Word: taxed
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...Bush, tax cuts are what the grand unified theory is to cosmologists: the secret to everything. Tax cuts create jobs, they boost spending, they lift the markets--they'll even paint your house for you. But Bush is having a hard time convincing others of that. The Senate has already cleaved in two the $726 billion price tag for Bush's plan. Even the normally lockstep House has voted to cap the cut at $550 billion. The public isn't enthusiastic either--only 42% think tax cuts are a good idea--but Bush continues to push headlong into the battle...
Despite the polls, the President believes that giving people their money back is a political winner. On such domestic issues as education and homeland security, Bush has been willing to deal, but he is dug in on tax cuts--and he is pushing back. His trip to Ohio was a thinly veiled attempt to put pressure on a popular Republican, Senator George Voinovich, who opposes a big tax cut without equally big spending cuts. The President believes that a few members of Congress, unlike the French, will cave. "This is not his first rodeo," says a senior White House official...
...economy than any piece of legislation. "Go out and tell the public to be optimistic, Mr. President," is how a participant summed up the advice business leaders dispensed at another recent White House session. That may explain why the President refuses to give up on trying to end the tax on dividends, the most politically unpopular element of his package. His advisers also believe that elimination of this so-called double taxation can provide a quick "optimism boost" to the stock markets. White House officials point to forecasts of a quick rise in the Dow of between...
REFINANCE YOUR MORTGAGE. With 30-year fixed rates averaging about 5.8%, one-quarter of homeowners could still benefit from refinancing. If you haven't refi'ed because you couldn't muster closing costs, your tax refund could be the ticket. Cutting the interest rate on a $200,000 mortgage from, say, 7% to 5.8% saves some $150 a month. (Simply applying a $2,000 tax refund against the principal on that 7% loan would slice about a year off its term...
Credit counselors offer services from budget advice to hands-on bill management. Signs that you may benefit from such help can be obvious--you're behind on payments--or more subtle--you spend more than a quarter of your after-tax income on nonhome, noncar debt. There's no quick way to check an agency because the industry is largely unregulated. But here are some pointers...