A post yesterday was on legislation proposed by Senator Darrel Aubertine that was suppose to provide a tax cut for the hard working folks in the North Country, but the Senator, not being an author of the legislation, probably does not realize it really could be a tax increase in many cases for people.
For several individual taxpayers, the circuit breaker tax credit amount could be less than the Middle Class Star payments.
Here is an example that was forwarded to IV, maybe my friend Mr. Double D would want to contact these folks and debunk his mythical fact check post.
The Town of
Your home is assessed at $85,000, you have a Senior STAR exemption.
Your household adjusted income is $60,000.
Your total tax bill for Town, County and School was approximately $1,525.
Using the income thresholds established by this bill, this property owner would be responsible for the first $3,600 dollars of property taxes, so NO benefits from the circuit breaker. Factor in the loss of the middle class star exemption and this senior citizen is sitting on the smelly end of the stick.
One further point, the provisions of this circuit breaker legislation would not impact this property owner until the household adjusted income fell below $25,500.
Pretty common example of an average North Country resident.
LATER ADD:
Here is another item that will affect people.
If you are sharing your home with a friend or friends to make ends meet, or with a "significant other" you have to use all adjusted incomes.
It is "household" income. So for people who kids are still at home, or have a parent living with them, any of their income counts.
If you are sharing your home with a friend or friends to make ends meet, or with a "significant other" you have to use all adjusted incomes.
1 comment:
No matter what tax “cut” or tax “break” proposal or business tax “incentive” that flows from Albany or DC in any form, the bottom line is that practically speaking, no one in government willing to give up “revenue” (read: tax) that pays him or her nicely, keeps them in power (with local stuff in the form of member items). They will call taxes anything to make the voter feel good about getting taxed to death as they protect the incumbent.
Keep that in mind and you'll never be far away from the truth. Reminds me of this story:
A wise ruler in ancient times asked his scholars to write words of wisdom that he could leave for future generations. After years of failure and volumes, books, chapters and paragraph after paragraph and sentence after sentence, he finally approved the message they wrote for him to leave to the people:
"There ain't no free lunch."
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