Michigan Reefers banner

Low income

1223 Views 23 Replies 10 Participants Last post by  ofblong
Wow I just found out low income in michigan is considered below $47,000/year. But what is funny about that is if you make over $52,000/year you lose a few tax breaks (not sure if it has changed for 2005 taxes). For example you lose the 401k tax break(which for me,up until this coming year, has only been a $50 deduction because of what I earn). This is kind of scary because this is based on agi not gross. Therefore last year I missed being low income by $1000 (agi). No wonder I dont have any money. It just amazes me that your considered low income at one price and then 5k higher you lose a bunch of tax breaks. Doesnt seem very fair to me. But like was mentioned in another thread middle income earners are a dieing breed.
1 - 1 of 24 Posts
That must be why I'm broke all the time.
Man I miss that double income!
1 - 1 of 24 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.