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RE: "Spread the Wealth Around"...what this me... - 11/2/2008 7:49:59 PM
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steph381
Posts: 141
Joined: 10/16/2008
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quote:
ORIGINAL: Dancre
Hi Steph, yeah, he wants to double the tax credit, but I'm not for sure if they would get back more than they put in. It is a credit, so maybe they would get more than putting in? I'm not for sure.
Thanks for the reply. The reason why I'm confused on this subject is because my friend is a case manager and she works with low income families. Many of those people work only enough to get a refund check during tax time. I personally have come in contact with people who told me that they work for like two or three months out of the whole year because they know they will get like 5000 to 7000 dollars back around tax time. They continue to live off of gov't assistance and do not try to better themselves. I think I read that 40% of Americans don't pay taxes. If McCain would double the child tax credit wouldn't that encourage people to work less because they know that they will get a refund check back during tax time? If that's the case, wouldn't my hard earn money go towards paying someone a refund check who didn't earn it?
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RE: "Spread the Wealth Around"...what this me... - 11/2/2008 8:03:15 PM
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StephK
Posts: 2238
Joined: 4/11/2005
From: Southwest Louisiana
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quote:
Here's the explanation between a tax credit and a deduction:
Tax deduction
Tax deductions reduce how much you owe in taxes by decreasing your income. This can put you down into a lower tax bracket, and that means that you will owe less in terms of taxes. There are two types of tax deductions that lower your income:
1. Figuring adjusted gross income. This type of tax deduction comes before you figure out your tax bracket. This is all that stuff that fill in on the front of your Form 1040 to get from the number on your earned income down to your adjusted gross income.
2. Deductions from your adjusted gross income. When you flip your Form 1040 over, the first space is for your adjusted gross income. You then begin taking more deductions from there. You either take itemized deductions (Schedule A) or the standard deduction (which depends on your filing status -- married, single, etc.) . You also get the dependent deduction and other deductions at this point.
Tax credit
Next is the tax credit. Tax credits are figured after you determine your tax bracket, and how much you should owe in taxes. A tax credit is a dollar for dollar reductions in the amount of tax you owe. You figure out how much tax you owe, and then the credits work as if you are applying a gift card for a certain amount to reduce how much you need to pay.
It is interesting to note that tax credits are the same for everyone, and tax deductions are not. In many cases, a tax deduction varies according what your income level is. However, a $300 tax credit is a $300 tax credit, no matter your income level.
_____________________________
Stephanie
The heart of the wise inclines to the right but the heart of the fool to the left.
Even as he walks along the road, the fool lacks sense and shows everyone how stupid he is. ~ Ecc. 10:2-3
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RE: "Spread the Wealth Around"...what this me... - 11/2/2008 8:05:46 PM
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relady
Posts: 1212
Joined: 4/11/2005
From: Greater St. Louis Metro
Status: online
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quote:
In a group insurance policy those who are healthy and don't go to the doctor still pay increased premiums to cover the fact that pre-existing conditions are allowed. Remember someone has to pay for the healthcare, either the insurance company goes broke or they pass the charges onto others. You say it isn't fair that you pay alot with conditions, but in your mind it is fair for others to pay more even though they are not the ones with the pre-existing conditions. That is why they call it GROUP insurance. Everyone pays lower premiums than they would otherwise. If you don't like that you are more than welcome to go get your own policy and pay the ginormous private premiums. We won't mind.
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RE: "Spread the Wealth Around"...what this me... - 11/2/2008 8:30:35 PM
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relady
Posts: 1212
Joined: 4/11/2005
From: Greater St. Louis Metro
Status: online
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quote:
If Obama becomes president and he takes 40% of what the partners make, where will that leave me??? where in the world did you ever come up with 40%? He wants to reinstate the Clinton tax rates on people making over $250K a year. That's all. Talk about blowing things out of all proportion.
quote:
So why can't the rich be brought down to the poor man's level? No one wants to do that. We want EVERYONE's boat to start to rise again, not just a few like the last 8 years.
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What a wonderful country, no one making money, the economy in a dump and us standing in line for potatoes while waiting for someone to become rich so we can take their money LOL, no one wants this to happen. Not Obama, not anyone. You guys are just too funny.
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RE: "Spread the Wealth Around"...what this me... - 11/2/2008 8:48:15 PM
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zamdad
Posts: 1749
Joined: 4/8/2005
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quote:
where in the world did you ever come up with 40%? He wants to reinstate the Clinton tax rates on people making over $250K a year. That's all. Talk about blowing things out of all proportion.
