The 2008 credit has to be paid back (no interest), but not the 2009 credit.
Posted By: nm on 2009-04-15
In Reply to: oversimplified - dnh
nm
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credit for safety = credit for 9/11
If Bush wants takes credit for keeping us "safe" from terrorist attacks since 9/11, then he has to take credit for the fact that we experienced the largest terrorist attack in US history under his presidency, as well. He can't have it both ways!
I gave credit where credit was due.
I think Obama did a good job not saying anything about the hostage situation with the captain and I commend him for giving the order to the Navy Seals to do what they did. But still.....I think the heroes and the biggest thank yous need to go to the ones who risked their necks to save the captain.....and that would be the Navy Seals.
All in all, I don't like a lot of things that Obama has done. I know Bush didn't do us any favors in his 8 years either, but Obama is now in office and I do not like the way our country is heading.
As for not giving Obama any slack....how many of you people gave Bush slack on anything even when he did something good....cuz believe it or not.....he did some good things too. It goes both ways.
What did he say? Did he take credit for somebody else's
x
You give him a lot of credit
In your view one man single-handedly has brought the world down in 5-1/2 years. That's really giving Bush a lot of power. If Clinton and other Democratic presidents were soooo great then why didn't they single handedly make the world a utopian place when they were in office? Wow, Democratic presidents must have really sucked if you have the view that the Office of the President of the United States holds the power to either make the world Heaven or Hell. It seems the Dems could do neither. Man, they were lamer than I ever imagined if your view is correct.
You are giving her credit for something
she will NEVER do. She will never unite the party. She will only go on and on and on until it is impossible for a democrat to win this year, making McCain the president. All she wants is to be president, and if Obama gets in there, she will have to wait until 2016 when she'll be going on age 68. She doesn't care about the country or the democratic party. All she cares about is power, not about anything but HER and Bill. Sad, but the truth.
You sure do hand her credit for ...
having a lot of power. I like Palin, but I don't believe that she has the power to "almost single handedly divide the country." Perhaps she is a better leader than I thought...
the education credit -
Obama says the first $4000 of an education would be free and that you would have to work doing community service to pay for that. That being said, if you want a community college education, $4000 would pay that - if you want an advnaced degree, then of course it would not be free.
the Hope credit is available for the 1st 2 yrs for everyone
From IRS website: Who can claim the Hope Credit?
Generally, you can claim the Hope Credit if all three of the following requirements are met.
You pay qualified tuition and related expenses for the first 2 years of postsecondary education.
You pay the tuition and related expenses for an eligible student.
The eligible student is you, your spouse, or a dependent for whom you claim an exemption on your tax return.
It's worth a $1,500 tax credit, which according to my professor was so that anyone could afford two years at a community college, because it was essentially free since you would get it back as a tax refund.
well, i clearly said hope CREDIT
how many first and second year community college students are making over $47,000 per year anyway?
No. Show me where he has said the tax CREDIT will
Becuase if it is not a refundable credit (like he earned income credit is) then it can only apply toward tax LIABILITY...meaning you cannot get it unless you owe tax. This is not the same thing as a tax cut. A tax CREDIT has more value than a tax cut, because it is paid directly against owed tax liability.
With regard to the tax CUT, this is simply a TAX RATE DECREASE. He is not proposing to send every man, woman and child $500 or $1000. In fact, the language clearly states "up to" $500 for an individual worker and "up to" $1000 for working couples. This is a top cap limiting the benefit on can receive from the adjusted tax rate.
An economic stimulus is a SEPARATE ISSUE...as I have pointed out below and as SAM herself has referred to. It is a one-time issuance of monies that will be paid to 95% of workers. The stimulus would be structured very similar to the one we have already received under Bush.
Now here this. The ONLY WAY that a person who has no tax liability could receive any benefit would be if the tax CREDIT (not tax cut) is a refundable credit. THAT is the language I am looking for. Where does it say that the tax credit is a refundable credit?
Amanda....it says that the credit will...
eliminate federal taxes for 10 million low income families. Someone has to make up for that lost revenue. Or are you saying they are really not paying taxes anyway so when he says he is giving them a tax credit he is not, he is lying about it? So which part is lying and which part is true? They were paying taxes and now they are not going to be because of the credit, or they were never paying taxes anyway so it is a credit name only. Please advise.
it would if they owed less than the credit - nm
x
Sam, I don't see where he says only certain people will get that credit - nm
x
credit to the repub congress
Are you KIDDING me? They shut down the government in a tiffy fit. They fought him tooth and nail on everything. They spent countless time and money trying to impeach him. You need to get a library card an USE it, girlfriend.
