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Old 01-22-2013, 10:32 AM
 
Location: Barrington
45,781 posts, read 34,024,908 times
Reputation: 15288

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Quote:
Originally Posted by michiganmoon View Post
Wow playing with that thing I can see why ~30% of households make a profit off of taxes.
The earned income tax credit was first pitched in the late 60's and was created in 1975, 24 years before Obama was elected.

[LEFT]No other federal antipoverty program has grown at a comparable rate. The income caps have kept pace with inflation over the years.

The tax code, as is, favors large corporations, ultra wealthy and low income earners. [/LEFT]
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Old 01-22-2013, 10:42 AM
 
Location: Barrington
45,781 posts, read 34,024,908 times
Reputation: 15288
Quote:
Originally Posted by rorqual View Post
Or use offshore Cayman Islands accounts.
Places like the Cayman Islands do not report income to the IRS. This does not however eliminate the requirement for those who earn such incomes to report it and pay taxes.

The IRS has had periodic offshore tax amnesity programs that allowed those who had previously
" forgotten" to declare such incomes and pay taxes to do so without penalties. It has been speculated this was a contributing factor as to why Romney refused to release tax returns prior to 2010.

Last edited by middle-aged mom; 01-22-2013 at 10:51 AM..
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Old 01-22-2013, 10:50 AM
 
Location: Barrington
45,781 posts, read 34,024,908 times
Reputation: 15288
Quote:
Originally Posted by michiganmoon View Post

CNN did a study and estimated that Romney pays a higher effective tax rate than at least 80% of the country and they said the number is probably closer to 90%.

Obama's claim that teachers, fireman, and police pay a higher rate was simply classwarefare tripe that works with the uninformed.
About 18% of tax filers pay no income tax. Most of them are seniors living off of Social Security or other non-taxable ( municipal bonds) incomes.

Low incoome employees continue to pay state taxes and Payroll taxes. That there's a heck of a lot more low income folk than ultra wealthy is fact.

The typical middle class filer is more likely to pay a higher effective tax rate than someone like Romney.

The tax code, as written, favors large corporations, low income and the ultra wealthy.
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Old 01-22-2013, 10:53 AM
 
Location: Barrington
45,781 posts, read 34,024,908 times
Reputation: 15288
Quote:
Originally Posted by EdwardA View Post
Refundable credits.
Does not compute, unless there is taxable income.

Someone with no earned income does not qualify for credits.

( Corporate tax is a whole other ballgame)
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Old 01-22-2013, 11:08 AM
 
Location: Barrington
45,781 posts, read 34,024,908 times
Reputation: 15288
Quote:
Originally Posted by Darkatt View Post

If a mom is a single mom, because she CHOSE to be irresponsible, we should help identify the correct father for the child or children, and then between the parents, they provide their own living. I am amenable to providing medical/dental, and ensuring the children are fed with healthy, wholesome food.
The application for welfare benefits is a common trigger for going after child support. Unfortunately, this does not have the desired outcome for a variety of reasons, including but not limited to:

Inability or more common, an unwillingness to ID the bio dad due to fear
Unemployment or untracable employment of bio dad
Incarceration of bio dad
Death of bio dad

So much emphasis is placed on the mother's irresponsibility and too little on the men who willingly participatedin conception. I mean a man is fully aware of the likely outcome when he has unprotected sex. It takes 2 to tango.
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Old 01-22-2013, 11:11 AM
 
Location: Barrington
45,781 posts, read 34,024,908 times
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Quote:
Originally Posted by KathrynAragon View Post
You didn't realize that when it comes to tax "refunds" - many people actually get back a LOT more than they paid in?

Wake up!
When there is earned income, the EITC and child credits can combine to this outcome.
When there is no earned income, there is no windfall.
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Old 01-22-2013, 11:13 AM
 
Location: Barrington
45,781 posts, read 34,024,908 times
Reputation: 15288
Quote:
Originally Posted by KathrynAragon View Post
I haven't read thru the entire thread, but one thing that immediately jumps out at me is that the OP didn't say that the woman in question hadn't worked all year. She isn't working at present.

You don't have to earn much, or pay much in, to get WAY more than you paid in back in the form of a "refund" if you have four kids.
OP implied and most inferred she was a welfare mama who did not work.

Likely no one knows the real story.
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Old 01-22-2013, 11:18 AM
 
66,437 posts, read 30,302,435 times
Reputation: 8660
Quote:
Originally Posted by middle-aged mom View Post
About 18% of tax filers pay no income tax.
Totally false. This U.S. Senate document clearly states that only 49% of filers AND non-filers have any federal income tax liability whatsoever:
http://finance.senate.gov/newsroom/r...1-ffc00b5c00ef

That means a full 51% pay no federal income tax whatsoever.
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Old 01-22-2013, 11:35 AM
 
Location: Barrington
45,781 posts, read 34,024,908 times
Reputation: 15288
Quote:
Originally Posted by Suncc49 View Post
88 million people unemployed/not in workforce statistics

34 million on social security with 4 million added in last half of 2012

50 million on food stamps

Conclusion? We are running out of people to pay for it
10,000 people turn 65 each day and will continue to do so for the next 20 years. They become eligible for Medicare and Social Security. Many will become eligible for SNAP beneifits and Section 8 rent subsidies, too. It did not take an actuarial genius to see this train coming and yet, all prior administrations did nothing to better prepare the nation to absorb the aging population.

Medicare is not means tested. It has been subsided by general revenues, all along. It began with a 25% subsidy. It's now about 40% and is projected to grow to 50% by the end of this decade. These subsidies are paid for with deficit spending, no different than our wars.

The longer we delay phasing in a change of eligibility age, the deeper in the hole we will go.
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Old 01-22-2013, 11:52 AM
 
66,437 posts, read 30,302,435 times
Reputation: 8660
Quote:
Originally Posted by middle-aged mom View Post
10,000 people turn 65 each day and will continue to do so for the next 20 years. They become eligible for Medicare and Social Security. Many will become eligible for SNAP beneifits and Section 8 rent subsidies, too.
Nope. Already cited the stats.
Quote:
Originally Posted by InformedConsent View Post
Seniors are only 13% of the population, and only 8.9% of them are at or below the poverty level for a total of 1.16% of the U.S. population.
http://www.aoa.gov/aoaroot/aging_sta...010profile.pdf
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