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[Mkgaapril]

I ha

 

[aka-mad4themouse]

This topic is better suited for the Community Board, since its focus more political than it is on the personal budget.

 

[JoanneNC]

I suspect this will get heated. I am on the annoyed side as I feel the EIC is just rewarding people for having more kids then they can afford. It's pretty frustrating when they pay almost NOTHING for taxes and make money on their returns and NOW we will give them more for nothing.

But in the end - I would much rather have my life with my salary and being able to 100% take care of myself, my family and my tax obligations without handouts and thus can help others. Those that deserve it.

 

[lindakmonty]

I agree 100% that you shouldn't get back more than you pay but I was raised that if you want something, you've gotta work for it and earn it!

 

[shirleyb]

I agree 100% that you shouldn't get back more than you pay but I was raised that if you want something, you've gotta work for it and earn it!

Works for me.

 

[wvjules]

I thought you actually had to pay taxes in order to get this money?

Say I paid $5000 in federal taxes but only actually owed $4000, I got a refund of $1000. HOWEVER I did still pay taxes and get the rebate (stimulus) check.

Now EIC: I paid $2000 in federal taxes but due to EIC I got a refund of $4000. In that instance, as far as what I've read they DO NOT get the rebate check since they didn't actually pay any taxes.

 

[Mkgaapril]

I suspect I am going to hear almost everything Friday..This was the topic that came up for adult dinner....I am not sure how I feel about it...on one hand I don't think anyone that didn't pay taxes should get anything on the other things have gone up so high that it could mean the difference in someone getting to work and atleast trying to support...then there is the "its free money lets go buy a wii....

 

[Mkgaapril]

I don't know...thats why I am asking.."a little education if you will"...I was told its just a lesser amount...anybody?

 

[lindakmonty]

I thought you actually had to pay taxes in order to get this money?

Say I paid $5000 in federal taxes but only actually owed $4000, I got a refund of $1000. HOWEVER I did still pay taxes.

Now EIC: I paid $2000 in federal taxes but due to EIC I got a refund of $4000. In that instance, as far as what I've read they DO NOT get the rebate check since they didn't pay taxes.

no, you don't have to pay in order to get it. My dh is a retired veteran, didn't pay anything and he'll receive $600...

as will some of his elderly family members, you do have to file though.

 

[breezy1077]

I think a stimulus check is a stimulus check - I don't care who gets it as long as they use it in the manner which it was intended. Spend it - put it back into circulation.

 

[BriarfoxinWA]

The whole EIC thing just frosts me. I know a few people that pay absolutely nothing in taxes and still will manage to get $1,000 to $2,000 back every year. I think that is just wrong.

 

[tortugaverde]

I have received EIC credit. My husband and I are both college graduates and have worked hard to get where we are. We had children because we wanted them, not because we wanted a measly 2000.00 EIC check at the end of the year. I would have much rather had a full time teaching job, than be working as a substitute teacher and a part time night job to make ends meet. My husband did the same and would have loved a teaching job as well, but the market is difficult in our area. Luckily, we both teach now... although I am not full time, but I am working on it for next year! We have never received food stamps, medical or any other benefit. We support ourselves completely, but DID qualify for EIC again this year. Not everyone who qualifies for EIC is "milking the system".

The tax stimulus package is meant to be spent to stimulate the economy. In my opinion if we really want to do that... it should be given to those who will spend it, generally those without extra money in the first place. If it were up to me, I would give it to the poorest Americans. Or maybe I would give it to schools to be spent on supplies....

 

[Mkgaapril]

Wow....while there are many people that are "milking the system" its true that there are many not....how do you feel about someone who never works and just collects what is taken from the tax dollars you have paid in...(thats not saying so many are not trying....I need something for the dinner for those that are not...just waiting on lifes free ride....)

do you think that if it were "required" to work and contribute something that you could pay less taxes and live better? do you think if you paid less on taxes and everyone contributed we would all be better off?

 

[rparmfamily]

The whole EIC thing just frosts me. I know a few people that pay absolutely nothing in taxes and still will manage to get $1,000 to $2,000 back every year. I think that is just wrong.

We have had several years where we got back more than we paid in. Some of those years were because my husband was deployed to a tax-free zone (which means a war zone) so his income isn't taxed. What happened one year was the IRS calculated that he made $17K to support a family of 4. That of course made us get back everything we paid into and then some, plus EIC. The income limits for EIC are actually pretty high (as far as economic need goes) like the 30K's. And yes, I was on WIC at the time. (though they count all forms of income, including non-taxed income.) This was in 2003 I think. That's the one and only time we ever qualified for the EIC.

Many years we have paid very little taxes but I guess that's a "perk" of war, huh?

 

[Mkgaapril]

We have had several years where we got back more than we paid in. Some of those years were because my husband was deployed to a tax-free zone (which means a war zone) so his income isn't taxed. What happened one year was the IRS calculated that he made $17K to support a family of 4. That of course made us get back everything we paid into and then some, plus EIC. The income limits for EIC are actually pretty high (as far as economic need goes) like the 30K's. And yes, I was on WIC at the time. (though they count all forms of income, including non-taxed income.)

Many years we have paid very little taxes but I guess that's a "perk" of war, huh?

Nooooooooooo....the military is one group that I feel should pay nothing....infact i feel they should be paid more....

 

[lindakmonty]

Nooooooooooo....the military is one group that I feel should pay nothing....infact i feel they should be paid more....

very true! my dh retired after 26 years of service. He was paid well, but he also did a job that most will not do. I have no idea how people can complain about the VA either...they take VERY good care of him!

 

[luvsJack]

It was my understanding that you don't have to pay in taxes to receive the stimulus, you just have to have a certain amount of income for the year.

EIC is not only for those with several children or for people that don't work. It is also for those that for whatever reason had a low income for the year. A huge loss on a business for example, or maybe they were laid off part of the year or couldn't work due to injury or illness. There are plenty of hardworking people who receive EIC.

 

[Mkgaapril]

It was my understanding that you don't have to pay in taxes to receive the stimulus, you just have to have a certain amount of income for the year.

EIC is not only for those with several children or for people that don't work. It is also for those that for whatever reason had a low income for the year. A huge loss on a business for example, or maybe they were laid off part of the year or couldn't work due to injury or illness. There are plenty of hardworking people who receive EIC.

it was my understanding EIC is for people with children only...is this true or not

 

[Acklander]

EIC is not only for those with several children or for people that don't work.

You can't get EIC if you don't work. That's why they call it "earned income" credit - it's for those that earn their money.

 

[lindakmonty]

it was my understanding EIC is for people with children only...is this true or not

not necessarily...

http://www.irs.gov/individuals/article/0,,id=168160,00.html