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.
I think liberals are will to recognize homelessness and make an effort to deal with it.
There is much much more poverty, filth and and homelessness in conservative areas - especially in the deep south and Appalachia - but Republicans are indifferent and callous.
That's just it... you CAN'T count taxes that aren't owed as a debt.
OMG, you still don't get it?!
What do you mean "not owed as a debt"??!! It's a debt that's been spend before you received it. Yes, it's a debt, that's why it's counted.
Quote:
Originally Posted by InformedConsent
Just like the other 318 million US residents don't owe me $20 each. Therefore it's patently absurd to say that I spent $3.63 billion because the other 318 million US residents didn't pay me $20 each.
And I hope you understand that a tax deduction is not a dollar for dollar reduction in the taxes one owes. For example, let's take a theoretical effective federal income tax rate of 10% (that's what the middle class pays, on average). A tax deduction of $2,000 reduces one's tax bill by only $200, 10% of that $2,000 deduction.
I never said it is a dollar for dollar deduction, did I?
.
What do you mean "not owed as a debt"??!! It's a debt that's been spend before you received it. Yes, it's a debt, that's why it's counted.
Spent how? I don't receive any money from the government for a tax deduction. I merely keep more of what I've earned.
Furthermore, tax deductions are a drop in the bucket compared to tax credits and refundable tax credits.
I'll let the IRS explain...
Quote:
"There are a few basic differences between tax credits and tax deductions. Tax credits provide a dollar-for dollar reduction of your income tax liability. This means that a $1,000 tax credit saves you $1,000 in taxes. On the other hand, tax deductions lower your taxable income and they are equal to the percentage of your marginal tax bracket. For instance, if you are in the 25% tax bracket, a $1,000 deduction saves you $250 in tax (0.25 x $1,000 = $250).
A tax credit is always worth more than a dollar-equivalent tax deduction, because deductions are calculated using percentages. Referring to the numbers above, you can see that a $1,000 credit offers $750 more in savings than a $1,000 deduction."
Furthermore, filing for REFUNDABLE tax credits means you'll get money FROM the government even if you pay no federal income tax whatsoever, but eligibility is limited by income.
Quote:
"
• The Earned Income Tax Credit is for people earning less than $49,078 from wages, self-employment, or farming. Millions of workers who saw their earnings drop in 2011 may qualify for the first time. Income, age, and the number of qualifying children determine the amount of the credit, which can be up to $5,751. Workers without children may also qualify. For more information, see IRS Publication 596, Earned Income Credit. • The Child Tax Credit is for people who have a qualifying child. The maximum credit is $1,000 for each qualifying child. You can claim this credit in addition to the Child and Dependent Care Credit. For more information on the Child Tax Credit, see IRS Publication 972, Child Tax Credit. • The American Opportunity Tax Credit is for eligible taxpayers who make less than $80,000, or $160,000 for married couples filing a joint return. The credit is gradually reduced, however, for taxpayers with incomes above these levels. The credit can be claimed for qualified tuition and related expenses that you pay for higher education in 2009 and 2010. Qualified tuition and related expenses include tuition, related fees, books, and other required course materials."
The phase out threshold for the Child Tax Credit is $55,000 for married couples filing separately; $75,000 for single, head of household, and qualifying widow or widower filers; and $110,000 for married couples filing jointly.
I think liberals are will to recognize homelessness and make an effort to deal with it.
There is much much more poverty, filth and and homelessness in conservative areas - especially in the deep south and Appalachia - but Republicans are indifferent and callous.
Furthermore, filing for REFUNDABLE tax credits means you'll get money FROM the government even if you pay no federal income tax whatsoever, but eligibility is limited by income.
The phase out threshold for the Child Tax Credit is $55,000 for married couples filing separately; $75,000 for single, head of household, and qualifying widow or widower filers; and $110,000 for married couples filing jointly.
Read the last paragraph that you posted. You've basically posted the answer to your question. The answer is staring you right in the face. Somehow you repeatedly failed to get it. Let me guess, are you a Trump voter?
And yes, tax credits are tax expenditures. See below:
Quote:
Individual income tax expenditures are typically structured either as deductions or exclusions, non-refundable tax credits, or refundable tax credits.
Read the last paragraph that you posted. You've basically posted the answer to your question. The answer is staring you right in the face. Somehow you repeatedly failed to get it. Let me guess, are you a Trump voter?
No, my spouse is a CPA. A tax deduction isn't spent money. Why not? Because it's not owed by or to anyone.
Quote:
And yes, tax credits are tax expenditures.
Refundable tax credits in which the tax filer ends up with a negative effective federal income tax rate is indeed a tax expenditure.
No, my spouse is a CPA. A tax deduction isn't spent money. Why not? Because it's not owed by or to anyone. Refundable tax credits in which the tax filer ends up with a negative effective federal income tax rate is indeed a tax expenditure.
Taxpayer A makes $25K, lives in B*E, owns a home, and itemizes deductions.
Taxpayer B makes $25K, lives in Gotham, has no hope of owning a home, and takes the standard deduction.
Taxpayer A gets a $1,000 refund.
Taxpayer B pays $1,000 more tax than Taxpayer A.
Taxpayer B spent $1,000 which government gave to Taxpayer A.
Taxpayer A makes $25K, lives in B*E, owns a home, and itemizes deductions.
Taxpayer B makes $25K, lives in Gotham, has no hope of owning a home, and takes the standard deduction.
Taxpayer A gets a $1,000 refund.
Taxpayer B pays $1,000 more tax than Taxpayer A.
Taxpayer B spent $1,000 which government gave to Taxpayer A.
"Gave?" Prove that the government "gave" taxpayer A money that he hadn't already earned.
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.
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.
