Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

What does the phase out mean on the tax credit?

I see where the tax credit for workers is about $400 per individual. also see that it phases out if the gross income is $75,000 to $95, 000. What does this mean? People in that pay range don't get a tax credit?

Answer Question
 
Anonymous

Asked by Anonymous at 11:45 AM on Feb. 18, 2009 in Politics & Current Events

Answers (10)
  • Yep. My mom and dad make well over the amount to benefit from the stimulus. Last night she was telling me based on the phase out her and my dad would not get a tax credit at all. Its a phase out much like the stimulus payment we got last year was. The more you make, the less you get.
    gemgem

    Answer by gemgem at 11:49 AM on Feb. 18, 2009

  • it means eat bananas
    Anonymous

    Answer by Anonymous at 11:50 AM on Feb. 18, 2009

  • whats this "banana" thing - thats the 3rd time today i've seen comments about a "banana" in relation to the economy - i'm curious - what does it mean? haha! i'm behind on the current events apparently - - -
    Anonymous

    Answer by Anonymous at 12:03 PM on Feb. 18, 2009

  • it means that if you make $77,000 you might get $350 and if you make $60,000 you might get $200.....and it keeps dropping till you hit $95,000 where you get NOTHIN'.


    Which is kind of funny because I thought the "rich" were defined by the Obama folks as people who make over $250,000.  So shouldn't the phase out go to THAT income level?

    momof030404

    Answer by momof030404 at 12:09 PM on Feb. 18, 2009

  • Which is kind of funny because I thought the "rich" were defined by the Obama folks as people who make over $250,000. So shouldn't the phase out go to THAT income level?


     Let the Redistribution of Hard Working American Money Commence!  Go Spendulus 2009! Yay O!  Those who actually have jobs and could benefit from a little $ to stimulate, are left paying a larger portion of the debt to China back...  Next year, who knows it may be those making $65,000...  After all~we must all do our Patriotic Duty...

    grlygrlz2

    Answer by grlygrlz2 at 12:15 PM on Feb. 18, 2009

  • And this is the "change" everyone wanted??
    Anonymous

    Answer by Anonymous at 12:18 PM on Feb. 18, 2009

  • I agree with anon. 12:18. change to what? The little man is still the one goingto be feeling the chrunch and left out and paying for everyone elses mistakes. If people hadn't been so greedy in the first place and making $25.00- 35.00/hr on an assembly line we wouldn't have to be bailing corparate america right now. My DH only makes 15.00/hr on his assembly line job for a major appliance company and because of these people his hours had to be cut because if nobody is working, nobody is buying appliances.
    Anonymous

    Answer by Anonymous at 12:28 PM on Feb. 18, 2009

  • Not that I agree with her point of view, but techincally, momof030404 's answer is correct, OP
    Anonymous

    Answer by Anonymous at 12:37 PM on Feb. 18, 2009

  • grly alot of us ...i'm guessing you did as well.Told people over and over the whole 250.000 deal was BS or wait was it 150,000? or 100.000? Yes it kept going lower per Biden/Obama
    tnmomofive

    Answer by tnmomofive at 2:35 PM on Feb. 18, 2009

  • Anon 12:28 majority of the auto plants pay that much and its not being greedy, thats what they pay. My DH works for a Japanese Auto maker in the US and he gets paid that much, and those companies aren't getting bailed out. On straight pay with no overtime we would only come close to the 60K a year bracket. But American workers work for them, so it hurts us as well. I don't see them asking for bailouts, its because the money was managed a bit better. The Japanese plants are hurting but they are offering good buyouts for people that want them and when they layoff it isn't the worst... they give a percentage of their pay on top of what unemployment gives you. We aren't just bailing out corporate america, what about all the banks we bailed out.
    Anonymous

    Answer by Anonymous at 9:34 PM on Feb. 18, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN