New Tax Bill Gives Increased Child Care Credit to Parents...But Not if they are Poor?

Discussion in 'BBS Hangout: Debate & Discussion' started by RocketMan Tex, May 29, 2003.

  1. RocketMan Tex

    RocketMan Tex Contributing Member

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    http://www.nytimes.com/2003/05/29/politics/29CHIL.html

    No child credit to families with incomes between $10,500 and $26,625?????

    WTF??????

    If this is true, both houses of Congress, as well as the pResident, should be drawn, quartered, tarred and feathered. This is absolutely disgusting to me, and I don't even have any children!!!!!
     
  2. Preston27

    Preston27 Contributing Member

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    More proof. That's all I have to say.

    Shouldn't this be in the debate forum, by the way?
     
  3. Preston27

    Preston27 Contributing Member

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    Doh, it was in debate.
     
  4. mc mark

    mc mark Contributing Member

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    and another thing...

    All the explanations talk about either a single person or a married couple with children. Nowhere does it talk about a break for a married couple with no kids. I guess we won't be getting a check.
     
  5. Rockets2K

    Rockets2K Clutch Crew
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    well..it is a child credit right?
    kinda hard to get a child credit if you have no children..
     
  6. mc mark

    mc mark Contributing Member

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    Rocket I know...

    I was just being silly...

    :)
     
  7. wouldabeen23

    wouldabeen23 Contributing Member

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    RocketMan Tex,

    Are you truly suprised by this? A leftover adminstration of Reganites and Bush Sr. cronies....
     
  8. Rockets2K

    Rockets2K Clutch Crew
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    OMG! being silly in the D&D forum? :eek:

    sorry...not used to that around here..;)
     
  9. No Worries

    No Worries Contributing Member

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    There is a very simple explanation for this. The overwhelming majority of people who make between $10K and $26K are Democrats and likely did not vote for Bush. Makes sense now?
     
  10. Trader_Jorge

    Trader_Jorge Contributing Member

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    It's hard to give tax credits to people who *don't pay taxes in the first place*.
     
  11. Mr. Clutch

    Mr. Clutch Contributing Member

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    The original bill did include the credit for those people. The Dems wanted only a $350 billion dollar tax cut, so it got cut out. The Republicans wanted a $350 billion dollar tax cut.

    Read the article.
     
  12. Supermac34

    Supermac34 Contributing Member

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    They already pay such a small amount of tax that giving them an extra credit would pretty much be welfare, not a tax refund.

    You don't refund a credit to somebody that already hasn't paid much tax.
     
  13. Pole

    Pole Contributing Member

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    I haven't read the article because I've never felt like registering for the NY Times, but obviously, you're talking about the new tax bill. I'm not going to argue it's merits, but I will address this one point:

    You're talking about a tax credit, correct? A tax credit offsets taxes that are paid in. I'm pretty sure that income range is specific for a reason. I can't remember all of the different types of credits available to low income individuals, but I'm pretty sure that the standard deductions and personal expemptions for a family with as little as one dependent would be pretty close to that high water mark.

    In other words, what I'm trying to say is this: I don't think those people are paying any income taxes anyway, so logic would dictate that a taxing authority would not "pay" them over and above the nothing they are already paying in.

    I'm not saying that the government should'nt provide them with any assistance.....I'm just saying that the IRS isn't the logical disseminator of this assistance (assuming they have a zero tax bill as I would imagine).
     
  14. Pole

    Pole Contributing Member

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    Great....I just typed several paragraphs to explain what several people explained while I was typing.
     
  15. F.D. Khan

    F.D. Khan Contributing Member

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    You beat me to it TJ. I think its absurd that many throw around the slogans that the tax breaks are not for the poor and they are not recieving tax credits, when they pay next to nothing in taxes in the first place.

    I'm sure most would gladly give up a child tax credit to be essentially not paying any taxes and be a deadweight to the rest of the population. And then bitch about not getting more.

    What should we do?? Write them a check just for living in the good ole USA??
     
  16. johnheath

    johnheath Member

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    LMAO!!!

    Those mean Republicans aren't handing out cash to poor people again??

    This is a classic thread. You lefties want to refund tax money that was never paid in the first place. :p
     
  17. Mr. Clutch

    Mr. Clutch Contributing Member

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    Guys, this has nothing to do with poor people not paying taxes. It has to do with the fact that a $380 billion tax cut could not pass, so they had to reduce it to $350 billion, and something had to be cut.

    It doesn't look good for all involved. The article goes into some detail into how exactly it happened:


    "The gap in the number of families who receive the child credit occurs because of how the formula was arranged in 2001. Congress decided then to give refunds of the credit to low income families, but just to a maximum of 10 percent of the amount they made over $10,000, or a refund of $600, whichever was lower. The $10,000 amount was indexed to inflation and is now $10,500.

    When the credit was raised to $1,000, many families could not qualify for the extra amount, because the 10 percent maximum still limited them. Ms. Lincoln proposed raising the formula to 15 percent, which would have covered the increase in the credit for most of those families. Her proposal made it through the Senate Finance Committee, but later she voted against the full cut.

    Because her vote and those of other supporters were not necessary for final passage, Republicans knew they could drop the provision without hurting the bill's chances in the Senate."

    And now the spin begins.
     
  18. MadMax

    MadMax Contributing Member

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    so assuming i don't fall in that low income bracket...and i have one child...what amount will i be receiving this summer for child tax credit??
     
  19. RocketMan Tex

    RocketMan Tex Contributing Member

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    Nope. Just handing cash out to their friends, the uber-rich. As usual.
     
  20. Mr. Clutch

    Mr. Clutch Contributing Member

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    $400 bucks.

    The first $600 should have been applied on your return.
     

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