Earned Income Tax Credit: The Battleground of Class Warfare

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posted on Nov, 19 2012 @ 08:02 PM
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reply to post by littled16
 


I agree actually.

Its too bad that its being used as a prop, being used as crutch too. Its also being held hostage by both parties. Im sure there is abuse with it, but for the majority, it helps those in need.




posted on Nov, 24 2012 @ 12:30 PM
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Originally posted by bloodreviara
im almost at a loss for what society expects
of this whole situation.......


Society needs a kick in the Arse !



Wake up people!



posted on Nov, 24 2012 @ 02:35 PM
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Originally posted by sonnny1
reply to post by neo96
 


I agree.

Although, I believe this would break the poor, and many of the middle class.

This is going to hurt them, far more then help.


S&F. Yes, the pieces are still falling into place and will continue to do so for the next couple of years. It takes many pieces of the puzzle to be identified, before some can see the whole picture. The rainbows and little puffy clouds will be replaced with cold hard facts that no rose colored glasses can deny. Curious though, how do you "break the poor"?
edit on 24-11-2012 by Gridrebel because: (no reason given)



posted on Nov, 24 2012 @ 02:52 PM
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Originally posted by Gridrebel
Curious though, how do you "break the poor"?


By taking their last bit of hope away, that things can change........



posted on Nov, 24 2012 @ 04:22 PM
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Originally posted by sonnny1

Originally posted by Gridrebel
Curious though, how do you "break the poor"?


By taking their last bit of hope away, that things can change........


That's when the riots start



posted on Nov, 24 2012 @ 04:33 PM
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Originally posted by neo96
To me this is part of the problem of why the government is always going after the rich.

Fact the government spends to much
Fact the government does not generate the revenue needed for it to function properly.

The power of taxation was the power given of taxation to fund itself not the people.


"To lay taxes to provide for the general welfare of the United States, that is to say, "to lay taxes for the purpose of providing for the general welfare." For the laying of taxes is the power, and the general welfare the purpose for which the power is to be exercised. They are not to lay taxes ad libitum for any purpose they please; but only to pay the debts or provide for the welfare of the Union." --Thomas Jefferson: Opinion on National Bank, 1791. ME 3:147


www.dailypaul.com...

Tax,Tax,Tax.

People are going down one way for the other.
The government isn't going after any damned rich, get real.



posted on Nov, 24 2012 @ 04:34 PM
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Originally posted by Thepump

Originally posted by neo96
To me this is part of the problem of why the government is always going after the rich.



The government is controlled by the rich...



You are a silly guy Neo

There are these people called lobbyists...
You got that right, Pump. And this guy is silly.



posted on Nov, 24 2012 @ 04:40 PM
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reply to post by sonnny1
 


Good.



(did beezzer say, "Good"? )

It's about time everyone started paying. Roughly half the population votes without realising the impact, the true impact of certain policies.

They voted for it. I say, "Suck it up, buttercup! Pay to play!"



posted on Nov, 24 2012 @ 05:09 PM
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I'm a tax preparer and accountant. The EITC is a refundable credit(this means you can get money from the govt or it doesn't just lower your taxes owed) that specifically targets the Non-Investing Class, under $3,150 for the year of income from the sale of stocks and dividends/interest received. Generally of HOH(Head of Household or MFJ(Married filing jointly) can take the credit as the tax payer. Here is the link for the rules to IRS.Gov www.irs.gov...
If it goes away taxpayers around the $50,000 will be significantly hurt .

I have heard of serious abuse of this credit though. Families who have 2 or 3 kids claim this credit by claiming they are employed as a house cleaner. They file a schedule C, self employment form, claim fictitious earnings to the amount of $12,750, pay the taxes owed on those fictitious earnings, then with all the dependents and exemptions the tax works out to be only a couple hundred $'s, and then they get a fat refund check for around $5,000.

You tell me, how should this dilemma get fixed?

Personally I feel the Alternative Minimum Tax should be fixed first. It was passed in 1969 and the amounts haven't been fixed since then. It is an Additional Tax, let me repeat that, Additional Tax added to regular income tax which disallows nearly every itemized deduction, including medical expenses, allowed on the Schedule A. It was designed to target high income earners of $150,000 or more in 1969. With inflation that works out to approximately $400k today. Families who itemize on a Schedule A and have a mortgage,medical bills, tuition and fees deductions, unreimbursed business expenses, gambling losses, tax prep fees, legal expense etc are more and more being hit with a tax designed to hit the rich and not the working class. This comes with the added benefit, generally, of having mis-paid tax estimates, so interest and penalties are added in as well.


It is really time to scrap the current tax code and redesign it.



posted on Nov, 24 2012 @ 05:23 PM
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reply to post by th3dudeabides
 


Now this is some common sense.

Im sure you see all types of abuse though. Even the wealthy. Is it abuse to use the loopholes? I think it is.



posted on Dec, 11 2012 @ 01:49 AM
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I really don't think the Average American, the Working Poor, or even the Middle class know what they are going to see come Jan 1. This is going to happen all over the United States, and MANY are going to become bitter about what they are going to lose. This is just one State. Think of the Whole Country.........



“All of the hype about the fiscal cliff, certainly the national media is making this sound like there’s Armageddon on Jan. 1. That’s not going to happen. But for low-income families, they’re going to feel it the worst at the beginning,” said Linn, who works for the nonprofit anti-poverty group Results and its education arm, the Results Educational Fund.




The working poor will immediately feel the pinch from smaller paychecks if the payroll tax cut goes away as scheduled at the end of the year, and annual incomes will be bruised with the loss of the earned income tax credit and child tax credit, Linn said.



In Iowa, the federal government would pay for child care subsidies for about 700 fewer children, according to a July fiscal cliff report by U.S. Sen. Tom Harkin, an Iowa Democrat.

A $4.6 million cut to the Head Start pre-school program could mean “156 Head Start jobs lost and 747 fewer children served” in Iowa, the report says.

Health care services for more than 25,000 Iowa women, children and families could end because of the $502,000 cut to Iowa’s maternal and child health program, the Harkin report says.



Tax credits that support low-income working families, and reduce the need for welfare, are set to expire at the end of the year. About 214,000 low-income Iowa households benefited from the earned income tax credit in 2010, and 154,000 benefited from the child tax credit, according to the Iowa Policy Project and Center on Budget and Policy Priorities. Together, the two tax credits lifted about 38,000 Iowa children out of poverty each year from 2009 to 2011.


Iowa advocates say children would be most hurt by fiscal cliff






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