bring that good government money

Posted in the Harrodsburg Forum

Cueball

Harrodsburg, KY

#1 Jan 23, 2014
According to the Harrodsburg Herald a family with three children making $52,427.00 per year can get an earned income credit of $6,143.00. This means that this family would pay no federal income tax and would receive a check of over 6,000.00 from the federal government. That would amount to almost $60,000.00 without a dime paid federal taxes. My wife and I both raised and educated three children all the way through college. With an adjusted for inflation our combined income never came close to this amount. We paid federal taxes and even now after we are retired with an income for the both of us of a little over 1/3 of that income we STILL are paying federal income taxes. No wonder this country is going broke.
The definition of poor keeps expanding and more and more people are getting on the dole. There will come a time when those of us who are paying the taxes just cannot carry the load for those who are on the receiving end.

Since: Oct 12

Baltimore, Maryland

#2 Jan 23, 2014
Cueball wrote:
According to the Harrodsburg Herald a family with three children making $52,427.00 per year can get an earned income credit of $6,143.00. This means that this family would pay no federal income tax and would receive a check of over 6,000.00 from the federal government. That would amount to almost $60,000.00 without a dime paid federal taxes. My wife and I both raised and educated three children all the way through college. With an adjusted for inflation our combined income never came close to this amount. We paid federal taxes and even now after we are retired with an income for the both of us of a little over 1/3 of that income we STILL are paying federal income taxes. No wonder this country is going broke.
The definition of poor keeps expanding and more and more people are getting on the dole. There will come a time when those of us who are paying the taxes just cannot carry the load for those who are on the receiving end.
You seem to be confused. That doesn't mean that they would get a check for $6,143. That means that $6,143 would be credited against the tax that they owe.

Also, that's not a huge amount of money. The average (median) household income in the United States is $53,046 a year. So $52, 427 with three children isn't even average.

Since: Oct 12

Baltimore, Maryland

#3 Jan 23, 2014
Cueball wrote:
According to the Harrodsburg Herald a family with three children making $52,427.00 per year can get an earned income credit of $6,143.00. This means that this family would pay no federal income tax and would receive a check of over 6,000.00 from the federal government. That would amount to almost $60,000.00 without a dime paid federal taxes. My wife and I both raised and educated three children all the way through college. With an adjusted for inflation our combined income never came close to this amount. We paid federal taxes and even now after we are retired with an income for the both of us of a little over 1/3 of that income we STILL are paying federal income taxes. No wonder this country is going broke.
The definition of poor keeps expanding and more and more people are getting on the dole. There will come a time when those of us who are paying the taxes just cannot carry the load for those who are on the receiving end.
I would also suggest if you and your wife are paying in to federal income taxes on $18,000 a year, you need to fire your accountant immediately.(Or become a better liar.)
RADIOFLYER

Richmond, KY

#4 Jan 23, 2014
Earned income credit is a refundable credit which means you get a check for that amount regardless if you owe taxes. I wish my dad who was self employed with four kids could have gotten it back in the day. Earned income credit ecourages people to have kids more than it does for them to work.

Since: Oct 12

Baltimore, Maryland

#5 Jan 23, 2014
RADIOFLYER wrote:
Earned income credit is a refundable credit which means you get a check for that amount regardless if you owe taxes. I wish my dad who was self employed with four kids could have gotten it back in the day. Earned income credit ecourages people to have kids more than it does for them to work.
So at the end of the year if you owe $3000 in taxes, but have an earned income credit of $2000.... are you saying you get $2000???
tax guy

Harrodsburg, KY

#6 Jan 24, 2014
RADIOFLYER wrote:
Earned income credit is a refundable credit which means you get a check for that amount regardless if you owe taxes. I wish my dad who was self employed with four kids could have gotten it back in the day. Earned income credit ecourages people to have kids more than it does for them to work.
The earned income credit is an offset against federal taxes owed. If you owe less in taxes than the credit amount, you would get a refund of the difference.

Remember that the working members of the family would having federal withholding taken out of each check. Some have more, some have less. This makes all the difference in the world for the amount of refund you would get.

I have had very large refunds and sometimes owed many thousands over the various tax years... both those are bad. The goal should be to have a close to a zero tax refund as possible. Otherwise you are making an interest free loan to the government over the course of the tax year. If you pay too little in withholdings you could be hit with a penalty.

Funny enough the earned income tax credit was expanded to what it is today by the father of modern socialism, Ronald Reagan, in 1986 with the goal to encourage low income earners to find gainful employment.
Cueblall

Harrodsburg, KY

#7 Jan 24, 2014
One True Digger wrote:
<quoted text>
You seem to be confused. That doesn't mean that they would get a check for $6,143. That means that $6,143 would be credited against the tax that they owe.
Also, that's not a huge amount of money. The average (median) household income in the United States is $53,046 a year. So $52, 427 with three children isn't even average.
I have to admit that you are right about the earned income credit. It can offset taxes or at some level the worker can pay no taxes. I did ask my accountant and he told me that such a family would pay very little federal income tax. I do have some investments which bring in 5 or 6 thousand dollars in interest. That puts our income past $18,000. I do pay taxes. I would think that there are other benefits that the $52,427.00 income earned family could get such as free lunch for their kids and a federal kick back which would be used to buy health insurance.

