Community Tax Aid NYC - Storefront Accountant

Community Tax Aid NYC - Storefront Accountant September 2016

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1. Calendar
Next board meeting is Monday September 19^th, 2016
Fountain House – 425 W. 47th St. between 9^th and 10^th Avenues.
All volunteers are welcome to attend and participate in discussions. If you would like to be added to the Board notification list, please contact tomerchen2003@yahoo.com

2. 2016 Statistics
CTA prepared a whopping 1,088 returns in 2016 (not counting the Flatbush
Returns). This number reflects State and Federal combined.

3. Calling all Chinese Speakers!
We are looking for Chinese – speaking volunteers to help out at our Flushing site on Saturdays during the tax season. Tax volunteering experience is preferred, but translate-only is helpful as well. Please contact Jim Schiller at jkschiller44@hotmail.com to help.

4. Donations
CTA is a section 501(c)(3) organization. You can deduct your donation as a charitable contribution on your 2016 taxes.
Contribute by check or money order:
Community Tax Aid
Cathedral Station
P.O. Box 1040
New York, NY 10025
Or Donate online through NYCharities.

5. Tax Facts

(NOTE: as a 501(C)(3) organization, we do not endorse nor contribute to any political campaigns. This is a factual guide with the aim to educate and encourage participation in the electoral process.)

With the Presidential election a few months away, here’s a look at Trump vs Clinton’s tax proposals as they relate to low-income taxes.

SOURCE:
http://www.nytimes.com/2016/08/13/upshot/how-hillary-clinton-and-donald-trump-differ-on-taxes.html

Current: For a married couple making between $18,551 and $75,300, the official marginal tax rate is 15 percent. But in practice, about 45 percent of American taxpayers pay no individual income tax (they do pay federal payroll taxes), because of various tax credits that particularly favor families with children.

What Mr. Trump would do: …

lower taxes across the board…reduce the 15 percent income tax bracket to 12 percent…
make child care tax-deductible.

What Mrs. Clinton would do:

the bottom 95 percent of income would see little or no change to their taxes
a child care tax credit

SOURCE: http://www.forbes.com/sites/anthonynitti/2016/06/08/its-clinton-versus-trump-a-comparison-of-the-final-two-tax-plans/#567ebbfc1c23

How income taxes could change based on income level, with the reporter’s analysis:

“As you can see, not much changes under the Clinton plan when compared to current law; that is, until you start pulling in more than three-quarters of a million dollars a year, in which case your tax bill will jump by nearly $80,000. And courtesy of the 4% surtax Clinton would add to taxpayers with income in excess of $5M, those taxpayers will see their tax bill jump by over $500,000. The Trump plan offers tax savings at all income levels, with huge savings at the highest income levels resulting from the reduction in the top rate from 39.6% to 25%. And while all those negative numbers in the Trump column sure look appealing, try to keep in mind that in order for them to become a reality, we’re either going to have to cut spending (Fun Fact: We wont!), put another $12 trillion on the country credit card, or go deeper in debt to China.”