Well, which figure is it? $250K, $200K. $150K? The number seems to keep going down.
quote:
No one wants to do that. We want EVERYONE's boat to start to rise again, not just a few like the last 8 years.
The last 8 years? The dems have been making this same argument since I can remember.
_____________________________
The two hardest things to handle: failure and success.
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RE: "Spread the Wealth Around"...what this me... - 11/2/2008 9:22:05 PM
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Jhud
Posts: 7627
Joined: 4/11/2005
From: Lake Wobegon
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For those of us who understand what 'Spread the wealth Around' really means, and who appreciate the music of the 70's...
http://www.youtube.com/watch?v=SnU78Z-01Wc
_____________________________
Jack
I believe in Christianity as I believe that the sun has risen: not only because I see it, but because by it I see everything else.
- C.S. Lewis
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 6:17:30 AM
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_jjp_
Posts: 628
Joined: 10/25/2007
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quote:
ORIGINAL: relady
quote:
In a group insurance policy those who are healthy and don't go to the doctor still pay increased premiums to cover the fact that pre-existing conditions are allowed. Remember someone has to pay for the healthcare, either the insurance company goes broke or they pass the charges onto others. You say it isn't fair that you pay alot with conditions, but in your mind it is fair for others to pay more even though they are not the ones with the pre-existing conditions. That is why they call it GROUP insurance. Everyone pays lower premiums than they would otherwise. If you don't like that you are more than welcome to go get your own policy and pay the ginormous private premiums. We won't mind.
I know why it is called group insurance I was just pointing out to someone who seemed to think that the money to cover those coditions comes from the insurance company when in fact it comes from other members of that insurance policy.
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 6:20:32 AM
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_jjp_
Posts: 628
Joined: 10/25/2007
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quote:
ORIGINAL: relady
No one wants to do that. We want EVERYONE's boat to start to rise again, not just a few like the last 8 years.
You do realize that other than after 9/11 we have been enjoying record low unemployment rates for the last 8 years and everyone got a tax cut. So you had more people working, paying less taxes, how is that not having everyone's boat rise? Oh i see class envy says that no matter how well people do the rich should never do better.
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 10:54:22 AM
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LoyalGypsy
Posts: 2495
Joined: 4/12/2005
Status: online
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quote:
ORIGINAL: relady
where in the world did you ever come up with 40%? He wants to reinstate the Clinton tax rates on people making over $250K a year. That's all. Talk about blowing things out of all proportion.
Its not going to work, that was 16 years ago
_____________________________
Ex 19:5 Now therefore, if you will indeed obey My voice
...So the Persians ask that the 300 drop their arms. Leonidas responds; "Persians! Come and get them!"
300 The Movie
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 10:56:32 AM
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LoyalGypsy
Posts: 2495
Joined: 4/12/2005
Status: online
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quote:
ORIGINAL: relady
.
No one wants to do that. We want EVERYONE's boat to start to rise again, not just a few like the last 8 years.
Can you give an example and not just what the crowd is saying... as to how has the Bush economics affect you?
...It hasn't affected me one bit
< Message edited by LoyalGypsy -- 11/3/2008 11:06:03 AM >
_____________________________
Ex 19:5 Now therefore, if you will indeed obey My voice
...So the Persians ask that the 300 drop their arms. Leonidas responds; "Persians! Come and get them!"
300 The Movie
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 12:22:32 PM
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_jjp_
Posts: 628
Joined: 10/25/2007
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quote:
ORIGINAL: relady
No one wants to do that. We want EVERYONE's boat to start to rise again, not just a few like the last 8 years.
You know the more i think about it the more I agree with you. I want everyone's boat to rise. Problem is that Barack wants those who haven't bothered to build a boat, haven't even bothered to gather the tools or materials to do so to be floating high. Barack would have those who have built nice boats begin to dismantle them and provide the parts to those who have neither the desire nor drive to build their own boat. The thing is that you can give all the tools and materials in the world to those who are unwilling to build and they still won't have a boat.
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 12:31:14 PM
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IMA_CHRISTIAN
Posts: 1700
Joined: 1/23/2006
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Hey if no one wants thier tax refund, I'll be glad to take it.. or I'd be willing to share with some of you.. it would be nice to pay my bills down a bit faster.
_____________________________
Just give us peace, Lord.
