Today I love the IRS

[MagicKingdom05]

N.Bailey,

I can see your point on this, and you raised some good issues. Obviously the tax system we have in place right now isn't perfect and needs to be upgraded.

 

[Free4Life11]

I bet Oprah employs more people than those getting the EIC on the board here too and by taxing her a higher rate, it could be keeping her from employing even more. It doesn't begin and end with Oprah either.

I was just using her as an example. She is certainly not someone I am going to feel sorry for!

OT, but based on the $50 million mansion she has, I'm guessing this isn't the case.

 

[N.Bailey]

N.Bailey,

I can see your point on this, and you raised some good issues. Obviously the tax system we have in place right now isn't perfect and needs to be upgraded.

It's never going to be fixed. Whoever would vote that out is committing political suicide and it's not something the president can do alone on his way out of office. IMO, it really does help the economy. All those people getting that money start buying, buying, buying. Someone has to fill that demand, thus it either gives some a job, or some enough business to keep working (thus paying more tax). Personally, I think we spend more on other types of programs and get no results from them at all. I would also rather help someone who is trying to help themselves rather than just handing it over to people who refuse to work and expect the government to take care of them completely. I have little patience for that, unless said person honestly is trying but can't find work.

 

[N.Bailey]

I was just using her as an example. She is certainly not someone I am going to feel sorry for!

OT, but based on the $50 million mansion she has, I'm guessing this isn't the case.

I understand you used her as an example. That's why I added that it didn't begin and end with Oprah. That means, there are thousands more like her out there paying outrageous amount in taxes which, I fully believe would be put to better use by starting businesses that will employ more people. It's a fact that when taxes are high for the rich (this is nowhere near where they were at one time) the economy suffers.

You and I won't be creating the jobs!!

As for how much money she has, would you prefer a socialistic society? I know I certainly wouldn't. 3 cheers for capitalism!

 

[mommapoppins]

I dont agree with the EIC either. My friend works as a waitress and makes a TON in tips. She lives with her mom and dad and of course her ds 7. Because she doesnt claim her tips and only her hourly wage she gets a HUGE refund.

Now THIS is cheating the system! That is illegal and if they wanted to they could audit her and make her prove that she only made "x" amount in tips. I also think that those people who live together and both file Head of Household so they can both get EIC are cheating the gov. That said, we get EIC and it truly helps to get things that we have to do without throughout the year. As someone else said... hopefully next year we won't qualify for it!

BTW, "Earned" income credit is based on your "EARNED" income as opposed to investment income, rental income, etc.

 

[bettyann29]

This is the thread that never ends.. It goes on and on an on.. la la la...

Im getting a refund this year of which $536 is from EIC.. Do I feel guilty that I am getting it?? Nope.. I work just like everyone else and since the government tells me based on my income that I am eligible for it.. I will take it.. Im hoping next year I wont be eligible for it because than that means I am making more money, but until then you betcha that I will take it.. Most of my refund is because I overpay my taxes.. which I do because if I had less taken out in taxes that money would just be spent and then I wouldnt be able to take my kids on a vacation, so I choose to do it this way.. which Ive been in past how dumb it is lend the government my money, but thats my choice.. I plan on taking my kids to Disneyworld.. I will be sure to put the money in my bank account, subtract $536.. use that for bills, etc and enjoy the rest of my money on vacation... See ya..

 

[N.Bailey]

This is the thread that never ends.. It goes on and on an on.. la la la...

Im getting a refund this year of which $536 is from EIC.. Do I feel guilty that I am getting it?? Nope.. I work just like everyone else and since the government tells me based on my income that I am eligible for it.. I will take it.. Im hoping next year I wont be eligible for it because than that means I am making more money, but until then you betcha that I will take it.. Most of my refund is because I overpay my taxes.. which I do because if I had less taken out in taxes that money would just be spent and then I wouldnt be able to take my kids on a vacation, so I choose to do it this way.. which Ive been in past how dumb it is lend the government my money, but thats my choice.. I plan on taking my kids to Disneyworld.. I will be sure to put the money in my bank account, subtract $536.. use that for bills, etc and enjoy the rest of my money on vacation... See ya..

You're actually free to not continuing reading this thread if you don't like it. No one is holding a gun to your head to do so. At least I hope not anyway.

