US Child Tax Credit issue.

Ok, the deal here is, People who have children and pay taxes into the federal income tax pot, are being given a tax credit of $1000 dollars for each child.

What this means, is that your income will be taxed at a lower level than what it really is depending on how many children you have...this is to help parents with the cost of raising a child these days by allowing them to keep more of their own money.

The rub here is that the dem's have demanded that the lowest income bracket also be given this credit which will result in them being given money collected from other people since they themselves do not actually pay into the federal income tax pot......ok fine it is a charitable gift to these people....

So why is it not also fair to give some of this child tax credit money to people without children but who are poor anyway?


[ 06-09-2003, 12:59 PM: Message edited by: MagiK ]

[Rokenn]

Originally posted by MagiK: The rub here is that the dem's have demanded that the lowest income bracket also be given this credit which will result in them being given money collected from other people since they themselves do not actually pay into the federal income tax pot......ok fine it is a charitable gift to these people....

The working poor that had the tax credit extended to them do pay taxes.

Personally I think the republicans took a huge black eye on this. First it was in, then cut out at the last second. Then when the vote came to reinstate it they did dignified things like making gagging and fake vomiting noises while casting the vote. I guess it was just a chance for them to show their true feelings about the working poor of the nation.

[spydar]

this sounds sorta like the family allowance here in canada (or it used to be, not sure if we still have it anymore) but up here it's more of a rebate check depending on how many dependent children you have (like my family of 7 kids of which I'm the youngest, ugh)

but I don't think yours should be extended to the working poor who have no children since it seems to go against the entire premise of the tax, but then it could also encourage more poverty-line couples to have children just to get this ecomonic boost.

[Arvon]

Personally I think the republicans took a huge black eye on this. First it was in, then cut out at the last second. Then when the vote came to reinstate it they did dignified things like making gagging and fake vomiting noises while casting the vote. I guess it was just a chance for them to show their true feelings about the working poor of the nation. [/QB][/QUOTE]

It was the dems who pulled the tax credit from the bill because of the limits of the tax cut they had set. And familys that are on minimum wage don't pay INCOME TAXES. They may pay other payroll taxes.

Unfortunately Im having a tough time finding a tax table for the 2003 tax season....I may have to wait till they come out before I know whopays how much on what level of income. Im pretty sure that the lowest bracket (10%) end up with personal and other deductions end up paying little or nothng into the tax system, and in fact actually get more back than they actually paid via the eearned income tax credit....so getting even more back is just so much more charity...or so it seems.

[khazadman]

The top 50% of wage earners pay 96.09% of taxes. That should be a good indicator of how much the bottom 50% pay.

[Timber Loftis]

Originally posted by khazadman: The top 50% of wage earners pay 96.09% of taxes.

Which is less than the % of the country's wealth they own. They're getting a discount. How DARE they stand on the backs of others!