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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?
We shouldn't. Not a tax credit and not a deduction just for having a child. Expenses like child care which allow couples to dual earners should be allowed though. They become an expense you have only because you work once you have kids and we need to encourage people to stay in the work force and keep paying into the system.
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.
Here's a thought. You like the idea of having Medicare and Social Security when you retire/ If you do, you better damn well like the idea of government incentivizing having kids, because they will be the ones making sure you're getting that SS deposit every month, and getting medical care when you're old.
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.
We are being given a break just because we have kids. That means we are not paying our fair share. Do I take it? Yes because the government takes enough from me but I also recognize that this is, inherently, unfair to the childless. They never get this break. Maybe the solution is to give everyone the break for 18 years. You pick the 18 years you get it.
Here's a thought. You like the idea of having Medicare and Social Security when you retire/ If you do, you better damn well like the idea of government incentivizing having kids, because they will be the ones making sure you're getting that SS deposit every month, and getting medical care when you're old.
We don't need to encourage people to have kids to do this. Our population is growing and if our birth rate shrinks, there are plenty of people who want to move here from places like Mexico.
We don't need to encourage people to have kids to do this. Our population is growing and if our birth rate shrinks, there are plenty of people who want to move here from places like Mexico.
The problem is, our population is growing from the bottom of the ladder, not the middle or the top. Putting it in Republican words, more takers are being born than givers. There needs to be roughly an equal amount of new kids vs people dying. No population growth, keep it stable
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...
Kind of like when U.S. citizens didn't have to list their Social Security numbers on their returns...
Quote:
Originally Posted by HappyTexan
...The IRS has estimated they are giving back about $4 billion in fraudulent claims...
No, the real statistic is that $4 billion went to ITIN filers...
Quote:
Originally Posted by HappyTexan
...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 mean "ITIN". Typically children are required to be living in the United States to claim the Additional Child Tax Credit, but there are provisions in some areas of tax code if they are in Mexico or Canada. I had to file using ITINs for my wife and stepchildren for three years, covering the time from my marriage to when they gained legal residency status (my wife wasn't "authorized for work in the United States", but since she wasn't present or working in the United States, she was not violating any immigration law).
The problem is, our population is growing from the bottom of the ladder, not the middle or the top. Putting it in Republican words, more takers are being born than givers. There needs to be roughly an equal amount of new kids vs people dying. No population growth, keep it stable
Very true but tax breaks aren't going to change that so we might as well spend the money building new bridges or highways that anyone can use.
I'd like to see what this country looks like in 3 or 4 more generations of bottom up growth. Who knows, maybe second/third generations will pull themselves up into the middle/top. My great grandfather came here a farmer, my grandfather moved to the city and worked in a factory, my father was a skilled carpenter, his daughter an educated engineer. When you think about it, we've always grown from the bottom up. The problem is the hand outs we give to the bottom now.
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.
If you agree not to use services funded by the taxes on children when they enter the workforce I am sure something can be arranged. For example, since I am taxed now, I cannot directly fund my mother's retirement . I would like my payroll tax to go directly to her. Why should childless people expect me to pay into the general fund? They didn't raise me. I don't want to fund their SS and retirement. I would also like my children to be untaxed so that the childless don't leach off them and can then directly fund my retirement.
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.
Actually, person's such as myself (who are childless, and making six figures) are paying for your children, because I have a greater tax burden!
OP I completely agree. People with kids get tax breaks, not to mention childless like me pay for the education system and everything else. Yet the sick irony is in Illinois we have free healthcare for kids and their parents (including illegals)yet I as a single childless person don't qualify. Let's not forget all the parents who take off work early and the childless pick up the slack.
Had I known all of this I would have had a baby in my 20's then had the government pay for it all, including free college.
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