Now hear this! Through the Enhanced Child Tax Credit democrats have redefined income poverty levels: $75k single, $150K MFJ.

Cosmos

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May 29, 2001
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The stated goal is the "lift millions of children out of poverty." Purportedly, the ECTC will reach "88% of families" and "cover 65M children." I did not know 88% of families and 65M children live in poverty. :eek: The credit is temporary, slated to expire after 2025. Unlike the previous CTC it is fully tax exempt.

 

Cosmos

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It's an unabashed attempt to buy votes. If indeed it effect 88% of families then any politician who comes out in favor of repealing it is toast! Whether a family needs the money or not.
 
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bdgan

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It's an unabashed attempt to buy votes. If indeed it effect 88% of families then any politician who comes out in favor of repealing it is toast! Whether a family needs the money or not.
It's like I've often said... Democrats are immoral and fiscally irresponsible but they're good politicians.
 
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NJPSU

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It's an unabashed attempt to buy votes. If indeed it effect 88% of families then any politician who comes out in favor of repealing it is toast! Whether a family needs the money or not.
Sounds like what Trump did in Iowa to buy the votes of the farmers.
 

JR4PSU

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The stated goal is the "lift millions of children out of poverty." Purportedly, the ECTC will reach "88% of families" and "cover 65M children." I did not know 88% of families and 65M children live in poverty. :eek: The credit is temporary, slated to expire after 2025. Unlike the previous CTC it is fully tax exempt.

Well, PaoliLion believes you are living on a modest income all the way up to $400K. It kind of puts this in perspective. Democrats won't be happy until every janitor in America is making $250K. That would be damn near-poverty wages considering they consider $400K a modest income. And that was after having to talk him down from $650K being a modest income.
 
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bdgan

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Oh you mean he had to pay off the farmers because he destroyed their market with his Trade War.
No I don't mean that at all. You're very slow. I guess I should expect that from somebody who thinks tariffs on China are passed onto consumers in the form of higher prices, but also believes that higher taxes on every U.S. corporation will not be passed on to consumers.
 

bdgan

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The stated goal is the "lift millions of children out of poverty." Purportedly, the ECTC will reach "88% of families" and "cover 65M children." I did not know 88% of families and 65M children live in poverty. :eek: The credit is temporary, slated to expire after 2025. Unlike the previous CTC it is fully tax exempt.

Biden continues to reward people for not working.
 

republion

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Can someone smarter than me help me understand the difference between this and a tax cut? Isn’t the payment simply taking an “advance” on your refund, assuming you would’ve got one? I could be very wrong here, just trying to understand.
 

jrs1024

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Sounds like what Trump did in Iowa to buy the votes of the farmers.
Yeah...pretty much. Both sides buy votes. They just do it in different ways with different constituencies. I’d prefer they spend less buying off mark zuckerberg and Jeff Bezos and spend more buying off normal people. Or just not buying off anyone at all. A guy can dream...
 

bdgan

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Can someone smarter than me help me understand the difference between this and a tax cut? Isn’t the payment simply taking an “advance” on your refund, assuming you would’ve got one? I could be very wrong here, just trying to understand.
It's definitely a tax cut. Trump DOUBLED the child credit from $1k to $2k. Now it's $3.6k unless you make under $75k/$150k. A lot of families will avoid having two incomes because they miss out on the free stuff.
 

republion

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It's definitely a tax cut. Trump DOUBLED the child credit from $1k to $2k. Now it's $3.6k unless you make under $75k/$150k. A lot of families will avoid having two incomes because they miss out on the free stuff.
Thanks for clarification.
I thought we liked tax cuts? Again, I find myself confused.
 

NJPSU

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I favor low taxes but I think everybody should pay their fair share. I also favor work but I don't think people should be rewarded for not working.
You get rewarded constantly by the Federal Reserve and not because you are working.
 

bdgan

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You get rewarded constantly by the Federal Reserve and not because you are working.
How am I rewarded by the Fed? By getting no return on my fixed income investments? Was I being punished by the Fed when Trump was president and we saw 9 interest rate hikes and selling off their balance sheet?
 
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MtNittany

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Thanks for clarification.
I thought we liked tax cuts? Again, I find myself confused.
EITC's pay people $10K/kid/year regardless of income reporting - at least they did. There was a story of illegal aliens (w/ TIN numbers) having IRS checks sent to clearing houses (I think 23K checks to one address in Atlanta, and 15K to another in Palm Beach Gardens). They were claiming anyone and everyone (in the country or not) and getting paid - the scummy immigration lawyers anyway.


