Tax return question - Is it fair?

[EastTexasMan]

I don't think I've ever seen bowhuntntx agree, seems your always on the opposite side of every fence

[Keg]

46 YO white male, with 2 children still in public school, so luckily no day care needed. Rent a house and have 2 paid off vehicles over 10 years old. And you can bet your left foot, if I am allowed to use the EIC, I am going to. And I am neither an illegal immigrant, or a welfare recipient. And I a scum bag for using it legally?

I think U are looking at this wrong....U are a taxpayer and not running any scams....U contribute to the system....But those running scams are stealing....I also don't think anyone should get back more than they pay in....

[Darton]

$35,000 extra would make a huge diff.

I am sure that it would be a big difference, but understand that someone made it and now it is getting handed out. The individual that makes 35K a year more most likely prepared, chose wisely, and worked their tail off to get there. I am not saying that you do not work hard. All I am trying to get across is that they have a profession that allows them to have more and they shouldn't be punished for that.

[Keg]

If someone gets back more than they pay in....It can be looked at as a form of welfare.....NOT RIGHT..IMO....

[EastTexasMan]

^ Agree. Yes, $35k a year would help and that person made that money. We can't all make the same money. No offense, by the way.

[bowhuntntxn]

I don't think I've ever seen bowhuntntx agree, seems your always on the opposite side of every fence

I don't think so. I really only commented to try and dispell the myth that illegal immigrants were the only ones using this credit, and show that the majority of the population uses the EIC. Any time you want to trade incomes, houses and vehicles just let me know. And then come back to me and tell me it is as as easy to raise kids on 40k as it is with 75k.

I do not feel entitled to anything, nor do I feel you are being punished for making more than the government allows for the EIC. But if you think I am stealing from you for getting a legal credit offered to me, I can't change that.

[bowhuntntxn]

I am sure that it would be a big difference, but understand that someone made it and now it is getting handed out. The individual that makes 35K a year more most likely prepared, chose wisely, and worked their tail off to get there. I am not saying that you do not work hard. All I am trying to get across is that they have a profession that allows them to have more and they shouldn't be punished for that.

And doesn't it also make sense that if they have more for an entire year, that what someone else gets should not matter? Especially if it was acquired legally.

The end user is not the one at fault, the developer is. So that is where the reform and change needs to start right?

[iamntxhunter]

There are a few mindsets expressed in this thread that are the epitome of what is wrong with our country.

[Keg]

Socialism is legal in our country..but it don't make it right....

[Thundervee]

I think we should get illegals who are already here, on the tax rolls immediately. Forget paying a fine, just get them on the tax rolls. Then we need to go to an across the board flat tax, same rate for everyone with no incentives. This woul alleviate tax refunds or the need for doing taxes each year. You pay the same everyone else pays. If you make $200,000 per year you pay the same rate as someone making $20,000 per year. The higher earner would pay more money because they make more, but the percentage remains the same.

Then, we spend some money to secure the borders, pass a law requiring Congress to not increase taxes but live within their means.

Welfare and Lonestar, etc. do not go away because there are some honest people who need it, but drug testing (random) would be required and people who can work would be required to seek work.

Unfortunately, both parties get so mired into their platform that rarely do they seek real middle ground from which to move forward. I wish we had congressional term limits, and after any re-election, an individual has to become an independant, free from party obligations, both for presidents and congress.

Todd

Ok, ok, don't freak out, but totally agree with you on this!! I know, I can't believe it either...

[Keg]

There are a few mindsets expressed in this thread that are the epitome of what is wrong with our country.

I agree....

[Darton]

And doesn't it also make sense that if they have more for an entire year, that what someone else gets should not matter? Especially if it was acquired legally.

The end user is not the one at fault, the developer is. So that is where the reform and change needs to start right?

I am not trying to say that the end user is at fault and tax reform is where the change needs to occur.

However, I disagree with your top question. It does matter what they received especially since they didn't earn it. Everything that is on top of what they paid in is nothing more than the fruit of anothers labor

[Keg]

However, I disagree with your top question. It does matter what they received especially since they didn't earn it. Everything that is on top of what they paid in is nothing more than the fruit of anothers labor

Correct.....

[billfromtx]

In 1984 I was a Lance Corporal in the USMC with a wife and a child...I was expecting tax refund of a whopping $237.00...which i desperately needed! When I got my refund check it was for $737.00 I thought there was a mistake until I learned what EIC was. I was told it was a refund for poor people who didn't make over a certain amount for that year! I was all about it! I was a happy young jarhead!

[Bill]

You have 2 things going on here. If you work, your refund is your tax liability (amount owed) minus what you already withheld. Owe $3k, had $10k withheld from your wages over the year, you get a $7k refund. Remember, it's YOUR money refunded without any interest. Now if you had $3,100 withheld, you'd get back $100 of you own money. Which is better? If you can save the $6,900 during the year by putting the money into a saving account, you're slightly ahead from interest. If you would have spent the money every paycheck and are using the IRS as a forced savings plan, then you have the money now.

The reason the woman got back what she did was there are deductions (which are subtracted from income), and credits (which are money added to your return). No, it's not fair.