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Re: This child credit BS
[Re: eclipse829]
#3452176
07/29/21 05:32 PM
07/29/21 05:32 PM
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Joined: Nov 2011
Posts: 10,686
abolt300
Booner
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Booner
Joined: Nov 2011
Posts: 10,686
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I think the increase will probably cover the tax burden year one because of partial payout. Next tax time when you have recieved a monthly credit for an entire year, you will probably be on the hook for the tax bill. That's not the issue eclipse. Do you know how taxes and tax credits work? They get the money now and they spend it and it is gone. In normal years, it shows up on their tax return as a credit, $ for $, to offset taxes owed on wages earned for the year or in a lot of cases now, unemployment. If the credit is not there and they have already spent the money, they are left with a tax bill that they have no way of paying. Yes, in theory, the increase will cover the tax shortfall but that is only if they money is put into savings, which with the typical people this will effect, the chances of those monies going into savings and remaining there are pretty much nil. Example: For a family with three children (one under 6 and two over), getting that $800/month in advance for 6 months, assuming they make the same AGI and have the same withholding as last year, will equate to an increase at tax time in taxes due of $4,800 since that is the amount that their normal tax credit would cover, ......unless every penny that they get monthly is saved to pay taxes. See, if your withholding is the same or less, and you normally have that huge child tax credit at the end of the year to offset what you owe, and now all of a sudden that huge credit is not there or is cut in half, and you dont have the cash to pay it yourself, you're SOL and owned by the IRS (which may have been the intent the whole time). This will be compounded exponentially when people realize that both the regular state unemployment as well as the "bonus" federal unemployment is fully taxable at the federal level but there is no federal tax withheld from unemployment unless you formally elect to have it done and virtually nobody is responsible enough to have that 10% withheld. Not to mention it's also a double whammy, if you've got two adults on unemployment and the combined unemployment is more that they would normally make (gonna be the case in a lot of instances) and it actually pushes them into a higher tax bracket. Wait and watch, and you'll see a ton of people bitching about taxes next spring. I feel for those that try hard to get ahead and shucks like this catches them off guard because they don't understand it. For the ones that work about 1/2 a year and live off the government teet, and then file taxes on them 3 kids and get back $10 Grand quit their job again and are broke 3 weeks later, I hope those bastages starve. Figure about 20% of the current US workforce age population, maybe a little more now, because that's a pretty close estimate of the people you're talking about..
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Re: This child credit BS
[Re: 257wbymag]
#3452179
07/29/21 05:35 PM
07/29/21 05:35 PM
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Joined: Sep 2004
Posts: 36,379 alabama
BhamFred
Freak of Nature
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Freak of Nature
Joined: Sep 2004
Posts: 36,379
alabama
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my primary doc is a mid aged experienced doc at one of the big hospitals in Bham. Very good doc. Since I have had the virus he advised me straight uo, YOU DON'T NEED THE VACCINE, DON'T TAKE IT. YOU HAVE THE BEST IMMUNITY THERE IS, YOU WILL NOT GET IT AGAIN, AND CANNOT GIVE IT. Period.
I've spent most of the money I've made in my lifetime on hunting and fishing. The rest I just wasted.....