Since: Oct 12

Baltimore, Maryland

#8 Jan 24, 2014
Cueblall wrote:
<quoted text> I have to admit that you are right about the earned income credit. It can offset taxes or at some level the worker can pay no taxes. I did ask my accountant and he told me that such a family would pay very little federal income tax. I do have some investments which bring in 5 or 6 thousand dollars in interest. That puts our income past $18,000. I do pay taxes. I would think that there are other benefits that the $52,427.00 income earned family could get such as free lunch for their kids and a federal kick back which would be used to buy health insurance.
I see. So now you're way past 1/3 of that. How much a year do you have?

So... are you suggesting that the taxes on the working class be RAISED?

Since: Oct 12

Baltimore, Maryland

#9 Jan 24, 2014
tax guy wrote:
<quoted text>
The earned income credit is an offset against federal taxes owed. If you owe less in taxes than the credit amount, you would get a refund of the difference.
Remember that the working members of the family would having federal withholding taken out of each check. Some have more, some have less. This makes all the difference in the world for the amount of refund you would get.
I have had very large refunds and sometimes owed many thousands over the various tax years... both those are bad. The goal should be to have a close to a zero tax refund as possible. Otherwise you are making an interest free loan to the government over the course of the tax year. If you pay too little in withholdings you could be hit with a penalty.
Funny enough the earned income tax credit was expanded to what it is today by the father of modern socialism, Ronald Reagan, in 1986 with the goal to encourage low income earners to find gainful employment.
“The Earned Income Tax Credit is the best anti-poverty, the best pro-family, the best job creation measure to come out of Congress.”- Ronald Reagan
Cueball

Harrodsburg, KY

#10 Jan 24, 2014
One True Digger wrote:
<quoted text>
I see. So now you're way past 1/3 of that. How much a year do you have?
So... are you suggesting that the taxes on the working class be RAISED?
You have posted that $58,000.00 is not much money. Our combined income is about $23, 000.00 and that includes a small part time job that pays the minimum wage. When I say small I mean an occasional day of work. Any way you slice it I would be thought poor. Yet, we put three kids through college, bought our little house and owe nothing to no body. And I still pay taxes. Do I want the poor to pay more taxes. Starting with me, no. I just look at the earned income tax credit and say that it be great to get the government to help pay my taxes or even better to not pay any taxes and have the government send me a check. Do that and I will always vote for a Democrat.

Since: Oct 12

Baltimore, Maryland

#11 Jan 24, 2014
Cueball wrote:
<quoted text> You have posted that $58,000.00 is not much money. Our combined income is about $23, 000.00 and that includes a small part time job that pays the minimum wage. When I say small I mean an occasional day of work. Any way you slice it I would be thought poor. Yet, we put three kids through college, bought our little house and owe nothing to no body. And I still pay taxes. Do I want the poor to pay more taxes. Starting with me, no. I just look at the earned income tax credit and say that it be great to get the government to help pay my taxes or even better to not pay any taxes and have the government send me a check. Do that and I will always vote for a Democrat.
$23,000 is a lot more than "a little over 1/3" of $52,000. Still on $23,000 a year married filed jointly, the most you'd be paying in federal taxes is $300. And if you had any kind of accountant, and you kept your receipts, you wouldn't be paying that because of other deductions.

I'll almost guarantee you get more than $300 worth of services from the government every year.

Since: Oct 12

Baltimore, Maryland

#12 Jan 24, 2014
Cueball wrote:
<quoted text> You have posted that $58,000.00 is not much money. Our combined income is about $23, 000.00 and that includes a small part time job that pays the minimum wage. When I say small I mean an occasional day of work. Any way you slice it I would be thought poor. Yet, we put three kids through college, bought our little house and owe nothing to no body. And I still pay taxes. Do I want the poor to pay more taxes. Starting with me, no. I just look at the earned income tax credit and say that it be great to get the government to help pay my taxes or even better to not pay any taxes and have the government send me a check. Do that and I will always vote for a Democrat.
BTW, why would you always vote for a Democrat? You have been following along haven't you? You are aware that the EIC started under Ronald Reagan? You do know that the EIC was around under George HW Bush and George W Bush don't you? You do realize that don't you?

Or are you just whining and bitching because you're scared to death that someone is getting a dime that you're not getting? That's what it is isn't it? Yeah I think so.
Sam

Kevil, KY

#13 Jan 24, 2014
Cueball wrote:
According to the Harrodsburg Herald a family with three children making $52,427.00 per year can get an earned income credit of $6,143.00. This means that this family would pay no federal income tax and would receive a check of over 6,000.00 from the federal government. That would amount to almost $60,000.00 without a dime paid federal taxes. My wife and I both raised and educated three children all the way through college. With an adjusted for inflation our combined income never came close to this amount. We paid federal taxes and even now after we are retired with an income for the both of us of a little over 1/3 of that income we STILL are paying federal income taxes. No wonder this country is going broke.
The definition of poor keeps expanding and more and more people are getting on the dole. There will come a time when those of us who are paying the taxes just cannot carry the load for those who are on the receiving end.
You can't believe everything they print in the Harrodsburg Herald. Worse news reporting within 200 miles of harrodsburg.

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