Obama and his new budget: Debt will surpass total US Economy

[Slingin Sammy 33]

Originally Posted by saden1

I agree, screw the large catholic families and take away their child tax credit. 25% flat tax across the board anyone?

If the gov't goes to the FairTax yes, 25% until we're back in the black. Then revert to around 22% or so.

I didn't know it was the Catholics who were screwing the gov't with the child tax credit all along that put us in this mess.

[saden1]

Originally Posted by Slingin Sammy 33

If the gov't goes to the FairTax yes, 25% until we're back in the black. Then revert to around 22% or so.

I didn't know it was the Catholics who were screwing the gov't with the child tax credit all along that put us in this mess.

It worked for my boy's dad. Had him five kids paid absolutely zero taxes for 40 years. I mean, we got to get away from encouraging credit for kids. I got zero kids and my effective tax rate 25%. What's your effective tax rate?

On behalf of all single people I accept the gratitude of all catholics with baby mama's and 3 kids :p

[firstdown]

Originally Posted by saden1

It worked for my boy's dad. Had him five kids paid absolutely zero taxes for 40 years. I mean, we got to get away from encouraging credit for kids. I got zero kids and my effective tax rate 25%. What's your effective tax rate?

On behalf of all single people I accept the gratitude of all catholics with baby mama's and 3 kids :p

For him to pay zero in tax then he must have been low income and actually received a tax credit because he was low income. There is a limit that a family can claim no matter how many kids they have. I think its capped at $6000 so if they are in a 25% tax bracket then they can reduce their tax liability by $1500. Its not really that big of a tax break.

Now if your boy is consider low income they get a tax credit even if they did not pay taxes. So if your boy did not have to pay any taxes then claimed his child then he could actually get a refund and not paid a penny into the system. Thats the screwed up part if you ask me. You pay zero federal tax over the year but you get a child tax credit and get back like $1200 for up to 2 or 3 children. Not sure how many you can claim because back in the 90's it was capped but that cap could have been removed.

[saden1]

Originally Posted by firstdown

For him to pay zero in tax then he must have been low income and actually received a tax credit because he was low income. There is a limit that a family can claim no matter how many kids they have. I think its capped at $6000 so if they are in a 25% tax bracket then they can reduce their tax liability by $1500. Its not really that big of a tax break.

Now if your boy is consider low income they get a tax credit even if they did not pay taxes. So if your boy did not have to pay any taxes then claimed his child then he could actually get a refund and not paid a penny into the system. Thats the screwed up part if you ask me. You pay zero federal tax over the year but you get a child tax credit and get back like $1200 for up to 2 or 3 children. Not sure how many you can claim because back in the 90's it was capped but that cap could have been removed.

For someone who complains about taxes you sure don't know much about taxes. How much taxes does someone who makes 70k, has 5 kids and a mortgage pay today? He was s Boeing engineer for 35 years and now has a lake house and travels the world on the big cheese he made on Boeing stock! Low income my ass.

SS33 is getting a sweetheart deal from uncle sam that I am sure he won't give up.

[firstdown]

Originally Posted by saden1

For someone who complains about taxes you sure don't know much about taxes. How much taxes does someone who makes 70k, has 5 kids and a mortgage pay today? He was s Boeing engineer for 35 years and now has a lake house and travels the world on the big cheese he made on Boeing stock! Low income my ass.

SS33 is getting a sweetheart deal from uncle sam that I am sure he won't give up.

Making 70 in todays world is low income and I know enough about taxes. What he is making today off his stock has nothing to do with his past income. If he is getting that great of a return then he is getting hit now with some taxes.

[saden1]

Originally Posted by firstdown

Making 70 in todays world is low income and I know enough about taxes. What he is making today off his stock has nothing to do with his past income. If he is getting that great of a return then he is getting hit now with some taxes.

Wow, 70K is low income? Ooookaaay! I get that it might not be enough for a family of that size but I'm pretty sure it's not low income.

You don't get it, he invested in Boeing common stock while working there and took advantage of their discount in their ESPP. The scheme allowed him to save his money and get rich after retirement. Of course now that he's collecting he pay taxes but he will really pay taxes when he's dead or hits 79 unless the GOP has it's way.

[firstdown]

Originally Posted by saden1

Wow, 70K is low income? Ooookaaay! I get that it might not be enough for a family of that size but I'm pretty sure it's not low income.

You don't get it, he invested in Boeing common stock while working there and took advantage of their discount in their ESPP. The scheme allowed him to save his money and get rich after retirement. Of course now that he's collecting he pay taxes but he will really pay taxes when he's dead or hits 79 unless the GOP has it's way.

Sounds like your making the argument for the right. I knew you would come around.

[Slingin Sammy 33]

Originally Posted by saden1

SS33 is getting a sweetheart deal from uncle sam that I am sure he won't give up.

Nah, I'm just getting the one extra deduction....and that's going away after this year. You'll be the one getting the dedcutions fairly soon anyway.....right?

But I agree, the whole decduction game is crap. Social engineering at its finest. But, I'm damn sure gonna take every one I'm allowed while they're in place, but I'd much rather see FairTax.

[CRedskinsRule]

Originally Posted by Slingin Sammy 33

If the gov't goes to the FairTax yes, 25% until we're back in the black. Then revert to around 22% or so.

...

Agreed