Ironworks Gaming Forum - Tax: No Child Care Credit Increase for $10-26K families

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- - Tax: No Child Care Credit Increase for $10-26K families (http://www.ironworksforum.com/forum/showthread.php?t=86293)

Quote:

Originally posted by MagiK:

According to Arie Fleischer (sp?) tonight on ABC radio news, the people in the brackets that get no return pay $0 in income tax, according to him they don't get the extra cash because they will be paying nothing in to start with.

So either he was lieing or is woefully misinformed on the subject.

Well it would not be the first time he has lied [img]graemlins/laugh2.gif[/img]

Yeah I know..."What! a politician told a lie??? my god who would have guessed?" :D Im hoping he was telling the truth, I see no need to give
the class envy types even more ammo.

Although not a US citizen, I have to wonder just wtf Bush is doing to you guys, and why he appears to be so highly acclaimed.
Don't get me wrong, Canada certainly has it's issues as well, but blowing the national debt completely out of proportion while doing nothing to improve the quality of lives for it's citizens isn't number one.
C'mon guys a $500 billion deficit by the end of the year? You can't tell me this is in the best interest of the American peoples.

Quote:

Originally posted by MagiK:
<blockquote>quote:<hr />Originally posted by Chewbacca:
The last two "tax-cuts" have not been the stimulus that they were made out to be, why should this one be any different?


Would you kindly post your figures on this and their source? I know the cuts in the 1980's ended up with the federal revenue more than doubling...so that seems like a pretty successful tax cut to me.

AND if tax cuts are bad, then tax increases must be good..so how come no democrat is campaigning for higher taxes? After all the Dem party is advertising that people don't mind paying taxes and don't want cuts any way, that they would rather let the government spend it..so why notput their money where their hooves are?

[/QUOTE]Interest rates are staying down, unemployment is up and climbing, goverment going into deficit, states, cities and counties in fiscal crisis, ect.

Have you caught any economic news over the last three years ;) ?

I'm no economist, but usually if there is smoke there is fire.

I never said that tax cuts were bad, and I dunno why no democrats are campaigning for higher taxes. I'm not a democrat, nor do I have any desire to be one. [img]smile.gif[/img]

I just made the observation that Bush has pushed through 2 tax cuts previously with promises of economic stimulus during his administration that have not seemed to work.

If his tax cuts have worked I would love to see some facts to back that up.

Quote:

Originally posted by Arvon:
Most if not all of the people in that income bracket don't pay taxes anyway, how can there be a tax credit?

Quote:

Originally posted by harleyquinn:
<blockquote>quote:<hr />Originally posted by Arvon:
Most if not all of the people in that income bracket don't pay taxes anyway, how can there be a tax credit?

Quote:

Originally posted by MagiK:
<blockquote>quote:<hr />Originally posted by harleyquinn:
<blockquote>quote:<hr />Originally posted by Arvon:
Most if not all of the people in that income bracket don't pay taxes anyway, how can there be a tax credit?

Sorry Arvon, but you're wrong here. If this were the case, then my parent's wouldn't have been paying all those years I was growing up. Would be nice if it were true, but people in this tax bracket most definitely do pay taxes. [/QUOTE]
Harley you do know that the tax code has changed a number of times since you were a little girl? What used to be ain't necessarily what is now or next tax season. [/QUOTE]Ok, well then to be more recent, my best friend is in this tax bracket (towards the lower end), and she's paying taxes. And the time frame I was talking about was as recent as 5 years ago. I ain't THAT old [img]tongue.gif[/img] (hehe)

edit: Part of this could be from living in NY State, so maybe that's why those I know in this bracket are paying taxes (ie maybe they're state not fed). If you earn $25 for the entire year in NY State, after the standard deduction, you still owe money ($1).

[ 05-30-2003, 09:31 AM: Message edited by: harleyquinn ]

Quote:

Originally posted by Chewbacca:
Interest rates are staying down, unemployment is up and climbing, goverment going into deficit, states, cities and counties in fiscal crisis, ect.


Low interest rates are a good thing. Low inflation = a good thing, unemplyment is up but not into duble digits yet like in the 70's and not climbing very fast..and may actually be stabilised.
The problems state and local governments have is that they increased spending at an outrageous rate during the bull market when people didn't mind higher taxes and fees...but now that the market is stagnant they just don't want to give up all the spending...all they really need to do is roll back spending limits to live within their means...but no...government never gives back, it only takes.Int he end the fiscal problems in state and local government are the result of poor fiscal behaviour in the past and present....it isn't due to tax cuts.....tax cuts worked to stimulate the economy for Kennedy and for Reagan both saw dramatic ramp ups in the economy from making enourmous tax cuts.

Have you caught any economic news over the last three years ;) ?


Yep and while my 403b is taking a beating, Im doing ok [img]smile.gif[/img] 

I'm no economist, but usually if there is smoke there is fire.


the first half of this statement is right on...and neither am I, but I do listen to them on the radio [img]smile.gif[/img] and when I see my advisor, the second half is just plain irrelevant. 

I never said that tax cuts were bad, and I dunno why no democrats are campaigning for higher taxes. I'm not a democrat, nor do I have any desire to be one. [img]smile.gif[/img]

I just made the observation that Bush has pushed through 2 tax cuts previously with promises of economic stimulus during his administration that have not seemed to work.

If his tax cuts have worked I would love to see some facts to back that up.


2 tax cuts? I only remember him getting one...this would be the second round of tax cuts and the first round were....pretty mild and watered down due to democratic pressure. The econmy did in fact leave a full blown "Official" recession and start to grow after the last tax cuts..we were in an officially declared recession when Bush took office...we are no longer in the mess that can be officially declared a recession...we do have a sluggish economy though and a lot of that has to dowith 9/11....you mentioned high unemployment...guess where more than 50% of the lost jobs were? In the travel and entertainent sectors, after 9/11 people quit traveling as much..this cost a LOT of people their jobs and also caused the economy to flatten.

Now I admit, alot of what I now about the situation comes from a radio show economist/financial guru named Bob Brinker...and some of it comes from ABC news. Anyway Im not attacking [img]smile.gif[/img] just trying to address your issues and point out that the world isn't as gloomy as some politicians would like us to believe nor is it all peaches and cream.

Quote:

Originally posted by harleyquinn:
Ok, well then to be more recent, my best friend is in this tax bracket (towards the lower end), and she's paying taxes. And the time frame I was talking about was as recent as 5 years ago. I ain't THAT old [img]tongue.gif[/img] (hehe)

edit: Part of this could be from living in NY State, so maybe that's why those I know in this bracket are paying taxes (ie maybe they're state not fed). If you earn $25 for the entire year in NY State, after the standard deduction, you still owe money ($1).

if she is actually paying taxes then I believe she is doing something wrong. After all is said and done she should be ending up with a total federal tax of $0 or close to it...but most likely gets a refund that is basicly everything she put into the federal income taxes...you have to seperate federal income tax from pay roll taxes for things like social security and medicare and whatnot...the tax cuts only address the FI tax.

Oops...missed what you said about state taxes....thats whole different kettel of fish....and I have more than one bone to pick with state governemtns and their outrageous taxations. 

[ 05-30-2003, 09:38 AM: Message edited by: MagiK ]

MagiK, my most recent info indicates families below $10.5K pay no taxes. As I mentioned above, however, those in the $10.5K to $26K range DO pay taxes. And, they are cut off from the child care credits.