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Current Events & Hot Topics Current Events & Hot Topics

Child tax credit..

Posted by on Aug. 1, 2014 at 12:01 AM
  • 66 Replies
1 mom liked this

Surprise surprise.  The House GOP, largely incapable of passing any legislation did manageto pass a tax cut on Friday.  Guess who it helps?

You’ve probably heard this story before: House Republicans choose to cut taxes for the rich instead of the poor. On Friday, they did it once again. The House GOP had an opportunity to address an expiring law that would result in a significant tax increase on the poor. Instead, it passed legislation that would cut taxes for high-income Americans. . .

If the House legislation became law, the Center for Budget and Policy Prioritiesestimated that a couple making $160,000 a year would receive a new tax cut of $2,200. On the other hand, the expiring provisions of the {Child Tax Credit} CTC would cause a single mother with two kids making $14,500 to lose her full CTC, worth $1,725. The CBPP projects that 12 million people, including six million children, would either fall into poverty or fall deeper into poverty if Congress does not extend those 2009 changes. Taken together, these changes would be extremely regressive.

Yup, you guessed.

by on Aug. 1, 2014 at 12:01 AM
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Replies (1-10):
Della529
by Matlock on Aug. 1, 2014 at 7:21 AM

Bump to explore later.

UpSheRises
by Platinum Member on Aug. 1, 2014 at 7:42 AM
13 moms liked this
I dont think you should get back more than you paid in. I get that people count on that money, im a social worker for christ sake, but your tax return is supposed to be what you over paid. The moms that I work with get thousands back and about half of them dont even work. That isnt okay and it isnt helping them rise out of poverty. I know because im in their homes every week for 90 min. and the work I do DOES help them change the course of their lives.

Throwing money at a problem doesnt solve it.
WickdlySweet
by Member on Aug. 1, 2014 at 8:46 AM
4 moms liked this
I did not know you could get any kind of tax return or child tax credits without working???

Quoting UpSheRises: I dont think you should get back more than you paid in. I get that people count on that money, im a social worker for christ sake, but your tax return is supposed to be what you over paid. The moms that I work with get thousands back and about half of them dont even work. That isnt okay and it isnt helping them rise out of poverty. I know because im in their homes every week for 90 min. and the work I do DOES help them change the course of their lives.

Throwing money at a problem doesnt solve it.
jcrew6
by Gold Member on Aug. 1, 2014 at 9:15 AM
3 moms liked this

No where does this OP mention the over 350 bills passed from the House that Harry Reid has yet to bring to a vote in the Senate. Ohhh right, Harry is a Democrat. He's allowed to be "incapable". 

jcrew6
by Gold Member on Aug. 1, 2014 at 9:17 AM
2 moms liked this

I say we end ALL tax credits.  For EVERYONE~ rich, middle class, poor, business. Maybe then, the IRS could do their fucking job with some accountability. 

quickbooksworm
by Silver Member on Aug. 1, 2014 at 9:18 AM
1 mom liked this
That's what a credit is. You can get back a dollar amount whether you paid in or not. A deduction reduces your overall tax liability. So if you earned $10k and receive a $1k tax deduction, you only pay taxes on $9k.

Quoting WickdlySweet: I did not know you could get any kind of tax return or child tax credits without working???

Quoting UpSheRises: I dont think you should get back more than you paid in. I get that people count on that money, im a social worker for christ sake, but your tax return is supposed to be what you over paid. The moms that I work with get thousands back and about half of them dont even work. That isnt okay and it isnt helping them rise out of poverty. I know because im in their homes every week for 90 min. and the work I do DOES help them change the course of their lives.

Throwing money at a problem doesnt solve it.
alleaeon
by Member on Aug. 1, 2014 at 9:37 AM
Right, but you qualify for different amounts based on what you made. The only credit you can receive without working is the hope credit or lifetime learning credit....which is a credit for educational expenses for college.

Quoting quickbooksworm: That's what a credit is. You can get back a dollar amount whether you paid in or not. A deduction reduces your overall tax liability. So if you earned $10k and receive a $1k tax deduction, you only pay taxes on $9k.

Quoting WickdlySweet: I did not know you could get any kind of tax return or child tax credits without working???

Quoting UpSheRises: I dont think you should get back more than you paid in. I get that people count on that money, im a social worker for christ sake, but your tax return is supposed to be what you over paid. The moms that I work with get thousands back and about half of them dont even work. That isnt okay and it isnt helping them rise out of poverty. I know because im in their homes every week for 90 min. and the work I do DOES help them change the course of their lives.

Throwing money at a problem doesnt solve it.
fliptopz4
by Bronze Member on Aug. 1, 2014 at 9:57 AM
1 mom liked this

A woman only making $14,500 a year with 2 dependants would not pay federal taxes at all. Are they saying she would not get a tax refund?

latashac
by Bronze Member on Aug. 1, 2014 at 10:01 AM
1 mom liked this

You can't because it is based on your income. I have however seen women who work 6 months out of the year so they have enough income to get money back. For a lot of people those things are done because they have no other options. For some that big check helps them keep their heads above water.

Quoting WickdlySweet: I did not know you could get any kind of tax return or child tax credits without working???
Quoting UpSheRises: I dont think you should get back more than you paid in. I get that people count on that money, im a social worker for christ sake, but your tax return is supposed to be what you over paid. The moms that I work with get thousands back and about half of them dont even work. That isnt okay and it isnt helping them rise out of poverty. I know because im in their homes every week for 90 min. and the work I do DOES help them change the course of their lives. Throwing money at a problem doesnt solve it.

 

codfish
by Bronze Member on Aug. 1, 2014 at 10:01 AM
5 moms liked this
I am sorry but it is insane to make 14,000 a year and get 10,000 back on taxes.

This insanity should have been stopped years ago. And yes, those are correct #s. I work with a large percentage of low income people and they go crazy every year at tax time. I was a single mom and got those credits a few times. I chose to work my butt off to improve my families life.

That is what so many miss. Most people who get these credits don't choose to work their way out of poverty. Yea, it can be done. No, it isn't easy. Is anything on life worth having easy though?
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