It’s really not going to change my life. The day after the election I’m going to get up and go to work just like I did today. I’m going to pay the same taxes, maybe a little more or less depending on who wins but nothing that will change my life. I’m going to the same church, spending my free time with the same family and friends…the things in my life that I truly value can’t be touched by these guys.
You are woefully misinformed. The tax code does not redistribute wealth with the minor exception of the death tax. It does redistribute income. It is a progressive tax system.
Hi Christine,
I have used this credit. I don’t see how you can use it if you don’t qualify. You have to use your children’s ss ## on it.
Sorry Lisa, this is getting as nasty as the political ads. Romney pays less than 13% by a questionable tax maneuver. Is that fair? And no, I don’t advocate slavery. I just think that people in business have an obigation to their employees to provide health insurance. I was in practice for over 30 years and always offered health care benefits. Didn’t make me feel like I was a slave.
I’m also a CPA. I remember 70% on dividends and interest. Earned income was taxed at 50%. Ah yes, those Jimmy Carter years were filled with hope and prosperity
You obviously misinterpreted the reference to slavery. Those who claim healthcare is a right believe that healthcare providers are obliged to give them care regardless of the ability to be paid for their services. When you demand services of someone but don’t think you should have to pay for those services, that is slavery.
I respect your opinion, we can agree to disagree. I would hope you respect my right to my opinion as well.I’m also a CPA. I remember 70% on dividends and interest. Earned income was taxed at 50%. Ah yes, those Jimmy Carter years were filled with hope and prosperity
There have been many demonstrations of reducing tax rates and increasing revenues. Even John Kennedy, a Democrat, believed in reducing rates…wasn’t it 90% at one point? The Reagan Revolution reduced rates dramatically, simplified depreciation which had been a real full employment bill for accountants, and reduced ability to reduce taxes through shams and tax shelters. The result was a dramatic recovery from the misery inflicted by Carter.
As to the Bush tax cuts, one of the results was reducing lower income rates by 50% and taking many out of paying income taxes entirely. Until the implosion in the housing industry and financial sector, the economy during the Bush years was fabulous and given he inherited a recession from Clinton due to the dot.com bubble and 9/11 should be given a lot of credit.
What have we reaped from the Obama years? Unemployment, dramatic increases in debt, increases in poverty, increases in food stamps.
If you truly love the poor why do you want them to stay poor?
Lisa
Of course they saved a lot, if you already are paying the most in taxes, you will receive the most in tax savings in a cut (even if all percentile cuts are equal). The guy whose taxable income is $750,000 is going to see a large savings in a 5% tax cut as opposed to someone whose taxable income is $750 :yup:
Rich, do you mean Senator Robert Wagner or his son, Robert Wagner, Jr, who became Mayor of New York City in the 50s and 60s? I had the good fortune of meeting the latter.Good for him, but not everyone, even with ambition has the talent and ability to succeed. Senator Wagner (a good Catholic BTW) of New York back in the 50s was being congratulated on his success. He said that it was mostly luck because there were thousands of men better qualified than he who simply hadn’t the opportunities he was afforded.
Also you must prove income as many are ineligible for the credit due to too much income. Does NotSoSure think people are providing him/her with fraudulent tax documents to get the EIC? I think this is one of those provisions where it’s pretty hard to cheat but maybe I’m wrong.
Questionably recharacterized investment income.
Lisa, I don’t have any clients who qualify for EIC. But this is way off point.Also you must prove income as many are ineligible for the credit due to too much income. Does NotSoSure think people are providing him/her with fraudulent tax documents to get the EIC? I think this is one of those provisions where it’s pretty hard to cheat but maybe I’m wrong.
Lisa
OK I get it, you provide your opinions and I should respect them but when you seem to state them as fact rather than opinion and someone counters with other facts, they are disrespecting your opinion? OK…
I know. With electronic filing, you can’t duplicate SS##'s the way you used to in the old days. I’m not a CPA, but I am an accountant and I have moon-lighted as a tax preparer for H&R BLOCK back when I was a SAHM. I still do some taxes on the side. The IRS catches inconsistencies pretty quickly now.Also you must prove income as many are ineligible for the credit due to too much income. Does NotSoSure think people are providing him/her with fraudulent tax documents to get the EIC? I think this is one of those provisions where it’s pretty hard to cheat but maybe I’m wrong.
Lisa
How so?
Mary, aren’t the rights to access to adequate health care (not necessarily exceptional), decent food, and some form of shelter, hopefully better than a homeless shelter or a cardboard box, part of all Americans’ G-d-given right to LIFE, as in life, liberty, and the pursuit of happiness? (Please, posters, try to refrain from bringing up the topic of abortion, if you can.)
I always get the “agree to disagree” from my liberal relatives when have no interest in debating issues with people who disagree with them.OK I get it, you provide your opinions and I should respect them but when you seem to state them as fact rather than opinion and someone counters with other facts, they are disrespecting your opinion? OK…
Lisa
By not taking investment management fees and converting them to equity interest, thereby getting capitol gain treatment and taxed at a much lower rate. It is a questionable tax maneuver that probably cannot be defended before the IRS.