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How much money would be saved if EIC was done away with?

Obviously anyone that is eligible for EIC is going to take it, that makes sense. But just imagine how much money the gov't would save if they done away with it, and isn't it also a form or welfare? It is not actual earned income but a giveaway by the gov't.

 
ronjwake

Asked by ronjwake at 3:05 AM on Feb. 1, 2010 in Politics & Current Events

Level 7 (175 Credits)
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Answers (122)
  • I so agree! I can't for the life of me figure out how they can just hand over $$ like that, to people who already get ALL their taxes that they paid in! It makes no sense to me. I think they should suspend this program for ONE YEAR and apply the $$ to the deficit, that would make a HUGE dent in the deficit. And then continue to do that until the deficit is paid down to 0. Sure, some people would complain, but it's not their $$ yet. It is ridiculous to hand over $$ in that amount while our debt is so large.
    29again

    Answer by 29again at 3:22 AM on Feb. 1, 2010

  • Oh, I didn't answer the question!! We would save a gajillion, bazillion dollars! Maybe even 2 gajillion! I see it as another way to keep people dependent on the government. It is actually income that someone else earned, just like welfare. I'm all for returning the taxes paid in to low income citizens, but the EIC is getting out of hand.
    29again

    Answer by 29again at 3:28 AM on Feb. 1, 2010

  • 29again, you are 100% correct! I worked in the tax field for several years and seen some rather hefty returns. What gets me most is people don't blink an eye to pay $400 to get that return in a rapid refund, but that is because most of them are getting the EIC. If they had actually paid the full amount in that they were getting they would not spend that large amount to file them and get them in rapid refund. The banks make a fortune off this, or did in years past. The gov't can afford to keep handing those $4000 dollar checks out!
    ronjwake

    Answer by ronjwake at 3:49 AM on Feb. 1, 2010

  • The banks still make a fortune off of it. I admit I have gotten a few nice returns that way, but I have still do not understand it. I also would not be whining and crying if the gov't stopped handing them out. But I would bet a million that there would be such an outcry from the masses if the gov't did stop it, even for one year. I can hear it now -- That's MY money! I have a right to that money! I earned that money, you can't keep it from me! The gov't OWES me that money! They can't keep it, I need it, because I already spent it!

    You know, when our debt is so high, they could at least cut down on how much they hand out.
    29again

    Answer by 29again at 4:31 AM on Feb. 1, 2010

  • It is not the peoples fault that gets the money, it is the gov't fault for handing it out like candy. And you damn right people would have a cow, I have seen to many have a fit because their refunds was taken by default student loans, etc.
    ronjwake

    Answer by ronjwake at 4:50 AM on Feb. 1, 2010

  • I would like to know who's bright idea this whole EIC thing was? WHY did they feel it was such a good thing? I know that it started in the 70's, but that is about all I know about the history of it.

    I think it is absurd beyond words that someone who makes $12-13K a year can get a $6K handout. Just for having a couple kids and a job. I think maybe I'll get GB to investigate this....LOL
    29again

    Answer by 29again at 5:01 AM on Feb. 1, 2010

  • Yep, I have seen many that got that $5k refund and made a total income of $12k for the year. And they are the first ones to bitch if their return is a day late in the mail..
    ronjwake

    Answer by ronjwake at 5:08 AM on Feb. 1, 2010

  • Here we go again. I am very glad that the EIC is there. Yes, we qualified for it. No, I am not a lazy person who sits on their bum all day. I went to college and graduated with a B.S. in Elementary Education. Unfortunately, the only job that I could find is working at a daycare for $7.25 an hour. Far from the $36,000 a year I was expecting to make once I graduated. My husband is a police officer and he just finished his degree. When he started he was promised a 10% raise, however due to cutbacks and furloughs, he now makes less than when he started 5 years ago. It helps out a great bit. We don't use it to buy big screen t.v.'s or anything like that. I goes towards clothes for our son, savings, and this year it will go towards a new air conditioner/heater since ours went out. In a few years when  the economy gets better, we will no longer qualify for it and we will be paying "back" what we received. Cont...

    Anonymous

    Answer by Anonymous at 6:32 AM on Feb. 1, 2010

  • Cont... If you want to complain about the government giving money away. Complain about them giving billions of dollars to businesses whose CEO's made millions while the company was going under.

    Anonymous

    Answer by Anonymous at 6:33 AM on Feb. 1, 2010

  • I'm not on any type of PA but you ladies kill me with this BS on an almost day to day. Jealousy never makes you look good.

    Anonymous

    Answer by Anonymous at 6:35 AM on Feb. 1, 2010

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