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November 16, 2009

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Letter: Not much left after tax cut

Friday, July 6, 2001 | 9:44 a.m.

I just received the new withholding tables from the IRS. These are the new tables to be used for withholding on employee wages after June 30, 2001. Withholding is being reduced due to the recently passed tax cut. These tables tell the story of the Bush tax cut better than any left-leaning liberal ever could.

Take a married person with three exemptions making $5,000 per month. The monthly reduction in withholding for this person will be $1. The married senior executive with an annual salary of $500,000 saves $375 per month, enough for a payment on a new car for junior.

The moral for the average citizen is this: When you get your $300 or $600 one-time refund, you had better savor it. What's left of your tax cut may buy you a small cup of coffee at the end of the month at your favorite gourmet shop.

TED O. HALL

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