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Originally posted by Phage
Actually no, you don't have to pay taxes to get a tax credit. People with no taxable income can receive tax credits.
But you don't get tax credits for new cars, and homes, or business expenses . Interest payed on a mortgage for a home is a deductible expense and depreciation expense can be claimed on business property. But those are not tax credits.
[edit on 7/21/2010 by Phage]
Originally posted by 12GaugePermissionSlip
You may be far from rich as you claim, but, what I would give to have the honor of paying 50 to 75k a year in taxes. That tax bill alone is more than 71.9% of the country earn all year. Don't even try to play the "Oh woe is me and my tax burden" crap. If you are paying that much in taxes, it doesn't take a mathematician to figure out what you take home. You are living the good life many times over and so I trust you won't be complaining, yea?
[edit on 21-7-2010 by 12GaugePermissionSlip]
Originally posted by Phage
reply to post by Xtrozero
The 8K credit was for first home buyers (6.5 for others). I forgot about that but it's expired and really wasn't aimed at the upper crust anyway.
[edit on 7/21/2010 by Phage]
Originally posted by mnemeth1
by the way, from the Yahoo article:
The economist writing the Yahoo article is a Keynesian, so he doesn't get the resource allocation problem.
Originally posted by Doc Velocity
If you progressively stopped taxing the wealthy — the more you earn, the less tax you pay — it would reinvigorate the economy like nothing that has gone before. People wouldn't FEAR becoming wealthy and would strive to climb the economic ladder to tax-free status.
What? You say that would wreck America? Why?
Oh, because you're acknowledging that the wealthy ALREADY carry the overwhelming burden of income tax in America, and that they are ALREADY supporting the Middle and Lower classes, which is undeniable FACT. The wealthy are the economic engine of America.
Tax cuts and rebates do work, providing a much needed influx of cash back into the economy — because the Middle and Lower classes spend their rebates immediately.
— Doc Velocity