(*&#$*(^#$ Tax Bill

[mewoman]

That stupid tax bill does nothing for people that make between 10,550 and 26,000, or thereabouts...

Ummm, hello, we are the people that can use it the most....dumb@ass lawmakers.....:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

http://www.cnn.com/2003/ALLPOLITICS/05/29/child.tax.credits/index.html


WASHINGTON (CNN) -- The White House minimized its role Thursday in a last-minute change in the $350 billion tax cut bill that will prevent low-income families from getting a $400-per-child increase in the child tax credit.

Democrats and child advocacy groups said that the child credit increase from $600 to $1000, part of the tax cut bill President Bush signed into law Thursday will not benefit most families with incomes from $10,500 to $26,625 a year. (Full story)

White House Spokeswoman Claire Buchan said providing the increased child credit to low-income families "wasn't part of" the legislation Bush proposed, "but if it had been he would have signed it."

White House Spokesman Ari Fleischer said the exclusion of these low- income families for the child credit is "not anything new," and that the benefit passed in the Senate Finance Committee but died by the time the legislation was signed into law.

Fleischer said Bush "didn't get everything he wanted," but the spokesman still insisted it was a tax-cut package that benefited all Americans.

The White House was heavily involved in the behind-the-scenes negotiations to get the president's "Jobs and Growth package" pushed through Congress. Vice President Dick Cheney stepped in at the eleventh hour, meeting personally with lawmakers, to ensure it would get through.

The Center on Budget and Policy Priorities, a liberal group, charges on the organization's web site that while the tax cut was touted as benefiting all families, it doesn't. Provisions that would benefit poor families with children were cut from the final version of the tax cut but left in for higher earners, the group charged.

"The final bill dropped a child tax credit provision included in the Senate version of the tax bill that would have assisted close to 12 million low-income children, many of whom receive no benefit from the final bill," the group says in its analysis. "The final legislation accelerates the child tax credit provision of the 2001 tax cut that is targeted on middle- and upper-income families, but not the comparable provision of the 2001 law that is targeted on low- and moderate-income families."

[Barbi_Route66]

The people who could really use the money for some reason don't 'qualify'. I know a couple that between the husband & wife, they earn around $135,000 a year. They will qualify for this tax break. I don't have kids but this really sucks.

The old saying is true...the rich get richer & the poor get poorer.

[schsa]

Try being single. It really sucks.

[waterfowl]

Kinda figured as much, when I looked over our 2002 taxes and figured in the extra child credit.There was no change in our return. :(

[bngomom]

Most people in that tax bracket don't pay much taxes if they have children. It is only fair that the people who pay taxes get the refund. Its not just a hand out to everyone who has kids.

[gemini26]

Very true bngomom. Everyone I know that is low income gets back anywhere from $2000-$4500 back in taxes because of earned income credit. Why do they need more or as you said tax relief when they don't really end up paying any. This statement is for those with kids.

[momfromTN]

This past year, we were part of that lower income bracket. We got a decent tax refund. I do not feel entitled to this new tax cut refund or whatever it is called. If we get it, fine, but if we do not, then thats ok too. It would be nice, as we could probably ALL use some extra cash now and then, but if we don't qualify, then fine. :)

[mpmyers]

Most people in that tax bracket don't pay much taxes if they have children. It is only fair that the people who pay taxes get the refund. Its not just a hand out to everyone who has kids.

Amen! It bothers me when people expect a large refund when they don't pay much in taxes in the first place. (I'm not saying anyone on here does this) I pay my share and even with the tax breaks, I end up owing at the end of the year (gotta love hubby having a business on the side). This should give us a little back next year.

[BeesKnees]

I have to agree about the Earned Income part of it. Before I was married, I got about 3500 back each year from fed., which was more than I paid in by about 800.

Now I am married, and we get 1100 back when all is said and done, after paying in about 9600 a year. We also have a “marriage penalty” in my state, which I will never understand. We were penalized about 750 for being married. Ridiculous.

I am sorry, but I pay in a lot more in taxes than ever before (went back to school so I could get a great job), so while it seems unfair for the 10K-26K range folks, most of them get EIC, which is more than my husband and I will get, even with this tax break.

[blueyez37811]

From what I understand, (which isn't a whole lot :) ) We qualify for this credit. We do NOT get the EIC and we have 4 kids. My hubby makes in the 30K-40K range. This sure will be nice once school starts. I have all 4 in school this year and it will cost me a small fortune to dress them. Someone was posting that it goes by the last 2 digits of your ss# when they send them out...Does anyone know when 89 checks should be mailed out?

[BeesKnees]

Originally posted by blueyez37811
...Does anyone know when 89 checks should be mailed out? [/B]

I am pretty sure it is August 8; the higher the number, the later the check and that is the last date of issue.

[gemini26]

Bush is working on that marriage penalty as well beeknees. SO hopefully you will eventually get some relief from that as well.