proud Cracker-Americaan
muslims are like coyotes, only good one is a dead one
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Re: This child credit BS
[Re: abolt300]
#3452181
07/29/21 05:36 PM
07/29/21 05:36 PM
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Joined: Jun 2014
Posts: 4,314 Jasper Al
eclipse829
10 point
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10 point
Joined: Jun 2014
Posts: 4,314
Jasper Al
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I think the increase will probably cover the tax burden year one because of partial payout. Next tax time when you have recieved a monthly credit for an entire year, you will probably be on the hook for the tax bill. That's not the issue eclipse. Do you know how taxes and tax credits work? They get the money now and they spend it and it is gone. In normal years, it shows up on their tax return as a credit, $ for $, to offset taxes owed on wages earned for the year or in a lot of cases now, unemployment. If the credit is not there and they have already spent the money, they are left with a tax bill that they have no way of paying. Yes, in theory, the increase will cover the tax shortfall but that is only if they money is put into savings, which with the typical people this will effect, the chances of those monies going into savings and remaining there are pretty much nil. Example: For a family with three children (one under 6 and two over), getting that $800/month in advance for 6 months, assuming they make the same AGI and have the same withholding as last year, will equate to an increase at tax time in taxes due of $4,800 since that is the amount that their normal tax credit would cover, ......unless every penny that they get monthly is saved to pay taxes. See, if your withholding is the same or less, and you normally have that huge child tax credit at the end of the year to offset what you owe, and now all of a sudden that huge credit is not there or is cut in half, and you dont have the cash to pay it yourself, you're SOL and owned by the IRS (which may have been the intent the whole time). This will be compounded exponentially when people realize that both the regular state unemployment as well as the "bonus" federal unemployment is fully taxable at the federal level but there is no federal tax withheld from unemployment unless you formally elect to have it done and virtually nobody is responsible enough to have that 10% withheld. Not to mention it's also a double whammy, if you've got two adults on unemployment and the combined unemployment is more that they would normally make (gonna be the case in a lot of instances) and it actually pushes them into a higher tax bracket. Wait and watch, and you'll see a ton of people bitching about taxes next spring. I feel for those that try hard to get ahead and shucks like this catches them off guard because they don't understand it. For the ones that work about 1/2 a year and live off the government teet, and then file taxes on them 3 kids and get back $10 Grand quit their job again and are broke 3 weeks later, I hope those bastages starve. Figure about 20% of the current US workforce age population, maybe a little more now, because that's a pretty close estimate of the people you're talking about.. I'll step over them in the street. If you're able to work and you choose not to, you shouldn't eat.
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Re: This child credit BS
[Re: eclipse829]
#3452192
07/29/21 05:49 PM
07/29/21 05:49 PM
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Joined: Apr 2017
Posts: 15,654 Ourtown, AL
BCLC
Old Mossy Horns
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Old Mossy Horns
Joined: Apr 2017
Posts: 15,654
Ourtown, AL
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I'll step over them in the street. If you're able to work and you choose not to, you shouldn't eat.
Damn right. Hopefully that’s something we all can agree on.
We’re not dead. We just smell that way. Dayum. - AC870
Yessir! I’m always gonna shoot what makes me happy and I want everyone else to do the same! If you shoot one be proud of it and don’t worry what anyone else thinks. - SJ22
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Re: This child credit BS
[Re: BhamFred]
#3452375
07/29/21 10:01 PM
07/29/21 10:01 PM
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Joined: Nov 2008
Posts: 4,458 Monroe Co.,Al
gobblebox
10 point
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10 point
Joined: Nov 2008
Posts: 4,458
Monroe Co.,Al
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my primary doc is a mid aged experienced doc at one of the big hospitals in Bham. Very good doc. Since I have had the virus he advised me straight uo, YOU DON'T NEED THE VACCINE, DON'T TAKE IT. YOU HAVE THE BEST IMMUNITY THERE IS, YOU WILL NOT GET IT AGAIN, AND CANNOT GIVE IT. Period. You do know you can catch covid more than one time right?
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Re: This child credit BS
[Re: gobblebox]
#3452377
07/29/21 10:04 PM
07/29/21 10:04 PM
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Joined: Nov 2008
Posts: 10,401 Alabama
whack-n-stack
Booner
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Booner
Joined: Nov 2008
Posts: 10,401
Alabama
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my primary doc is a mid aged experienced doc at one of the big hospitals in Bham. Very good doc. Since I have had the virus he advised me straight uo, YOU DON'T NEED THE VACCINE, DON'T TAKE IT. YOU HAVE THE BEST IMMUNITY THERE IS, YOU WILL NOT GET IT AGAIN, AND CANNOT GIVE IT. Period. You do know you can catch covid more than one time right? You do know you can catch the common cold more than one time right?
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Re: This child credit BS
[Re: 257wbymag]
#3452378
07/29/21 10:05 PM
07/29/21 10:05 PM
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Joined: Nov 2008
Posts: 4,458 Monroe Co.,Al
gobblebox
10 point
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10 point
Joined: Nov 2008
Posts: 4,458
Monroe Co.,Al
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Never known anyone that died from a cold or been hospitalized for one,do you?
