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Michael Livingston
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As for taxing the single mother making $8.00 per hour. If she is lucky enough to be a full time employee she will earn about $16,000 per year and with her deductions for her and one child she will have about $8200 of taxable income resulting in a tax liability of about $357. She will get a refundable credit from the state for 20% of her federal EIC ($3050), amounting to $620. So she will get a check from the State of Michigan for roughly $260. As for that $90,000 retirement income from teaching, I would like to steer my daughter who has been teaching for nearly 20 years and has no hope of ever making anything approaching that kind of pay, let alone having that kind of retirement.
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Mar 10, 2011