No one ever said anything about getting your own money back either. If you choose to make that an issue, it's your issue, not everyone else's.

 

[MagicKingdom05]

bettyann29,

There isn't anything your doing wrong at all. Your filling your taxes and based on what the tax code says, and your able to take the EIC because of your income.

 

[dvcgirl]

It is my understanding the the EIC was originally created because low to moderate income earners actually pay more toward Medicare/SS than high income earners. Those taxes are only levied up a certain amount, and then that's it. 90K I think. And so the EIC was started to even that out so that low/moderate income earners keep more of their paycheck. It is also my understanding that it's up to that person to spend it as they please. It is not welfare, or a handout. It just levels the playing field a bit. I would not want to try and make it in this country on less than 37K a year trying to raise children...and so I think it's fair.


As for the OP spending it on speakers...her choice. As for people using it to go to Disney...also their choice. And for those who are saying it should be saved towards retirement or education costs, well, let's face it, there are people making six figures a year who are up to their ears in CC debt with no retirement savings. Income level definitely has a lot to do with what one can put away for a rainy day, but that doesn't mean that they do it .

If it was me and I was making 37K a year, well, I wouldn't be dropping a couple of Gs at Disney world. But I read posts here on a regular basis where someone has just taking, or has planned an expensive trip to Disney and a few posts ago complained about their CC debts. Are all of those people getting the EIC? I think not.

 

[tiggersmom2]

As for how much money she has, would you prefer a socialistic society? I know I certainly wouldn't. 3 cheers for capitalism!

Amen sistah!

It is so sad to see that so many Americans DO prefer socialism. What was it that Hillary Clinton said? I think it was "We are going to take from you for the common good". It was something STUPID and something to that effect.

 

[MagicKingdom05]

dvcgirl is correct. Regardless if we agree with how EIC is calculated or how they get it or not, they can spend there return anyway they want, just like anyone else can. I for one wouldn't want anyone telling me what to do with my tax return, so I won't tell anyone else what to do with theres either.

 

[N.Bailey]

dvcgirl is correct. Regardless if we agree with how EIC is calculated or how they get it or not, they can spend there return anyway they want, just like anyone else can. I for one wouldn't want anyone telling me what to do with my tax return, so I won't tell anyone else what to do with theres either.

I do agree and have said so myself in this very thread several times. I think what gets under some people's skin though is coming here and gloating about it. When it's your money they're taking, I think you'll find, your opinion is going to change a heck of a lot.

Of course, I've had my opinion since before filing my 1st income tax return so, maybe yours won't change. When you start forking over thousands upon thousands, upon thousands of your dollars though (and I doubt anyone here is what we'd call rich), you might not see everything the way you do today.

IMO, a better way to approach the entire subject would be to raise the minimum wage to a living wage. We have large corporations pandering to our elected officials to keep those wages low. We could also place HUGE tariffs on imported goods, thus forcing companies to stay here in America, or pay more to bring your product back in and it would force non American companies to offer their products at a competitive cost. Our government wants nothing to do with these types of solutions though. IMO, it would make for a stronger country the whole way around. But, it's not going to happen either!

 

[Alicnwondrln]

I do agree and have said so myself in this very thread several times. I think what gets under some people's skin though is coming here and gloating about it. When it's your money they're taking, I think you'll find, your opinion is going to change a heck of a lot.

Of course, I've had my opinion since before filing my 1st income tax return so, maybe yours won't change. When you start forking over thousands upon thousands, upon thousands of your dollars though (and I doubt anyone here is what we'd call rich), you might not see everything the way you do today.

very well said

 

[dvcgirl]

I do agree and have said so myself in this very thread several times. I think what gets under some people's skin though is coming here and gloating about it. When it's your money they're taking, I think you'll find, your opinion is going to change a heck of a lot.

I don't really see it as gloating as much as I see it as sort of misinformed. It's not free money. The government is giving it back to them because they are paying a higher percentage of SS/Medicare tax and so it should be viewed as income, not found money.

I'm not clear on what you mean by "when it's your money". You mean, when they make more money and no longer get the EIC? I don't see it that way. They're paying a higher percentage....so they deserve that money back. It would be better if the Govt' provided the difference for them throughout the year so that it could be used on normal expenditures. Many of the people in serious CC debt in this country are low income earners, and I'm betting that many of those people who are getting EICs aren't putting the proceeds towards the CC debt.