Last edited by gobblebox; 07/29/21 10:05 PM.
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Re: This child credit BS
[Re: gobblebox]
#3452380
07/29/21 10:07 PM
07/29/21 10:07 PM
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Joined: Nov 2008
Posts: 10,401 Alabama
whack-n-stack
Booner
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Booner
Joined: Nov 2008
Posts: 10,401
Alabama
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Never known anyone that died from a cold or been hospitalized for one,do you? Nope. Never cared enough to keep stats on it.
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Re: This child credit BS
[Re: gobblebox]
#3452390
07/29/21 10:16 PM
07/29/21 10:16 PM
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Joined: Feb 2011
Posts: 4,851 LASW
turkey247
12 point
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12 point
Joined: Feb 2011
Posts: 4,851
LASW
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my primary doc is a mid aged experienced doc at one of the big hospitals in Bham. Very good doc. Since I have had the virus he advised me straight uo, YOU DON'T NEED THE VACCINE, DON'T TAKE IT. YOU HAVE THE BEST IMMUNITY THERE IS, YOU WILL NOT GET IT AGAIN, AND CANNOT GIVE IT. Period. You do know you can catch covid more than one time right? How does anyone know? We still trusting the test? I cannot figure out how people keep falling back into a trance of trusting the test. Other things make people sick. It’s crazy I know.
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Re: This child credit BS
[Re: 257wbymag]
#3452394
07/29/21 10:18 PM
07/29/21 10:18 PM
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Joined: Mar 2018
Posts: 16,878 Banana Republic
jb20
Old Mossy Horns
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Old Mossy Horns
Joined: Mar 2018
Posts: 16,878
Banana Republic
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Fred was just trolling this thread on taxes, he got a bite 🤣
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. Ben Franklin
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Re: This child credit BS
[Re: gobblebox]
#3452404
07/29/21 10:23 PM
07/29/21 10:23 PM
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Joined: Nov 2008
Posts: 10,401 Alabama
whack-n-stack
Booner
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Booner
Joined: Nov 2008
Posts: 10,401
Alabama
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I pray they never do,just because your life hasn’t been affected by it doesn’t mean others haven’t,never had cancer kill anyone in my family but I don’t act like it will never happen I smoke cigarettes and have already accepted the fact that I will probably die from cancer. But until then, whoopeee!
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Re: This child credit BS
[Re: 257wbymag]
#3452407
07/29/21 10:28 PM
07/29/21 10:28 PM
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Joined: Nov 2008
Posts: 4,458 Monroe Co.,Al
gobblebox
10 point
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10 point
Joined: Nov 2008
Posts: 4,458
Monroe Co.,Al
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Well that’s your choice,I’m not gonna call you an idiot for smoking,I guess I could just compare cancer to the common cold kinda like you did with covid,some get cancer and get over it with very few problems,some get it and die and some have to fight to get over it
Last edited by gobblebox; 07/29/21 10:34 PM.
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Re: This child credit BS
[Re: BhamFred]
#3452475
07/30/21 07:08 AM
07/30/21 07:08 AM
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Joined: Feb 2015
Posts: 2,177 Eastbound and Down
dead_eye
8 point
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8 point
Joined: Feb 2015
Posts: 2,177
Eastbound and Down
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my primary doc is a mid aged experienced doc at one of the big hospitals in Bham. Very good doc. Since I have had the virus he advised me straight uo, YOU DON'T NEED THE VACCINE, DON'T TAKE IT. YOU HAVE THE BEST IMMUNITY THERE IS, YOU WILL NOT GET IT AGAIN, AND CANNOT GIVE IT. Period. 🤣🤣🤣 set that hook
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Re: This child credit BS
[Re: Huntn2feed5]
#3452558
07/30/21 10:34 AM
07/30/21 10:34 AM
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Joined: Feb 2015
Posts: 2,177 Eastbound and Down
dead_eye
8 point
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8 point
Joined: Feb 2015
Posts: 2,177
Eastbound and Down
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I took my child tax credit ( that I didn’t want) and started a traditional IRA with it. If I’m not mistaken you can write up to 6,000 in contributions off on taxes You will probably be paying it back in taxes next year depending on your income. Keep the money handy
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