[miccit]

Does anyone know if they will send out notices to the people who will be receiving the refunds like they did with the last refunds? We weren't eligible for the last one, but my BIL got it and received a letter before hand telling him how much he would receive and approximately when.

I am not sure if we are eligible for this or not. I don't get the whole tax thing anyway!:)

[blueyez37811]

Thanks Beesknees!!

[HumNbirdMO]

Originally posted by miccit
Does anyone know if they will send out notices to the people who will be receiving the refunds like they did with the last refunds? We weren't eligible for the last one, but my BIL got it and received a letter before hand telling him how much he would receive and approximately when.

I am not sure if we are eligible for this or not. I don't get the whole tax thing anyway!:)

Yes, according to the IRS website, those who will be recieving a check with this tax cut will get a notice in the mail telling you how much your check will be.

http://www.irs.gov/newsroom/article/0,,id=109811,00.html

I can understand why some who are in the lower income brackets being ticked off, but you have to realize that generally ppl in that income range with children pay NO taxes, yet they get a huge refund because of the EITC. I look at this as a refund for families with children who have to pay taxes every year....not a hand out for middle income or upper income. Now, whether I get anything out of this deal, I don't know (we made around $35K last year, and have 3 kiddos, and we did have to pay some tax, but also got a refund)...time will tell as I am so not good with trying to figure out tax laws. I think we will, but if not, then I guess we weren't entitled to it, so life goes on. :)

[miccit]

Thank you HumNbirdMO.
:)

[mrs.john]

Originally posted by HumNbirdMO
I can understand why some who are in the lower income brackets being ticked off, but you have to realize that generally ppl in that income range with children pay NO taxes, yet they get a huge refund because of the EITC. I look at this as a refund for families with children who have to pay taxes every year....not a hand out for middle income or upper income.

That's how I feel. We have 3 kids and last year was the first year that I didn't work full time, so our income was basically cut in half. I couldn't believe that return we got(and no EIC):eek: Especially compared to the little ones we got when we both worked full time.

We have a lot of friends/relatives that brag about their huge EIC checks. I understand that they have them coming, but to watch them go out and buy big screen tv's and blow it on things like that, then boohoo the rest of the year about money, kind of irritates me. Especially when we would get a couple hundred dollars and be all happy b/c we could stock up at the grocery store, lol.

[momfromTN]

Ok, if it will not benefit lower income people, then what does this mean?

I am confused now.
http://www.irs.gov/newsroom/article/0,,id=109812,00.html

[jasmine]

taken from the site that momfromTN posted:

Examples of Taxpayers Who Qualify

Mr. and Mrs. Brown have two children, ages 8 and 10; their 2002 AGI (Adjusted Gross Income) was $50,000 and they claimed a Child Tax Credit of $1,200. The Browns will receive an advance payment of $800.

Mr. and Mrs. Green have two children, ages 11 and13; their 2002 AGI was $125,500 and they claimed a Child Tax Credit of $400 because of the phaseout provision. The Greens will receive an advance payment of $800.

Ms. Gray has one child, age 7; her 2002 earned income was $16,560; she claimed a Child Tax Credit of $368 and an Additional Child Tax Credit of $232. Ms. Gray will receive an advance payment of $389.

Mr. and Mrs. White have three children, ages 12, 14 and 16 in 2002; their 2002 AGI was $65,000 and they claimed a Child Tax Credit of $1,800. The Whites will receive an advance payment of $800, based on their two younger children, since their oldest child turns 17 in 2003.



according to Mrs. Gray's situation, her income was below the 26,000 range, and she will be getting something back??!!!!

[harloo]

We qualify for the tax break, but I don't understand how Bush thinks this will in some way stimulate the economy. I will take whatever extra refund I can get, but I think this has nothing to do with stimulating the economy and everything to do with the republicans using their power to get what they want. When all is said and done the economy will still be in the dumps. We all know it's true, because the smart people who get their refunds will invest in something. The economy will be dead once again.

Can't wait to get my refund.:D

[angiem32]

I agree the EIC has already given given the lower income a big tax refund when they didn't pay that much in. The middle income people this will be the rest of the child tax credit that they are intitle to this new law. This is how I get screwed on my last taxes my son turned 17 in Oct the tax credit is for under the age of 17 not 17 or under but under 17 so I get nothing for him.Also the goverment is hoping this will stimulate the economy by haveing everyone who gets the money to go out and spend it.

[odyssey]

CNN said the lower incomes that don't receive the credit didn't pay that much into federal taxes like the higher incomes.

I am happy with the new taxes, even if I didn't receive the planned $800.00

it will stimulate the econonmy- as hoped for.

I support my Republician President

[songbird99]

Originally posted by jasmine
taken from the site that momfromTN posted:

according to Mrs. Gray's situation, her income was below the 26,000 range, and she will be getting something back??!!!!

I wonder if this is because she is a single mother. I wonder if filing head of household will make a difference.

I hope it will. I fall into the same catigory as the fictional Mrs. Gray but I have 4 children although one will turn 17 this year so she does not qualify.

I guess only time will tell.