And really, I don't think you can exactly call it "gloating" when someone mentions the EIC. What is there to gloat about? Basically to receive the EIC you are living well below the median income in this country and probably have trouble making ends meet. I'm certainly not going to trade places with someone receiving the EIC credit in order to receive it......

 

[Free4Life11]

You and I won't be creating the jobs!!

I don't think it's that simple. No, I myself won't be paying the wages and salaries, however, it's not just a matter of money. Just because a wealthy person paid, say, 15% in taxes, instead of 35%, doesn't necessarily mean that they are going to use that extra 20% to create jobs. Creating jobs doesn't just depend on having the funds available to do so. There has to be a need for them.

As for how much money she has, would you prefer a socialistic society? I know I certainly wouldn't. 3 cheers for capitalism!

Huh?? I was simply saying that I doubt Oprah paying 35% [of her earnings over $3XX,XXX thousand] in taxes forces her to not hire as many employees as she needs. But to answer your question, no I wouldn't prefer a socialistic society. I think our capitalistic society, that happens to tax the wealthy at higher rates, works very well.

 

[Alicnwondrln]

dvcgirl is correct. Regardless if we agree with how EIC is calculated or how they get it or not, they can spend there return anyway they want, just like anyone else can. I for one wouldn't want anyone telling me what to do with my tax return, so I won't tell anyone else what to do with theres either.

i am not telling anyone how to spend their refund, and i would not want someone to tell me how to either
BUT
I would not come to a public forum and basically brag about how i was getting a huge return and how i was gonna blow it and how its mostly EIC
i would expect many to give me an earful
edited to add if the OP has posted everything the same but left out the eic there would not have been much debate
she decided to include that personal information

 

[N.Bailey]

I don't really see it as gloating as much as I see it as sort of misinformed. It's not free money. The government is giving it back to them because they are paying a higher percentage of SS/Medicare tax and so it should be viewed as income, not found money.

I'm not clear on what you mean by "when it's your money". You mean, when they make more money and no longer get the EIC? I don't see it that way. They're paying a higher percentage....so they deserve that money back. It would be better if the Govt' provided the difference for them throughout the year so that it could be used on normal expenditures. Many of the people in serious CC debt in this country are low income earners, and I'm betting that many of those people who are getting EICs aren't putting the proceeds towards the CC debt.

And really, I don't think you can exactly call it "gloating" when someone mentions the EIC. What is there to gloat about? Basically to receive the EIC you are living well below the median income in this country and probably have trouble making ends meet. I'm certainly not going to trade places with someone receiving the EIC credit in order to receive it......

Why don't you show me the website that proves they're paying more to SS and Medicare than someone making $50,000 a year?

 

[dvcgirl]

i am not telling anyone how to spend their refund, and i would not want someone to tell me how to either
BUT
I would not come to a public forum and basically brag about how i was getting a huge return and how i was gonna blow it and how its mostly EIC
i would expect many to give me an earful

Don't you see the irony though Alic....

Bragging about receiving the EIC is also informing that they're not making much money.

 

[N.Bailey]

I don't think it's that simple. No, I myself won't be paying the wages and salaries, however, it's not just a matter of money. Just because a wealthy person paid, say, 15% in taxes, instead of 35%, doesn't necessarily mean that they are going to use that extra 20% to create jobs. Creating jobs doesn't just depend on having the funds available to do so. There has to be a need for them.



Huh?? I was simply saying that I doubt Oprah paying 35% [of her earnings over $3XX,XXX thousand] in taxes forces her to not hire as many employees as she needs. But to answer your question, no I wouldn't prefer a socialistic society. I think our capitalistic society, that happens to tax the wealthy at higher rates, works very well.

We certainly can't force the rich to create jobs, no, but I can guarantee you, the poor surely won't be creating them. Who do you really think creates the jobs in this country?

If Reagan did nothing else, he proved the theory works.

If you paid 10% tax and I paid 10% tax, and Oprah paid 10% tax, she'd still be paying a hell of a lot more than you and I do.

 

[Free4Life11]

I'm not talking about the poor creating jobs.