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i'm not talking about getting back more then you paid. I'm talking about getting back what you overpaid. That's why they call it a "refund" and not "free money"
What these dummys holding up boastful signs don't understand is the system they support is screwing them over too. Nearly 3000 families lose their homes every single day in the US. Check out Daily Job Cuts.com
To claim you are above or immune to this global melt down because you work hard or you have a degree is laughable. Here's my sign-
I'm not talking about getting back MORE then you paid. I'm talking about getting back what you OVERPAID. That's why they call it a "REFUND" and not "FREE MONEY"
Credit. But you can make $20k/year and overpay effectively giving the government an interest free loan.
The point of the child tax credit was to put money in the hands of people that pretty much had to spend it. Families always have some need.
I'm not talking about getting back MORE then you paid. I'm talking about getting back what you OVERPAID. That's why they call it a "REFUND" and not "FREE MONEY"
Three words for you... refundable tax credit.
Many people do, in fact, get back MORE than they paid.
Writing a check or getting a refund has nothing to do with the "53%". The April 15 check or refund is simply a true up.
If the sum of your payments throughout the year less your refund the following year is positive, you are in the 53%.
NO the payments on the tax return include payroll taxes. The 47% are people who don't pay federal income taxes. But many of those 47% still pay payroll tax. If the sum of your payments throughout the year less your refund is positive, you may not be in the 53%.
Your payroll tax should be listed as FICA and/or medicare tax. Subtract those from the sum of your payments as well as your refund and then you can tell if you paid income tax.
I suspect a lot of the people who think they are in the 53% aren't. I was in the 53%, but just barely.
Does anyone else find it funny that about 1/4 of the people on that site openly admit that they are not part of the "53%".
Probably because many of them pay taxes in other forms. Who pulls more weight, someone who pays $6,000 in income taxes, or someone who pays $0 in income taxes but $7,000 in property taxes?
Probably because many of them pay taxes in other forms. Who pulls more weight, someone who pays $6,000 in income taxes, or someone who pays $0 in income taxes but $7,000 in property taxes?
You're conflating federal income tax with local property tax. Very different taxing bodies.
Your point is moot, anyway, because everyone who owns or rents a home within a local taxing body pays property tax either directly, or indirectly via rent. Believe me, landlords don't pay property taxes out of their own pockets.
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