Ok, I was wrong...gave you too much credit.
Go ahead and Bush-bash. Probably giving someone else a rest.
I'm sorry LVMT........ credit should have gone to you for posting! My bad! nm
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Credit-Frenzied society
I was raised with good old Irish ethics. Work hard. Get ahead. Save up. Pay cash.
Now, granted, that's not the norm these days, but it was the norm for most of the life of this great country.
I dislike the consumer mentality these days. Everyone thinks they need a new car every two years. A new computer every six months. A new cell phone every time a new model comes out. A new home every time they turn around. And they're swimming in debt because of it.
As Will Rogers said -
"We hold the distinction of being the only nation in the history of the world ever to go to the poor house in an automobile."
credit crunch resolved
Now we will be able to borrow our own money from the banks for all the things we need and pay taxes, interest and inflation. I am firing all this jokers in November.
Get Ready to Pay off your credit cards
The government is looking into buying some banks instead of subprime mortgages. They are going to need some capital. All ready to pay up?
actually he says he will tax credit them for keeping jobs here... nm
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okay - what do you think earned income credit is?
My sister pays no taxes - she has no taxes taken out of her check every week - she works a full time job, but she still every year gets back $5000-6000. Now why do you think that is any different than what you are talking about now? It is the same thing...
Still can't come up with that refundable credit language?
x
Please explain how the refundable tax credit...
that was outlined from his own documentation, that states the credit will eliminate federal taxes for 10 million low income workers...figures into that table. And then explain to me how taxing others higher than those low income folks to make up the loss of that revenue is not marxist re-distribution of wealth. Thank you.
Yeah and I give him credit
that's one time he told the truth.
There is also all that untraceable credit card...
money. I imagine a few campaign law restrictions were shattered with that. and yes, he took money from lobbyists in the form of bundlers. Mccain did too. They ALL do.
You are giving the Republicans WAY too much credit.. sm
Clinton was the one who started the Fannie Mae/Freddie Mac fiasco by "helping" folks who couldn't afford a house to have one. Bush called for reforming FM/FM, but the Democrats fought him down on that one, with Barney Frank leading the charge saying that they were not in trouble.
Now with Obama leading the way to financial disaster for the US with his frantic spending, you just can't lay this all at the door of the Republicans.
Personally, I think both parties are flawed and there needs to be a thorough housecleaning, starting at the top, but I don't know if there is anyone left in this country, even T. Boone Pickens or H. Ross Perot, who could straighten this mess out.
I think you give the public too much credit!
They won't even know about it until someone shows up at the door to take their kids to the "campus." The American public is too apathetic to act in their own best interests AND too easily fooled by pretty words.
You are correct and I will give him credit for that, but SM
we need to remember that it takes money to train the SEALS and he is going to cut the military budget. Also we need to stop referring to these pirates and terrists as criminals. Remember what Bin Laden said back in the 90s. When Clinton pulled us out of Somalia because the soldiers were killed and drug in the street (Black Hawk Down), he knew the US was weak. You cant show weakness to your enemies.
I will give The Teleprompter credit. nm
xx
Long but interesting ....tax credit
Sorry the link would not post correctly. This is from the AP
By STEPHEN OHLEMACHER, Associated Press Writer – 1 hr 14 mins ago
WASHINGTON – Millions of Americans enjoying their small windfall from President Barack Obama's "Making Work Pay" tax credit are in for an unpleasant surprise next spring.
The government is going to want some of that money back. The tax credit is supposed to provide up to $400 to individuals and $800 to married couples as part of the massive economic recovery package enacted in February. Most workers started receiving the credit through small increases in their paychecks in the past month. But new tax withholding tables issued by the IRS could cause millions of taxpayers to get hundreds of dollars more than they are entitled to under the credit, money that will have to be repaid at tax time. At-risk taxpayers include a broad swath of the public: married couples in which both spouses work; workers with more than one job; retirees who have federal income taxes withheld from their pension payments and Social Security recipients with jobs that provide taxable income. The Internal Revenue Service acknowledges problems with the withholding tables but has done little to warn average taxpayers.
"They need to get the Goodyear blimp out there on this," said Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants.
For many, the new tax tables will simply mean smaller-than-expected tax refunds next year, IRS spokesman Terry Lemons said. The average refund was nearly $2,700 this year.
