House Committee Votes to Close Tax Cr...

House Committee Votes to Close Tax Credit Loophole!

Posted in the Foley Forum

FastFred

Foley, AL

#1 Apr 19, 2012
Yesterday, Members of the House Ways & Means Committee voted 22-12 to stop the IRS from giving refundable tax credits to illegal aliens.
Last year, the Inspector General for the U.S. Treasury Department released a report revealing that illegal aliens annually receive $4.2 billion in refundable tax credits, primarily through the Additional Child Tax Credit (ACTC).
The Ways and Means Committee voted to close this tax credit loophole by requiring that individuals who claim the ACTC provide a valid Social Security Number (SSN), based on language introduced by Rep. Sam Johnson (R-TX). Currently, the IRS only requires applicants for the ACTC to provide an Individual Taxpayer Identification Number (ITIN), which the Internal Revenue Service (IRS) indiscriminately hands out to illegal aliens.
The legislation was part of a budget reconciliation proposal that now goes to the House Budget Committee for inclusion in a larger package aimed at saving tax-payer dollars.
FAIR thanks the following Ways and Means Committee Members who voted to close the loophole:
Chairman David Camp (R-MI)Rep. Jim Gerlach (R-PA)
Rep. Wally Herger (R-CA)Rep. Tom Price (R-GA)
Rep. Sam Johnson (R-TX)Rep. Vern Buchanan (R-FL)
Rep. Kevin Brady (R-TX)Rep. Adrian Smith (R-NE)
Rep. Paul Ryan (R-WI)Rep. Aaron Schock (R-IL)
Rep. Devin Nunes (R-CA)Rep. Lynn Jenkins (R-KS)
Rep. Pat Tiberi (R-OH)Rep. Erik Paulsen (R-MN)
Rep. Geoff Davis (R-KY)Rep. Kenny Marchant (R-TX)
Rep. Dave Reichert (R-WA)Rep. Rick Berg (R-ND)
Rep. Charles Boustany (R-LA)Rep. Diane Black (R-TN)
Rep. Peter Roskam (R-IL)Rep. Tom Reed (R-NY)

Members who voted against closing the loophole include:
Rep. Ranking Member Sander Levin (D-MI)Rep. Mike Thompson,(D-CA)
Rep. Fortney Pete Stark,(D-CA)Rep. John B. Larson,(D-CT)
Rep. Jim McDermott,(D-WA)Rep. Ron Kind,(D-WI)
Rep. John Lewis,(D-GA)Rep. Bill Pascrell Jr.,(D-NJ)
Rep. Richard E. Neal,(D-MA)Rep. Shelley Berkley,(D-NV)
Rep. Lloyd Doggett,(D-TX)Rep. Joseph Crowley,(D-NY)

FastFred

Foley, AL

#2 Apr 19, 2012
A savings of 4.2 BILLION that won't go to illegal Aliens each year, as you can see the Democrats on the committee voted to allow law breakers to receive money they are not entitled to.
Give Me a Break

Foley, AL

#3 Apr 19, 2012
FastFred wrote:
A savings of 4.2 BILLION that won't go to illegal Aliens each year, as you can see the Democrats on the committee voted to allow law breakers to receive money they are not entitled to.
Now if they can only find a way to get Romney to pay more taxes than Buffetts Secretary, then we will really have some progress. Of course, it is hard to tax Romney's money since most of it is stashed in foreign banks which the poor illegals don't have access to.
FastFred

Foley, AL

#4 Apr 20, 2012
What job does Romney have that should require him to pay more taxes ?
Give Me a Break

Foley, AL

#5 Apr 20, 2012
FastFred wrote:
What job does Romney have that should require him to pay more taxes ?
That's the point--he has no job but collects millions of dollars in interest and stock dividends which are not taxed as high as if he did have a job and had earned income. I know that he isn't braking the law but I haven't heard him say that he wants to change the tax code so that he will have to pay a higher rate on his investments. On the other hand, Warren Buffett is willing to have such a change made in the tax code but obviously the Republicans in Congress don't want to do anything that will raise the taxes on the very wealthy--including themselves and their rich campaign donors.
FastFred

Foley, AL

#6 Apr 20, 2012
Give Me a Break wrote:
<quoted text>
That's the point--he has no job but collects millions of dollars in interest and stock dividends which are not taxed as high as if he did have a job and had earned income. I know that he isn't braking the law but I haven't heard him say that he wants to change the tax code so that he will have to pay a higher rate on his investments. On the other hand, Warren Buffett is willing to have such a change made in the tax code but obviously the Republicans in Congress don't want to do anything that will raise the taxes on the very wealthy--including themselves and their rich campaign donors.
Mr. Buffet has not paid his back taxes and I believe he owes 300,000 in back taxes.Mr. Buffett earns his money the same way Romney does, and believe me both would simply move more money off shore if taxed more,and don't think for one minute Democrats don't have off shore accounts.The movie stars owe a trendous amount of back taxes,make them pay up,if it was the working man the IRS would try and lock you up over a 100.00 dollars.
Give Me a Break

Foley, AL

#7 Apr 20, 2012
I agree. If they could close the loopholes then there probably wouldn't be a need for a tax increase on anyone.

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