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With tax season just around the corner it’s time for my blood to start boiling. It seems that every year I here about working poor getting huge refunds via the earned income credit also know as the big screen TV stimulus plan.
Why should anyone get back more than they paid in?
We don't and it should be discontinued along with welfare, food stamps and section 8.
If people need charity to survive, that's why we have religious institutions and other charities.
I guess "Section 8" and "Welfare" sounds better than "CHARITY", but the reality is, all these programs are institutionalized charity.
With tax season just around the corner it’s time for my blood to start boiling. It seems that every year I here about working poor getting huge refunds via the earned income credit also know as the big screen TV stimulus plan.
Why should anyone get back more than they paid in?
Enacted in 1975, the initially modest EIC has been expanded by tax legislation on a number of occasions, including the widely-publicized Reagan Tax Reform Act of 1986, and was further expanded in 1990, 1993, and 2001, regardless of whether the act in general raised taxes (1990, 1993), lowered taxes (2001), or eliminated other deductions and credits (1986).[6]
How is that fair when homeowners get to enjoy tax-free consumption and renters pay up the wazoo?
A bit of an exaggeration. I pay 3.3K a year in property taxes on my home, it would be 4.2K if it was rental property. In some tax years that is deductable, other years I just use the standard deduction.
A renter would probably pay a $100 extra a month to rent my home than he would with equitable property taxes.
A total redistribution of wealth is indeed taking place now and has become blatant during the last few decades. Wealth is being redistributed from the creators to the owners who are not even willing to support the system making them the wealthiest parasites on the planet. Our entire welfare bill pales in comparison to the interest paid on just credit cards.
We need to drastically revise our Income Tax system. First we should eliminate all of the absurdly complex system with all of its complicated deductions. It should be replaced by a system based on all income from all sources (wages, interest, dividends, rents, inheritance, sales or anything else) with corporations basing their income on retained profits. From that amount a deduction equal to the 90th percentile (currently around 300k) would be subtracted and a flat, or progressive, tax paid on the remainder.
The result of this system would be a major boost in our economy as 90% of our people had a substantial amount of money to save, invest or spend. The banks, stock brokers and manufacturers would see a vast increase in cash flow. The plutocrats that are currently the beneficiaries of our wealth transfer system would indeed see wealth being transferred from them to the system that protects their future wealth. They would not be made poor by any stretch of the imagination but would no longer be guaranteed financial ascendancy by the system. They would actually have to work for their wealth.
Pretty much disproves the Republicans hate the poor argument, doesnt it?
No, it simply demonstrates how clueless are republicans when they desperately seek ways to demonize the poor. The very existence of this thread brings out that fact.
The greatest fears know to a striving, but not yet securely rich, Republican is falling off the profit cart and becoming poor. That is not only inconvenient but embarrassing.
The greatest fears know to a striving, but not yet securely rich, Republican is falling off the profit cart and becoming poor. That is not only inconvenient but embarrassing.
And the republobots will follow! hoping willard is their ship or ticket to wealth.
The tax code need to go. It has to be replaced with a consumption tax. Consumption tax is the only fair tax.
I completely agree!!
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hoping willard is their ship or ticket to wealth.
