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Tax Reform

President Bush said he wants to strengthen a failing economy before the 2003 campaign begins.

Some accountants said Wiregrass residents can expect to see the same tax breaks as people in other parts of the country. But that depends on your income level.

The White House estimates that the president's proposal will save taxpayers an average of $1,083 on their 2003 taxes.

For example, according to Money Magazine, an Alabama family of four with two people earning about $55,000 collectively, will save $1,100.

However, some accountants said people who earn less than $25,000 a year may not get any benefit.

Democrats would like to see something different. They have a plan that calls for a payroll tax deduction. They said this would put money into consumers’ hands faster and thereby stimulate the economy faster.


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