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 12:32:15 PM
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_jjp_
Posts: 628
Joined: 10/25/2007
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quote:
ORIGINAL: IMA_CHRISTIAN
Hey if no one wants thier tax refund, I'll be glad to take it.. or I'd be willing to share with some of you.. it would be nice to pay my bills down a bit faster.
What refund? I don't get a refund now and once obama let's the tax cuts expire i will pay.
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 1:05:41 PM
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stateofgrace
Posts: 1950
Joined: 4/12/2005
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quote:
ORIGINAL: IMA_CHRISTIAN
Hey if no one wants thier tax refund, I'll be glad to take it.. or I'd be willing to share with some of you.. it would be nice to pay my bills down a bit faster.
I've got bills to pay down, too. However, I know it's unlikely that I'm going to see an increased tax refund.
_____________________________
America Needs Revival. Will you commit to pray for it?
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 1:07:32 PM
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IMA_CHRISTIAN
Posts: 1700
Joined: 1/23/2006
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the tax break you will see when Obama takes the job. Did you go see the Obama tax calculator? you can search the Internet and also someone put it up here.
i will be looking at an additional several hundred dollars.. I'll be happy to take that. You all might get someone else.. you will have to see for yourself.
_____________________________
Just give us peace, Lord.
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 1:09:04 PM
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tafkam
Posts: 1981
Joined: 9/23/2005
Status: offline
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quote:
the tax break you will see when Obama takes the job. Did you go see the Obama tax calculator? you can search the Internet and also someone put it up here.
Again, the only problem.....there is NOTHING in Barack Obama's limited record to indicate that he will give any cuts or breaks to ANYONE. The man has ALWAYS voted to INCREASE taxes, not cut them.
Those of you buying this fertilizer are in for a very rude awakening....
_____________________________
"The nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.' - Ronald Reagan
Tafkam
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 1:11:53 PM
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TheosCentric
Posts: 2036
Joined: 2/26/2006
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It's called Barack Marx Kool-aid. What flavor would you like today? Stalin, Lenin, or Putin flavor?
_____________________________
"Missions exists because worship doesn't." -- John Piper, Let the Nations be Glad
God at the Center
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 1:13:01 PM
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stateofgrace
Posts: 1950
Joined: 4/12/2005
Status: offline
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quote:
ORIGINAL: IMA_CHRISTIAN
the tax break you will see when Obama takes the job. Did you go see the Obama tax calculator? you can search the Internet and also someone put it up here.
i will be looking at an additional several hundred dollars.. I'll be happy to take that. You all might get someone else.. you will have to see for yourself.
Well, you might get some more next time around...but have you checked to see how you will be affected when the Bush tax cuts expire?
_____________________________
America Needs Revival. Will you commit to pray for it?
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RE: "Spread the Wealth Around"...what this me... - 11/3/2008 1:13:41 PM
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_jjp_
Posts: 628
Joined: 10/25/2007
Status: offline
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quote:
ORIGINAL: IMA_CHRISTIAN
the tax break you will see when Obama takes the job. Did you go see the Obama tax calculator? you can search the Internet and also someone put it up here.
i will be looking at an additional several hundred dollars.. I'll be happy to take that. You all might get someone else.. you will have to see for yourself.
I will repeat, i don't receive a tax refund as it is and under Barack the bush tax cut will expire which will cost me much more than what barack's proposed tax cut in my bracket would save me. So basically what you have is barack telling me i will get a cut (a very small one) but he doesn't tell us that he wants to let the existing tax cuts expire which in my bracket was large enough that when all is said and done i will pay more.
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RE: "Spread the Wealth Around"...what this me... - 11/4/2008 12:49:50 PM
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IMA_CHRISTIAN
Posts: 1700
Joined: 1/23/2006
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quote:
ORIGINAL: stateofgrace
quote:
ORIGINAL: IMA_CHRISTIAN
the tax break you will see when Obama takes the job. Did you go see the Obama tax calculator? you can search the Internet and also someone put it up here.
i will be looking at an additional several hundred dollars.. I'll be happy to take that. You all might get someone else.. you will have to see for yourself.
Well, you might get some more next time around...but have you checked to see how you will be affected when the Bush tax cuts expire?
according to the tax calculator, we will get several hundred dollars under obama, and only less than $40 with mccain.
so i dont know any more than that.
_____________________________
Just give us peace, Lord.
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I don't think Obama wants to give handouts to people who don't work for them. I think that when Obama says I want to give a tax cut for 95% of WORKING middle class families, the word working is left out.