But taxpayers who calculate their withholding so they get only small refunds could face an unwelcome tax bill next April, said Jackie Perlman, an analyst with the Tax Institute at H&R Block.
"They are going to get a surprise," she said.
Perlman's advice: check your federal withholding to make sure sufficient taxes are being taken out of your pay. If you are married and both spouses work, you might consider having taxes withheld at the higher rate for single filers. If you have multiple jobs, you might consider having extra taxes withheld by one of your employers. You can make that request with a Form W-4.
The IRS has a calculator on its Web site to help taxpayers figure withholding. So do many private tax preparers.
Obama has touted the tax credit as one of the big achievements of his first 100 days in office, boasting that 95 percent of working families will qualify in 2009 and 2010.
The credit pays workers 6.2 percent of their earned income, up to a maximum of $400 for individuals and $800 for married couples who file jointly. Individuals making more $95,000 and couples making more than $190,000 are ineligible.
The tax credit was designed to help boost the economy by getting more money to consumers in their regular paychecks. Employers were required to start using the new withholding tables by April 1.
The tables, however, don't take into account several common categories of taxpayers, experts said.
For example:
_A single worker with two jobs making $20,000 a year at each job will get a $400 boost in take-home pay at each of them, for a total of $800. That worker, however, is eligible for a maximum credit of $400, so the remaining $400 will have to be paid back at tax time — either through a smaller refund or a payment to the IRS.
The IRS recognized there could be a similar problem for married couples if both spouses work, so it adjusted the withholding tables. The fix, however, was imperfect.
• A married couple with a combined income of $50,000 is eligible for an $800 credit. However, if both spouses work and make more than $13,000, the new withholding tables give them each a $600 boost — for a total of $1,200.
There were 33 million married couples in 2008 in which both spouses worked. That's 55 percent of all married couples, according to the Census Bureau.
• A single college student with a part-time job making $10,000 would get a $400 boost in pay. However, if that student is claimed as a dependent on a parent's tax return, she doesn't qualify for the credit and would have to repay it when she files next year.
Some retirees face even bigger headaches.
The Social Security Administration is sending out $250 payments to more than 50 million retirees in May as part of the economic stimulus package. The payments will go to people who receive Social Security, Supplemental Security Income, railroad retirement benefits or veteran's disability benefits.
The payments are meant to provide a boost for people who don't qualify for the tax credit. However, they will go to retirees even if they have earned income and receive the credit. Those retirees will have the $250 payment deducted from their tax credit — but not until they file their tax returns next year, long after the money may have been spent.
Retirees who have federal income taxes withheld from pension benefits also are getting an income boost as a result of the new withholding tables. However, pension benefits are not earned income, so they don't qualify for the tax credit. That money will have to paid back next year when tax returns are filed.
More than 20 million retirees and survivors receive payments from defined benefit pension plans, according to the Employee Benefit Research Institute. However, it is unclear how many have federal taxes withheld from their payments.
The American Federation of State, County and Municipal Employees union raised concerns about the effect of the tax credit on pension payments in a letter to Treasury Secretary Timothy Geithner in March.
Geithner responded that Treasury and IRS understood the concerns and were "exploring ways to mitigate that effect."
Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said Geithner has yet to respond to concerns raised by committee members.
"So far we've got the, 'If we don't address this maybe it will go away' approach," Camp said.
___
It seems "Barack" takes credit for a lot and blame for nothing.
Marx: Centralize credit in the banks.
private property. Right any bells?
How about that larger refundable tax credit of McCain's?
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REQUIRED IN ORDER TO GET THE COLLEGE CREDIT! NM
x
It may be hard to credit Bush with no attacks when there is...sm
nothing tangible to show for it, right?
But then, that's the whole point.
No attacks on U.S. soil since 9/11.
There's the proof.
I'll be a believer and give President Bush the credit for this one.
Yes, earned income credit, we pay our taxes....
Whaddya you make? 7 cents a line? LOL. You call that paying taxes? HAHAHAHA!
No, it's more than jus the earned income credit and kids.
This is adding in things like tuition and related school expenses, but not claiming the grant money they've recieved to pay for that - which you legally have to do. That's what makes me so mad!
Are you complaining about the "earned income credit?" nm
x
Sorry, earned income credit, I have to pay taxes.....
I have no dependents, alas. I don't get food stamps or Welfare, either. Unlike you, the prophet, I will wait and see what direction our President takes us. You might be disappointed or I might be disappointed, but, obviously, it will all roll out in the end, won't it? Yes, I know about gas. Unfortunately for you, it has no escape route because you are too full of $hit to allow its escape. Sorry about the blockage.........honest, it isn't brain matter - it is fecal.
