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Mom Confessions Mom Confessions

Earned Income Credit isn't really earned

Anonymous
Posted by Anonymous
  • 82 Replies

You did know that right? Does this bother you, that you are receiving money from a tax payer who is more fortunate, who most likely is more educated, who may or may not even approve of our government's "redistribution of wealth"?

I'm sure for some families this EIC means that those medical bills that have been piling up, possibly in collections, will finally get paid, or the car in need of a tune-up will finally be put in the shop. For other families, it may be an undeserved trip to buy lottery tickets or a vacation. You can't put conditions on it becauses it's a gift.

But, why do we have this anyway? It's just another form of welfare. How much money wouldn't go toward our federal debt if we saved this money at least till the economy improves? Or perhaps we discontinue this tax program WHEN the economy improves. Most people understand that cutting taxes and putting more money in the hands of the lower and middle class will boost the economy.

Thoughts? Beneficial program, not beneficial, fair, not fair, keep it, do away with it?

Posted by Anonymous on Feb. 25, 2013 at 12:10 PM
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Replies (1-10):
Anonymous
by Anonymous 2 on Feb. 25, 2013 at 12:12 PM

I love that I got a 9000 dollar refund! Our van was dying on us and we needed a new car, so we could afford one that will last. The rest is in savings for emergencies. We haven't ever qualified for EIC before, but it's helpful to us this year, that's for darn sure.

CuriousArentYa
by Platinum Member on Feb. 25, 2013 at 12:16 PM
5 moms liked this

You do realize that in some places, starting out teachers, police officers, firefighters, emt's and soldiers get eic right? All of those careers require a bit of education and training. 

I don't agree with eic, but I am not going to bash the hell out of people who get it. We got it when my husband first started his career, as he climbed the ladder and got raises he no longer qualified. 

Moki75
by Bronze Member on Feb. 25, 2013 at 12:18 PM

blah blah blah

mommaharley
by on Feb. 25, 2013 at 12:21 PM
1 mom liked this

Just because someone is wealthier doesn't mean they are better educated.  What a fallacy.  Teachers make under 40K a year when they first start out.  You have to have an education to teach others, smart one.  EIC helps those of us who need a little extra - like the hospital bill I need to pay.  Glad you've never needed help in your life.

RMC007
by Silver Member on Feb. 25, 2013 at 12:21 PM
1 mom liked this

It is called the Earned Income Credit because the person earned income throughout the year. You have to make over and under a certain amount of money to be able to qualify for the credit. The same goes with the Home Buyers Credit, buy a house, get a credit.

Personally, I don't agree with the EIC, but I don't blame the people who qualify. We pay our accountant to get us every deduction and credit possible, and if I qualified for the EIC, I would take it too. I really don't understand bashing the people who receive the credit. True some blow it on stupid shit, but others put the money to good use. Bash the credit, not the people who qualify for the credit.

moneysaver6
by on Feb. 25, 2013 at 12:21 PM
3 moms liked this
I believe that the "earned" income credit should be eliminated. I also believe that everyone should be required to pay a percentage of their income to federal income taxes and that food stamps should be run like WIC.
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gavansmommy
by on Feb. 25, 2013 at 12:21 PM
1 mom liked this

I don't think we should have it.  If you didn't pay for it you don't get it.  Plain and simple.  There are WAY too many people who blow it on crap.

elephantmamaof2
by Ruby Member on Feb. 25, 2013 at 12:24 PM
6 moms liked this

There's nothing "fair" about our tax system at all. I'm all for a flat tax rate. Do away with returns, refunds, and loopholes altogether.

Anonymous
by Anonymous - Original Poster on Feb. 25, 2013 at 12:25 PM


Quoting CuriousArentYa:

You do realize that in some places, starting out teachers, police officers, firefighters, emt's and soldiers get eic right? All of those careers require a bit of education and training. 

I don't agree with eic, but I am not going to bash the hell out of people who get it. We got it when my husband first started his career, as he climbed the ladder and got raises he no longer qualified. 

No bashing from me, either, just discussing and being honest.

Anonymous
by Anonymous - Original Poster on Feb. 25, 2013 at 12:27 PM


Quoting mommaharley:

Just because someone is wealthier doesn't mean they are better educated.  What a fallacy.  Teachers make under 40K a year when they first start out.  You have to have an education to teach others, smart one.  EIC helps those of us who need a little extra - like the hospital bill I need to pay.  Glad you've never needed help in your life.

Wasn't implying wealthier always means better educated, but statisically education means more money.

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