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That's tax deductions and credits for you. They pay state income taxes, the federal part of the gasoline tax, state sales taxes and city sales taxes at the least too.
So as long as they do that, that's their fair share?
That's tax deductions and credits for you. They pay state income taxes, the federal part of the gasoline tax, state sales taxes and city sales taxes at the least too.
So do the 55% who actually PAY federal income tax. Either ALL pay, or NO ONE pays. More than 45% of all 1040 filers are federal income tax freeloaders. That is WAY too many.
So as long as they do that, that's their fair share?
Unless we remove tax deductions and credits for all, yes. Sorry you do not agree. Would you say this for people who don't make any income or just income makers?
Unless we remove tax deductions and credits for all, yes. Sorry you do not agree. Would you say this for people who don't make any income or just income makers?
People who have no income aren't required to pay income tax, or even file a 1040. And that goes for seniors who collect only SS. None of those people are included in the more than 45% of all 1040 tax filers who pay NO federal income tax whatsoever.
People who have no income aren't required to pay income tax, or even file a 1040. And that goes for seniors who collect only SS. None of those people are included in the more than 45% of all 1040 tax filers who pay NO federal income tax whatsoever.
I know that as do you, but the OP was saying that these people should be paying something. Hence the the OP.
Furthermore, the State of Michigan EXPLICITLY states that a copy of the property tax bill is to be included when claiming the credit, so EACH homeowner AND renter is treated EXACTLY the same.
It's patently absurd to believe that an eligible renter only gets a 20% credit on their portion of the taxes while homeowners get a full credit. It just DOESN'T work that way. You're being extremely foolish.
Stop spewing your ridiculous crap.
Wrong, the homeowner gets to enjoy the tax credit without actually paying the tax billed - renters CANNOT take the tax credit on contract rent - only on contract rent PAID in the tax year.
Michigan can't be bothered using actual property tax numbers for renters, so they employ a shortcut - Michigan makes a nonrebuttable presumption that 20% of rent paid represents the property taxes embedded in the rent.
e.g. a renter who pays $10,000 rent is presumed to have paid $2,000 in property taxes, regardless of the actual property taxes.
When property taxes paid are greater than 3.5 percent of the taxpayer's income, the taxpayer is deemed to be worthy of mitigation through the Homestead Property Tax Credit. It's a fractional mitigation - not dollar for dollar - and is capped at $1,200 per year.
That's tax deductions and credits for you. They pay state income taxes, the federal part of the gasoline tax, state sales taxes and city sales taxes at the least too.
Farmers used to get a tax credit - as far as I know it still exists - for LUST taxes.
No, not THAT kind of tax. It's a gasoline tax dedicated to the remediation of Leaking Underground Storage Tanks (the kind at gas stations).
Wrong, the homeowner gets to enjoy the tax credit without actually paying the tax billed - renters CANNOT take the tax credit on contract rent - only on contract rent PAID in the tax year.
Incorrect. Homeowners and renters are treated EXACTLY the same on their primary residence. If they meet the criteria, they get the homestead tax credit.
Quote:
Taxes Levied: You can only claim the amount of property taxes levied (billed) during the year in question, no matter when they were paid.
"I don't think a single mom making $15k should pay federal income taxes. Probably not a home owner at that salary so no property taxes to pay."
Looks like you should move to socialist country more in tum with your thinking.
You are way off base.
I am a libertarian I would prefer no one pays federal income taxes.
A single mom making $15K a year. That is $1,000 a month. I would rather her not pay taxes and not get any benefits as opposed to paying taxes and getting a bunch of freebies. Much simpler.
I am a libertarian I would prefer no one pays federal income taxes.
A single mom making $15K a year. That is $1,000 a month. I would rather her not pay taxes and not get any benefits as opposed to paying taxes and getting a bunch of freebies. Much simpler.
No benefits for her kids, as well. I'd be OK with that.
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