Here's just one story on it. Even snopes admitted it was true:

IRS Sent $46 Million In Refunds To ‘Unauthorized’ Workers At One Atlanta Address​


By Sara Gates


In what appears to be a significant oversight, the Internal Revenue Service sent a total of $46,378,040 in refunds to “unauthorized” workers at one address in Atlanta, Ga., according to a report from the Treasury Inspector General for Tax Administration.
Brought to light last year by WTHR-TV Indianapolis, the IRS’ $46 million in refunds included 23,994 tax payouts sent to the particular property in 2011.

As the audit report discloses, the Atlanta address is one of several that received a high number of refunds for Individual Taxpayer Identification Number (ITIN) tax returns. ITINs are issued to those who are ineligible to obtain a Social Security number. However, it seems, the application for these identification numbers is flawed.

In the July 2012 report, entitled “Substantial Changes Are Needed to the Individual Taxpayer Identification Number Program to Detect Fraudulent Applications,” the Treasury Inspector General recommends an overhaul of the ITIN application program so that suspicious applicants are identified from the get-go.
The report from the Treasury Inspector General, who is charged with the independent oversight of IRS activities, reads:
This audit was initiated because TIGTA received IRS employee complaints referred from members of Congress alleging that IRS management responsible for overseeing the ITIN operation was encouraging employees to assign ITINs to applicants when the ITIN application was fraudulent... The audit found that the ITIN application review and verification process is so deficient that there is no assurance that ITINs are not being assigned to individuals submitting questionable applications.


By May, many of the report’s recommendations were addressed, however, the Inspector General’s office still cautioned that further improvements to the ITIN program are required.

This is not the first time the IG has chided the IRS for ineffective management. Earlier this year, the IG determined that the government agency used an “inappropriate criteria” for judging organizations seeking to gain a tax-exempt status.

The much-anticipated report released in May stemmed from allegations — which the IRS later acknowledged — that certain conservative groups were being targeted for extra scrutiny. The IRS targeting scandal is currently under investigation by congressional panels and the Federal Bureau of Investigation.
 
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NJPSU

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How am I rewarded by the Fed? By getting no return on my fixed income investments? Was I being punished by the Fed when Trump was president and we saw 9 interest rate hikes and selling off their balance sheet?
Good lord man I've explained this to you several times. Where do you think the market would be right now if there was no Fed?

Hell the entire financial system would have collapsed in 2008 if it wasn't for the Fed. What would that have done to your retirement and your net worth?
 

MtNittany

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dumbocrats think having 23K+ IRS checks mailed to a single address is AOK!

Sheesh.
 

Gorki26

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There a lot of people in this country that live responsibly (and pretty well) for around $30K/person.

This is insane.
Not many people on their own can live well making $30K. Unless where they live in a shack or live where living costs are from the '80s.

If you take an average rent, factor jn all your other bills, you don't have all that much left over.
 

interrobang

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Aug 21, 2016
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My inlaws lived on probably 60k a year or less depending on the year for as long as I've known them (15 years).

They have cash sitting all over the place since they had no car payments, paid off their house years ago, and only utilities were power, water and cell phone.
 

LionDeNittany

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May 29, 2001
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Not many people on their own can live well making $30K. Unless where they live in a shack or live where living costs are from the '80s.

If you take an average rent, factor jn all your other bills, you don't have all that much left over.

This is totally not true.
A single adult can live just fine on 30k.
 

MtNittany

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May 29, 2001
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Not many people on their own can live well making $30K. Unless where they live in a shack or live where living costs are from the '80s.

If you take an average rent, factor jn all your other bills, you don't have all that much left over.
If their house is paid off (in other words, they've been responsible throughout their lives), they most certainly can.
 

bdgan

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Not many people on their own can live well making $30K. Unless where they live in a shack or live where living costs are from the '80s.

If you take an average rent, factor jn all your other bills, you don't have all that much left over.
That doesn't include the social welfare. Besides, that should be motivation to get a better job.

P.S. They should share rent and utilities with a roomate.
 

junior1

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May 29, 2001
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The stated goal is the "lift millions of children out of poverty." Purportedly, the ECTC will reach "88% of families" and "cover 65M children." I did not know 88% of families and 65M children live in poverty. :eek: The credit is temporary, slated to expire after 2025. Unlike the previous CTC it is fully tax exempt.

Wait until the biden administration tells us how their policies have reduced poverty..we've gone from 15% under Trump to 88% under Biden in less than 5 months
 

junior1

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Not many people on their own can live well making $30K. Unless where they live in a shack or live where living costs are from the '80s.

If you take an average rent, factor jn all your other bills, you don't have all that much left over.
then get a better job..there are plenty out there
 

m.knox

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Sounds like what Trump did in Iowa to buy the votes of the farmers.

No, not like that at all. I thought you claimed you were part of some cult of smart people at PSU??
 

m.knox

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Oh you mean he had to pay off the farmers because he destroyed their market with his Trade War.

FULL BLOWN TRADE WAR!!!

That didn't work out too well for you did it?
 

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