Thursday, February 07, 2008

NO NO NO NO NO!!!

I said it once, I'll say it again!

It is ABSOLUTE BULLSHIT that Congress is giving our hard-earned tax dollars to people who have ZERO TAX LIABILITY!!

It is ABSOLUTE BULLSHIT that Congress is denying a specific group of taxpayers the rebate even though they pay more taxes!!!

I disagree with the rebate anyway but if the government is going to give us back some of our money it should go to those who pay taxes, not those who don't.

There are more than forty million "zero-tax" filers! They are mostly low income earning less than $20,000 per year. These folks can eliminate their tax liability through earned income and child tax credits combined with the personal exemption and standard deductions.

Let's see, the child tax credit gives you $1,000 per child under 17 and is REFUNDABLE meaning you get the money even if you owe no income tax. And then the earned income credit allows for a payment of up to $428 for people who either worked full time or part-time, have no children but have a household income of less than $12,590 for a single person and $14,590 for married couples, and a payment up to $2,853 for those individuals who have one child with a household income less than $33,241 for singles and $35,241 for married couples, and a payment of $4,716 if you have two more more children with a household income less than $37,783 for singles and $39,783 for married couples.

So basically a person making $3,000 per year, has no tax liability anyway but add to that, $428 per child for two children plus up to $4716. That's over $5,100 in cash paid to people who never had any tax liability!!

And now we're giving them MORE money?

The new legislation calls for $600 rebate checks for people making at least $3,000 per year OR who file federal income tax. And oh yes, those with children will get an additional $300 per child.

I disagree with discriminating against individuals who have higher incomes, I also disagree with discriminating against people who have no children.

But who cares? Not my representatives or senators.

Oh and here's a thought....instead of mailing checks, why doesn't the government just say "ok folks, for the month of ______ we're going to adjust withholding and allow everyone a ___% reduction in taxes over that period. "

That leaves the responsibility to the payroll folks and no need to send out checks.

It's very likely the US government is borrowing the money (probably from CHINA) and they encourage everyone to go out and spend it (not save it!). So once you get your check from the US government, courtesy of the People's Republic of Communists---I mean China, you can go to your nearest Wal Mart and go apeshit on as many "Made in China" items as will fit into your basket.

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