Energy Credit Stimulus
January 29th, 2011
Question: Is a $75,000 income considered middle class or are you rich?
Obama has promised that no middle income individuals will see any tax increases as part of his energy plan. Obama has said that offset those new costs by extending the $800 per year “Making Work Pay” tax credit that low- and middle-income workers received under the recently enacted stimulus package.
However what he is not telling you is that this tax credit ends at $75,000 if you are single. If Obama promised no tax increase for those making $250,000 or less, why does this credit end at $75,000. Is a person making this amount rich?
Sageands – We do not have cap and trade today, so therefore this is a new tax Obama is implementing.Answer: I guess that is bad news for me because that is what I make. I sure don’t feel rich, but I’m not hurting by any means. It is a long way from the $250,000 that Obama talked about.
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