Good for Fox - I'm no Fox fan but I'll give them credit for doing the right thing
They say Fair and Balanced but they definitely are more conservative and Sean Hannity really gets on my nerves something awful. He's about as condescening as Rush and treats guests who are liberals as though they are less intelligent than he is.
When I am in favor of conservative viewpoint I will watch them, and when I am in favor of liberal viewpoints I will go to another channel. Never CNN because they praise the Clintons too much. Most of the time I watch MSNBC even though they are more liberal, but at least they are fair and civil to conservatives.
So I give Fox some credit.
These people would not give Palin credit for a thing.
nm
Gotta give Backwards Typist credit...
for picking an appropriate name for herself.
Time to stop the earned income tax credit
No more WELFARE period. Everybody can plant a small garden - even in pots. Go fishing and deer hunting for your meat. Tents are cheap - can walk or hitchhike to warmer climates so you're more comfortable. Live off the land! And let govt get smaller - no more handouts to ANYONE! If we did that, we wouldn't need roads or bridges - end that spending habit. Get rid of government completely. Everybody arm yourselves and live like they did in the old west. We are already well on our way to being a 3rd world country (even airports are dingy). Everybody is on their OWN. Consumerism would end. Who needs TV or iPods or computers or anything else? We're all gonna die anyway. Some sooner than others, but there's no way outta that one. If you don't make any money - you won't have to pay taxes.
I give you credit Amanda- you got me thinking and searching
I found some more articles I had not found before.
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=90945
http://www.foxnews.com/politics/elections/2009/01/18/pricetag-inaugural-festivities-reach-m/
http://www.politico.com/news/stories/0209/18635.html
What I'm saying is this (unsure this is coming out right). The US is in desperate times. Never since the depression have we had numbers of unemployment (which are continuing to rise), people losing their homes, people worried how they are going to make their energy bill payment or car payment because they've lost their jobs. How are they going to feed the kids. My dad recently told me that he has started going to the soup kitchen in his town to get his meals. He says he doesn't know how much longer he will survive if the economy doesn't turn around and he can find some work. He's even been talking about traveling to nearby states, but then he said everything he earns would go for the cost of gas to get there, plus they don't even have any jobs. My DH just went to stay with his brother and is looking for work elsewhere because the unemployment and homeless are skyrocketing here. My dad says it's very bad when there is one job and over 200 applicants. My aunt said the same thing, as did my cousin, three brother-in-laws, two sister in laws (out of 14 family members of mine 9 of them are unemployed, and 4 of them lost their jobs after the O took office - they all voted for the O because they said he said he has a plan and would save their jobs). Some have talked about going back to school to get retrained but they said "In what?" They said everything they are looking at is no longer an industry that is hiring and there the market is already saturated with people in the fields they are looking at studying and they have experience. They also said they voted for the O because he talked about getting credit to go to school, but none of them have been able to get that let alone know what to study, and better yet, the courses they would like to take are not being offered anymore because of cutbacks. I am reading newspapers from different cities across the country, getting onto "mycity" pages and reading what people are saying about what it is like where they live. They say how much more is this going to go on. They say the stimulus plan had promised job creation and it does not. And they all say this is not a good time for the President to be hosting weekly cocktail parties no matter how rich he is or no matter how much taxpayers are paying for it. They say a little discretion would be in order, and when (if) this country is turned around, jobs are created, homes are saved, and the American people see some relief then have a big party. But to use our money to host a cocktail parties where the guests are staff members and politicians in WA. is not a good idea. He needs to start showing some compassion/restraint.
I don't care about the superbowl party (everyone has them, why shouldn't he). I don't care about opening the white house for the school children or other good causes. I'm all for "anyone" being able to visit the white house, but our country is in such disarray and is hurting very very badly. This is not the time to be having weekly "cocktail" parties. Get the country back on track like you promised you would, then have your parties.
One thing I read that I admire President Wilson for. He did not have any parties at his 1917 inaugural (therefore I believe he didn't have regular weekly parties either). He stated that "having such festivities while there was a war going on would be undignified".
Our President needs to come back to earth and not be so free with the money so that he can keep partying at a cost to the taxpayers. That is not what we elected him for. We elected him because he had some plans to get us out of this mess and we are seeing none of us. The stimulus plan did not stimulate the economy, the bail-outs, did not bail them out (the bank bail-outs went directly to Dubai, China, and some other country) and some are still asking for more money. We're getting ready for some increased taxes, all while the politicians in Washington party it up.
