Tax cut for those that don't earn enough for taxes...

[mrs reb77]

Is that in English? Cause I don't understand it. How can you have a tax cut if you don't earn enough to pay taxes?

Oh, yeah, it's called a refundable credit isn't it! Masquerading as a tax cut we can reapportion other people's taxes to those that don't even pay any!

Key lawmakers announce deal on a $789 billion economic stimulus measure
http://start.localnet.com/article.php?article=D969JUMG1.html
It also preserves Obama's signature tax cut _ a break for millions of lower and middle income taxpayers, including those who don't earn enough to pay income taxes.



:rolleyes:

[mrs reb77]

Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home, these officials said. The agreement would allow taxpayers to deduct the sales tax paid on new car purchases, but not the interest on loans for the same vehicles.

Well, that just figured, didn't it?

[Gib's Son]

I'm torn between cashing the stupid $1000 check they want to send to us or just send it back to and telling them shove where the sun don't shine. The only reason I consider cashing it is because it might expiate the indelible collapse. Problem is, it goes against my principles to accept a handout that I don't need and my vote cannot be bought. Maybe I will cash it and buy myself a few cases of Vodka to get me through the long cold winters with me and a few of my closest fellow comrades.

[frostman]

Is that in English? Cause I don't understand it. How can you have a tax cut if you don't earn enough to pay taxes?

Oh, yeah, it's called a refundable credit isn't it! Masquerading as a tax cut we can reapportion other people's taxes to those that don't even pay any!

Key lawmakers announce deal on a $789 billion economic stimulus measure
http://start.localnet.com/article.php?article=D969JUMG1.html
It also preserves Obama's signature tax cut _ a break for millions of lower and middle income taxpayers, including those who don't earn enough to pay income taxes.



:rolleyes:

Ever heard of the earned income credit? People have getting back far more than they have paid in for years now.

[mrs reb77]

That is NOT right.

[fixacr]

"Spinning" definitions is nothing new for liberals. Remember the phrase, "That depends on what the definition of 'is' is"?

If the Democrats want to increase spending by $100 million and the Republicans want to increase spending by $90 million, The Democrats accuse the Republicans of wanting to "cut" spending by $10 million.

Now, Obama calls it a tax "cut" when he wants to give money to people who don't pay taxes.

Liberals are apparently not happy with re-writing history, now they want to re-write the dictionary too.

[frostman]

"Spinning" definitions is nothing new for liberals. Remember the phrase, "That depends on what the definition of 'is' is"?

If the Democrats want to increase spending by $100 million and the Republicans want to increase spending by $90 million, The Democrats accuse the Republicans of wanting to "cut" spending by $10 million.

Now, Obama calls it a tax "cut" when he wants to give money to people who don't pay taxes.

Liberals are apparently not happy with re-writing history, now they want to re-write the dictionary too.
YOU DON'T HAVE TO PAY TAXES NOW TO GET A TAX REFUND!

[mrs reb77]

Maybe that's why Daschle and the others got confused about taxes? ;)

[frostman]

Maybe that's why Daschle and the others got confused about taxes? ;)

Could be, maybe they even got confused by the tax code. Could they make that any more complicated? But this is not a new thing, getting money for nothing.

[mrs reb77]

Well, by his own admission Senator Rangle (tax code writer extraordinaire) is confused by the code...else he'd have known all those things HE'S supposed to be paying taxes on.

I think any money from the government under the guise of a tax cut should only be up to the amount of taxes you either pay/paid or are under obligation for. Beyond that it is welfare.

[frostman]

Well, by his own admission Senator Rangle (tax code writer extraordinaire) is confused by the code...else he'd have known all those things HE'S supposed to be paying taxes on.

I think any money from the government under the guise of a tax cut should only be up to the amount of taxes you either pay/paid or are under obligation for. Beyond that it is welfare.

No argument from me there.