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Please. God forbid middle classed people get the benefits of child credits. We're dual earners who pay into the system, pay all of our bills, yada yada and who cares if we get a deduction due to having children? It's not like we had children based on that, and if the deduction was taken away we'd still have them anyway. Direct your ire somewhere else.
P.S. - you're not paying for our children. With the exception of probably the public schooling via the property tax, you are paying NOT ONE CENT towards either of my daughters.
The point is because of this tax loophole, people without children are paying taxes towards the credit. I'm not impartial to any tax loophole and would like them all eliminated but I can see where the OP is coming from.
You know the vast majority of families getting the child tax credit have kids that will one day be paying taxes that keep the medicare and social security systems afloat for all of those elderly who didn't have any kids.
Hey, it's even better than that because that credit requires NO PROOF that the kid is yours and living in your home and is your dependent. NO PROOF is required.
The IRS has estimated they are giving back about $4 billion in fraudulent claims.
When journalists uncovered this (one man claimed 12 children for credits and got back $12K) the IRS said they knew about it and would look into it.
I have a friend who works for the IRS and for every dollar we spend on the IRS they bring in $10 dollars in finding fraudulent claims. You want to prevent fraudulent claims, add more funding to the IRS who will return that investment 10-fold.
Hey, it's even better than that because that credit requires NO PROOF that the kid is yours and living in your home and is your dependent. NO PROOF is required.
The IRS has estimated they are giving back about $4 billion in fraudulent claims.
When journalists uncovered this (one man claimed 12 children for credits and got back $12K) the IRS said they knew about it and would look into it.
You could take it one step further and say that corporations take writeoffs that aren't legal too, couldn't you? I mean, the only way the IRS would ever know if a corporation's write offs are legit is though auditing, correct?
Ok, You got your wish granted by the goon politicians (Dem & Repug) who want your votes. Now you can deduct $1,000 off of your tax bill for every precious little one that we must ALL help raise for you. It's no wonder that 47% of americans pay NO Fed Income tax. Too many people sitting in the wagon who are not helping to pull it. The SS payroll tax cut was only meant to be temporary. I may pay a bit more, but I frankly don't mind too much. What I do mind is the outright pandering to the political blocs that these politicians are always throwing bones to. Pay for your own kids.
Well, I will be using the credit again this year. I figure my two children and the rest of this children in the country employ thousands of people each year. Without any kids, there would be no workers in daycare or employees in companies that produce goods catered toward children (diapers, toys, wipes, clothes, food, forumula, etc.). Look at the tax money generated on these items that goes to help the public at large.
Well, I will be using the credit again this year. I figure my two children and the rest of this children in the country employ thousands of people each year. Without any kids, there would be no workers in daycare or employees in companies that produce goods catered toward children (diapers, toys, wipes, clothes, food, forumula, etc.). Look at the tax money generated on these items that goes to help the public at large.
You're welcome.
This is the general argument for tax loopholes. Give GE tax credits because they employ thousands of people.
You haven't given a single reason this tax credit should exist. Why should you pay lower income taxes because you chose to have children?
I'm not trying to win anyone over, so I don't really need to give a reason.
I feel that if certain income brackets get tax breaks , then so should all of those people who are in the middle. Either that or lower the tax rates so that people don't need these deductions.
This is the general argument for tax loopholes. Give GE tax credits because they employ thousands of people.
Which is great. If companies employ thousands of people, that's terrific. Thankfully children create a market that employs people which in turn allows them to pay INCOME TAXES and purchase other goods and services while paying a TAX on these purchases.
Ok, You got your wish granted by the goon politicians (Dem & Repug) who want your votes. Now you can deduct $1,000 off of your tax bill for every precious little one that we must ALL help raise for you. It's no wonder that 47% of americans pay NO Fed Income tax. Too many people sitting in the wagon who are not helping to pull it. The SS payroll tax cut was only meant to be temporary. I may pay a bit more, but I frankly don't mind too much. What I do mind is the outright pandering to the political blocs that these politicians are always throwing bones to. Pay for your own kids.
I have kids and I agree with you. I don't even think they should be a write off. The government should not be assuming that people need help nor handing it out like candy just because they had kids. The only write off associated with having kids I can see is the child care tax write off and that's because you need child care to work so it's really a work expense. It makes sense to have this one because you are encouraging both parents to work and pay into the system and the government should be using the funds it has to encourage more tax payers not just hand out tax credits.
I also think it's time to do away with the mortgage interest write off as well. This is nothing but the government encouraging people to get bigger houses than they need to get a bigger write off. We need to become a nation of savers not spenders.
If I wrote the tax code, the only write offs would be work related and for medical...all medical. I've never understood why I get to pay my health care premiums with pre tax dollars while someone else, who doesn't have employer paid health care, has to use after tax dollars nor do I understand why I can put$2500/year into a pre tax spending accont for medical while someone who doesn't have that through their employer must spend 5% (this may be an old number) of their income on medical expenses before they get any kind of write off. IMO, this is the FIRST thing that should be fixed WRT fixing health care in this country.
The point is because of this tax loophole, people without children are paying taxes towards the credit. I'm not impartial to any tax loophole and would like them all eliminated but I can see where the OP is coming from.
Yes, but we were child-less for some time in our marriage too and we paid taxes that probably funded these credits, and we continue to do so. Our taxes are in this big pot that gets divvied up all over the place. I just don't agree with the OP's words "paying for your kids", when we as responsible parents pay for everything involving our children.
Many of us benefit in some way due to various IRS deductions of this or the other. None of these things are motivators for doing the action (i.e. having kids, contributing to charity), but it is nice to have.
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