U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old 10-17-2017, 05:59 AM
 
Location: Manhattan
21,452 posts, read 28,329,018 times
Reputation: 9739

Advertisements

Quote:
Originally Posted by 2sleepy View Post
Let's try this again. 26 states have their own STATE version of the federal EITC. You would have known that if you had clicked on the link that I provided. Let's try another link, please take a few minutes to read it:

"An earned income tax credit (EITC) is designed to help low- to moderate-income working people get ahead. The federal tax credit was enacted in 1975 and made permanent in 1978. Twenty-six states and the District of Columbia also have earned income tax credits. This report describes the federal and state earned income tax credits, answers common questions about them and provides examples of how to help working people find and use free tax preparation services.

http://www.ncsl.org/research/labor-a...-families.aspx

Let me try this another way:
State tax policy is irrelevant to the proposed Trumpian Federal tax cut. And that is why I ignored your reference to the states' having their own EITC's. Eliminating the refundable Federal EITC will have a massive impact on low income earners. What the various states do will not have much impact.


What point are you trying to make, sleepy?

Last edited by Kefir King; 10-17-2017 at 06:09 AM..

 
Old 10-17-2017, 06:45 AM
 
30,064 posts, read 47,297,325 times
Reputation: 16009
You are right--Federal law trumps state law
And you are also correct that eliminating what was a huge tax rebate plan to add income into the lower segment of wage earners will have signifiant impact on millions of people AND the economy...
You tell me which is likely to HELP/HURT the bottom line of retailers like Target, WalMart, Dollar General, Lowe's, HD and more where people spend their rebates...
(They aren't buying stocks with it I think)...
taking those millions OUT of the hands of what maybe 1/3 so of tax filers or helping Steve Mnuchin reduce his tax bill?
 
Old 10-17-2017, 07:02 AM
 
210 posts, read 150,317 times
Reputation: 628
Since ETIC is a wage supplement that subsidizes the inadequate wage paid by low wage employers, I imagine it will be, if anything at all, enhanced. It lowers costs for employers and raises profits for stockholders.


Why should I believe otherwise when, in the past, EITC has had strong support from both major parties.
 
Old 10-17-2017, 08:25 AM
 
Location: Manhattan
21,452 posts, read 28,329,018 times
Reputation: 9739
Quote:
Originally Posted by TuborgP View Post
No tax cut for the top ten percenter is probably a non starter. How does this jump start the economy?

The Primary Goal of every piece of Legislation should be Deficit Reduction, which would help every citizen.


^^^^^Also a non-starter. Deficit reduction is an impossibility.
 
Old 10-17-2017, 08:42 AM
 
30,064 posts, read 47,297,325 times
Reputation: 16009
Quote:
Originally Posted by AnnaLee2 View Post
Since ETIC is a wage supplement that subsidizes the inadequate wage paid by low wage employers, I imagine it will be, if anything at all, enhanced. It lowers costs for employers and raises profits for stockholders.


Why should I believe otherwise when, in the past, EITC has had strong support from both major parties.
EITC--earned income tax credit

1--IF I remember correctly the GOP in last decade or so has usually pushed back against efforts to increase ETIC which they view as helping Democratic voters more than the average GOP voter--
Google for article titled "The Partisan Divide Over the Earned Income Tax Credit" by Tim Noah from 2014
Has a good history of the EITC as Republican/Democratic supported policy and how the GOP shifted its position against it as it tried to create a stalking horse to rail against...former Senator Jim DeMint was one of the architects...
2--Because the WH policy makers who designed THIS tax proposal are not politicians
They were brought to Washington supposedly under the pretext to "drain the swamp" even though they seem to be more like swamp monsters themselves...

So it seems a situation could develop similar to the two failed attempts to repeal the ACA where you have a plan pushed by the WH which doesn't even understand (or care) about the implications for ALL levels of society but expects the Congress (GOP leadership and members) to push it through despite what members' consituents and strong lobby interests might disagree with and without true cooperation from the Democrats to get a coherent plan passed...
 
