $1569.00 or approximately 10% of your gross income after deductions.

If you want to pay less or even get a refund you need to look for ways to take the itemized deductions instead. Do you own a home, did you pay a bunch out in medical bills, do you have charitable contributions (must have receipts this year and they have to be sent in with your tax return)? Take a look at Schedule A&B to see if you have enough qualifying expenses to take the itemized deduction, if not then I guess you will just have to owe the $1569.00.

that's not a coalition government. reason I say that's that a coalition government could be made out of two separate different events. This one isn't. it is made out of the Tories and the recent Tory apprentices. Come the subsequent election maximum of those apprentices will in basic terms come out and say they have been completely customary into the main Tory celebration which means the lib dem MPs will now not exist leaving that celebration to seek with the aid of and cope with which lot of shysters and traitors they're going to next % to stab them in the back. nonetheless one factor you could anticipate regardless of the undeniable fact that. Come the subsequent election whoever wins it this could be the end result. Politicians, Bankers, huge organisation would be unanimous winners over something of the united kingdom. at that element UKplc would be completely bankrupt different than for those 3 communities. i'm afraid for all you Tory and the Tory apprentice supporters while you're actually not certainly one of those 3 communities it is going to intend you besides. As for Labour? properly. not somewhat some distinction in them. They achieved the comparable style of rules of stealth tax and so on in basic terms as is happening now and that they supported the bankers and large organisation over the folk they claimed they represented yet did not. comparable factor might have took place with them. in basic terms that they won't have advised as many lies approximately it. there is doubt in that regardless of the undeniable fact that besides.

That estate tax break will still allow you to inherit seven million dollars, before you have to pay on it, so I wouldn't worry if I were you.

As for the rest of it, you won't be paying more that a few dollars, nowhere near $2000. As to the why...because the war costs must be paid, and they were structured to be paid after Bush left office, so that you will think Democrats are being unreasonable, when they are just paying the bills for the war that Bush wanted.

Don't fall for it.

Not extending the tax cuts IS raising your taxes. With a family of 4 at $40,000 that is less, per capita, than the national poverty level wage! Not rich! This is typical middle America!

You can't honestly believe that the rich are going to give you a break. Conservatives? When the time comes, anyone not in their league will be sacrificed. If you can't increase your income by $100,000 you better hope the democrats have a go at the economy.

You, sir, are in fact lower middle-class. It's highly unlikely that you've been paying very much at all in Federal income tax since the Bush tax cuts went into effect; and, if the Dems have their way, you will be paying quite a bit more while they demagogue you for being among the "wealthy".

Hey, that's what Dems do. The gist of it is this: "You give us your money and we (don't) take care of you!" It is, of course, an out-and-out lie but it seems to sell very well among some groups in our country.

The tax cuts they will allow to expire (if they get office) will be for those that make over $200,000. a year - aka the evil rich.

I doubt you'll be affected all that much.

It's pretty much to the point where if you have something left over after the government takes its shakedown to provide "compassion" to the moochers, you are considered "rich". I've asked leftists to define "the rich" many, many times and have never received an answer. I guess they will tell you when you are no longer "rich" and can stop paying the shakedowns.

$40,000 was considered rich 7 years ago. But now that the dollar has weakend so so, on a global market, that 40k will buy what $20 thousand would buy 7 years ago. The tax cuts have increased the deficit, which has made the dollar loose it's value

I am in the same boat with you.

It is killing us.

Hold on there.

Hopefully the situation will change soon.