ex-idaho

Tax Law Omits Child Credit in Low-Income Brackets

Derec

Those people pay no or very little taxes in the first place. Most get money from the government (negatiove taxes).

So this is not such a bad thing.

UMoC

ex-idaho

In case you didn't notice the range was $10,500 to $26,000. People making over $20,000 pay taxes of about 12 to 15% so they should have qualified for this little rebate. Besides the people that could most benefit from this break are those in the lower middle class to the poor. I understand your argument that if you don't pay federal income tax you shouldn't expect a refund and I agree. But they have sold this cut as a universal refund to all Americans with children. They have lied once again in order to look good and have apparently gotten away with it.

I fault the Dems for going along with this more than the GOP for proposing it. I know the vote was along party lines but there was zero debate on this tax cut.

Derec

The ones that actually pay taxes should get a tax break. Whether they should get a tax rebate depends on their witholdings.

Accoring to this site:

http://www.hrblock.com/taxes/tools/2...rameset_2.html

A family of four would not be paying any taxes but get a large check from the government (my results were 2613 USD based on a family of four with one earner earning 15 kUSD and the other earning 10 kUSD and having only standard deductions) because of the abomination called the earned income tax credit and the refundable child tax credit.
Why should this family then be eligible to further tax credits?

Quote:

Besides the people that could most benefit from this break are those in the lower middle class to the poor.

Well they already benefit from the earned income tax credit which can (and often does) make their tax burden negative.

Quote:

I understand your argument that if you don't pay federal income tax you shouldn't expect a refund and I agree. But they have sold this cut as a universal refund to all Americans with children.

s/Americans/taxpayers.

UMoC

MortalWombat

s/taxpayers/taxpayers and large SUV buyers

Derec

Both the large SUV credit and the negative tax are bad. Maybe Democrats should fight that (and other instances of nonsensical subsidies) instead of engaging in class warfare ("taxcuts for the rich (rich == anyone that actually pays appreciable amount of taxes").

UMoC

Jat

Originally posted by ex-idaho


I could have told you that from the start.

John Hancock

Couldn't get link to work is this What were trying to link to?

Martin

ex-idaho

Thanks Martin. I have a few problems with Yahoo links lately.

Loren Pechtel

Where are you getting that 12-15% figure? I don't see how that's possible!

Are you perhaps considering the social security/medicare taxes?