Old 10-17-2017, 09:40 AM
 
3,090 posts, read 1,716,182 times
Reputation: 3459
Quote:
Originally Posted by TuborgP View Post
But it does turn into shareholder profit and gains for the fifty percent who own stocks, pension funds etc. Our financial profile has had a awesome year without much in the way of a COLA on pensions or SS.
Wages aren't the only way to make money and counting on that absent a promotion or bonus etc is probably not a good plan to get ahead. That is a modern day reality and perhaps instead of fighting it we might be better off encouraging others to learn how to increase their wealth one step at a time. Big step or small step it does happen and does work.
Wage earners are the back bone of the economy. Be it Amazon or your local barbershop, they need workers.
I have no idea what you are talking about "learn how to increase their wealth". What, rob a bank? Your posts are too cryptic to make any sense.
 
Old 10-17-2017, 09:59 AM
 
29,764 posts, read 34,848,700 times
Reputation: 11675
Quote:
Originally Posted by cb2008 View Post
Wage earners are the back bone of the economy. Be it Amazon or your local barbershop, they need workers.
I have no idea what you are talking about "learn how to increase their wealth". What, rob a bank? Your posts are too cryptic to make any sense.
Are you an investor and if so is your portfolio significant? If so I would think you understand. Earnings from work are one way to increase wealth there are many others including buying and selling goods. Many do that on EBay, investing, real estate etc etc.
Did one of your Social Studies teachers in high school teach you about wealth creation. the power of compounding, investing etc etc?

It all started years ago with bartering and off civilization went, oh yeah and wealth inequality started also.
 
Old 10-17-2017, 10:09 AM
 
Location: Living rent free in your head
30,988 posts, read 13,558,751 times
Reputation: 22077
Quote:
Originally Posted by Kefir King View Post
Let me try this another way:
State tax policy is irrelevant to the proposed Trumpian Federal tax cut. And that is why I ignored your reference to the states' having their own EITC's. Eliminating the refundable Federal EITC will have a massive impact on low income earners. What the various states do will not have much impact.
What point are you trying to make, sleepy?
Your original post referred not to federal EITC but rather to proposed cuts in the Oklahoma state EITC program. I have yet to see, or even hear anything about a federal proposal to cut EITC but since you seem to be aware of one please help us out here and post a link that actually refers to it.
 
Old 10-17-2017, 10:29 AM
 
Location: Paranoid State
13,047 posts, read 10,426,347 times
Reputation: 15678
Quote:
Originally Posted by Weichert View Post
Forget about tax relief to lower income people.
Lower income people don't pay any federal income tax in the first place. How do you give even more relief to someone who is not contributing in the first place?
 
Old 10-17-2017, 10:35 AM
 
30,064 posts, read 47,297,325 times
Reputation: 16009
Quote:
Originally Posted by cb2008 View Post
Wage earners are the back bone of the economy. Be it Amazon or your local barbershop, they need workers.
I have no idea what you are talking about "learn how to increase their wealth". What, rob a bank? Your posts are too cryptic to make any sense.
He means that people should buy stocks, invest in the market, put as much into savings to see increases through capital gains, dividends, and increase in share prices...
That is all well and good for people who work jobs that pay enough to HAVE money left over from living expenses...
I don't even want to debate doing wo a cell phone to buy insurance

I am talking about the truly working poor
The people--millions and millions of them--who work two or three jobs part time trying to get enough money to pay rent, pay for responsible child care, buy new shoes for their kids, eat decent food, and have money for Doctor and RX coverage...
We are not talking about people who are making 80K, 130K, 250K a year, have a job with benefits with some form of subsidized health insurance and 401K plan...and who do have the capacity to invest and hope to grow their wealth...and some of those in the lower quadrant still find themselves pinched to make ends meet trying to save for college or help their aging parents with their special needs...
This is not about having to choose between a Tesla or a Mercedes but between rent and paying the light bill....

You need EXCESS income to invest to be able to "grow wealth" w/o working paycheck to paycheck...

https://www.cnbc.com/2016/12/01/trum...ax-breaks.html
That article says that the details of how Trump's tax plan would actually be implemented are likely to COST the middle class vs help them...
And I am not sure about all the rebates for items like company benefits--

The article implies that in some ways it is a bait-switch shell game where it sounds good until you actually do the math--
Which to me seems very much like some of the past deals Trump has touted to investors and local governments and banks as a means to grow their wealth and had that blow back on them as debt while Trump made millions...

Steve Mnunchin's past history with mortgage finance should make anyone who has done some research pretty leery of his truthfulness quotient as well...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top