Obama's tax cut for 95% of Americans
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Obama's tax cut for 95% of Americans
| Mon, 10-13-2008 - 11:24am |
I know it is endlessly brought up how Obama is going to cut taxes for 95% of working families.
| Mon, 10-13-2008 - 11:24am |
I know it is endlessly brought up how Obama is going to cut taxes for 95% of working families.
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But Obama's proposed tax cut is for FEDERAL income taxes.
"How is my statement incorrect? You just said where it's getting it's money from"
KAREN
"For those who are elligiable for the earned income tax credit, they not only get back what they paid into the federal taxes, but get back more than they paid in.
KAREN
i'm sure no one is suprised to hear me say that i have no problem with obama's tax credits. i believe the credits will be good for the economy. i believe it wll help people be able to start spending again. and i think credits for things like college tuition and children are good investments for our country.
the one thing i did take issue with is :
"Some families with an income of $40,000 could lose up to 40 cents in vanishing credits for every additional dollar earned from working overtime or taking a new job. As public policy, this is contradictory. The tax credits are sold in the name of "making work pay," but in practice they can be a disincentive to working harder, especially if you're a lower-income couple getting raises of $1,000 or $2,000 a year"
i know a few people who have not taken high payer jobs right now because they dont want to lose assistance. i feel like there needs to be more of a balance between helping those who need it, while not discouraging people from improving their own financial situation
Actually, I believe you HAVE to work to get EIC.. it is for people who earn a wage, but earn below a certain cut off point (we received it for a while when DH was in the military). Also, EIC is not the only credit people can take that allow them to receive back more than they paid in.
However, it is true that there are many people who pay no taxes at all (and are included in that 95%). Our state does not have state income tax and my husband does not pay social security tax either as his employer opted out of SS back when it was still possible to do so. We have always received back more than we paid in.
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