of course, do you not take all the tax credits you can?
Posted By: Amanda on 2008-10-31
In Reply to: Not quite the same as paying it from his own personal account....sm - m
x
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tax credits -
Okay, I see it -
the mortgage credit clearly says it will provide an average of $500 to THOSE WHO DO NOT ITEMIZE. People who itemize already get to count that. If you own a house and have a mortgage, clearly you are working.
School tax credit - Clearly, if it is a SCHOOL credit, then you have to be going to college and in 4 years or less you will be gainfully employed at a salary that will make you PAY TAXES - Sounds like a good investment to me...
and the make work pay - well you have to be working to get it and the people who will qualify for that already get the EIC anyway, so it is not going to make a difference...
With all the incentives, tax credits, encouragement and
proposed in Obama's plan, it is not likely that he will be fining them out of business over health care insurance. You do raise an interesting question, though, and I would be curious about that myself.
Bringing the refundable tax credits to the top,,,
Took some looking, but found it.
o A $1,000 “Making Work Pay” Tax Credit. For 95 percent of workers and their families—150 million
workers overall—the “Making Work Pay” credit will provide a refundable tax cut of $500 for workers or
$1,000 for working couples. This credit will benefit over 15 million self employed workers and for 10
million low-income Americans, will completely eliminate their federal income taxes.
o A Refundable $4,000 American Opportunity Tax Credit. Barack Obama will provide a $4,000 fully refundable
tax credit to ensure that college is affordable for all American families. This credit will cover
100% of the first $4,000 of qualified tuition expenses, making community college essentially free and
covering about 2/3 of the cost of public 4-year college.iv
o A Universal 10% Mortgage Interest Tax Credit. Barack Obama will provide a 10% refundable credit to
offset mortgage interest payments and make homeownership more affordable for lower- and middle-income
families. This universal credit will provide an average tax cut of $500 to 10 million homeowners who do not itemize.
I see refundable in there a few times. And there you have the low income folks who will, with the help of this "credit," ELIMINATE their federal taxes. Who is going to take up that slack?
Or we'd be BROKE buying his carbon credits
while he's rolling in the dough.
With the stimulus package there are built in tax credits for small businesses and SBA...sm
I have worked in retail as an assistant buyer and see their profit margins...and I know there are many legit, honest, mom and pop stores, but they usually make up for it by hiring school kids for slave wages and also family members. I am talking about across the board, in factories, retail, hospitalitiy, techno, every sector, these workers would all be paying more EACH WEEK into the the tax stucture in this country, strengtheing our reserves, becomeing consumers themselves because they can finally afford something....I feel like I dropped from another planet here, or industry in MT is not the norm by far.
They're not tax breaks....they're tax credits
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