This is not sending a good message, and even other countries are saying we don't know what the heck we're doing. But all the while crats will praise him up and down and will never find anything wrong with him. Some believe he is the messiah and others refuse to put down the kool-aid. They think its perfectly fine for the Washington crowd to continue to party til the cows come home while the country suffers. That is what I am truly dissapointed and mad about.
(as a side note, this has nothing to do with Bush, how we got into this mess or what. Bush is not controlling the parties, Bush is not controlling the endless (open checkbook) the crats are using. Bush is not forcing Washington to use taxpaper money to fund their parties. This has nothing to do with the past administration. This has everything to do with what is going on today and what will be happening tomorrow).
I will be so glad when 2012 comes.
Better read up on that homebuyers' tax credit, as you have zero understanding of how it works.
NM
Explain this: credit card fraud from Obama campaign
ct 14 2008 12:00AM
http://sayanythingblog.com/index.php
Keep a close eye on your credit card bills this election season lest you end up paying for a contribution you didn’t approve to a political candidate you don’t support
A North Kansas City couple has been left scratching their heads after they became the victims of a political scam
Steve and Rachel Larman say a strange credit card charge appeared on their statement this month ? a $2300 donation to Barack Obama?s presidential campaign. The Larman?s say they don?t want this to be about their political affiliation, but they say they?re not about to give the Obama campaign any help from their pocketbook
They said they notified Chase, their credit card bank, to report the fraud
?(They) said that they had seen-they were familiar with this,? said Steve Larman. ?It was fraud, they believe through telemarketing but they were going to be doing some more investigations.?
The Larman?s don?t want their politics to enter into what is essentially just a fraudulent charge. But they say that the charge involves the Obama campaign adds insult to injury for the registered Republicans
?They (Chase) kept on asking me ?are you sure you wouldnt have gone to a site in support of Obama?,? said Rachel Larman. ?And I repeatedly said ?Im voting for McCain - I would not be going to an Obama site?.?
Chase dropped the charge from the Larman?s card. The couple is thankful thay they caught the charge on the card, but worried that others may not see that type of fraud on their own credit cards before it?s too late.
This wasn’t just some random prankster. $2,300 is the exact amount of the maximum any individual can give to a federal candidate for office
Investigate credit cards donations to your heart's content.
Hamas information?
Northland Couple Warns of Political Credit Card Fraud ...sm
Northland Couple Warns of Political Credit Card Fraud
Last Edited: Tuesday, 07 Oct 2008, 10:23 PM CDT
Created: Tuesday, 07 Oct 2008, 8:58 PM CDT
SideBar
NORTH Kansas CITY, MO. -- A North Kansas City couple has been left scratching their heads after they became the victims of a political scam.
Steve and Rachel Larman say a strange credit card charge appeared on their statement this month -- a $2300 donation to Barack Obama's presidential campaign. The Larman's say they don't want this to be about their political affiliation, but they say they're not about to give the Obama campaign any help from their pocketbook.
They said they notified Chase, their credit card bank, to report the fraud.
"(They) said that they had seen-they were familiar with this," said Steve Larman. "It was fraud, they believe through telemarketing but they were going to be doing some more investigations."
The Larman's don't want their politics to enter into what is essentially just a fraudulent charge. But they say that the charge involves the Obama campaign adds insult to injury for the registered Republicans.
"They (Chase) kept on asking me 'are you sure you wouldnt have gone to a site in support of Obama'," said Rachel Larman. "And I repeatedly said 'Im voting for McCain - I would not be going to an Obama site'."
Chase dropped the charge from the Larman's card. The couple is thankful thay they caught the charge on the card, but worried that others may not see that type of fraud on their own credit cards before it's too late.
"You always get emails saying be on the lookout," said Rachel. "So I just wanted to get the word out, that there's someone out there perpetrating this against people, and to pay attention."
The Obama campaign said they were aware of the Larman's story, but did not have any comment.
Megan Cloherty, FOX 4 News
How much did you make on your "earned income credit" this year? Welfare momma......
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Sing it sister!! Earned income tax credit most defintely is welfare.
But I bet very few people who receive it think of it that way. They just happily cash that refund check.
You make a good point, but I think the real credit for African American progress..sm
is education. You can take away all of the social programs you want to, but if there is not progress in education, you still have poverty.
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