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Re: This child credit BS [Re: eclipse829] #3452176
07/29/21 05:32 PM
07/29/21 05:32 PM
Joined: Nov 2011
Posts: 10,606
A
abolt300 Online content
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abolt300  Online Content
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Posts: 10,606
Originally Posted by eclipse829
Originally Posted by abolt300
Originally Posted by eclipse829
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..

Re: This child credit BS [Re: 257wbymag] #3452179
07/29/21 05:35 PM
07/29/21 05:35 PM
Joined: Sep 2004
Posts: 36,263
alabama
BhamFred Online mad
Freak of Nature
BhamFred  Online Mad
Freak of Nature
Joined: Sep 2004
Posts: 36,263
alabama
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
Re: This child credit BS [Re: abolt300] #3452181
07/29/21 05:36 PM
07/29/21 05:36 PM
Joined: Jun 2014
Posts: 4,275
Jasper Al
E
eclipse829 Online content
10 point
eclipse829  Online Content
10 point
E
Joined: Jun 2014
Posts: 4,275
Jasper Al
Originally Posted by abolt300
Originally Posted by eclipse829
Originally Posted by abolt300
Originally Posted by eclipse829
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.

Re: This child credit BS [Re: eclipse829] #3452192
07/29/21 05:49 PM
07/29/21 05:49 PM
Joined: Apr 2017
Posts: 15,459
Ourtown, AL
BCLC Online IMG_0051.GIF
Old Mossy Horns
BCLC  Online IMG_0051.GIF
Old Mossy Horns
Joined: Apr 2017
Posts: 15,459
Ourtown, AL
Originally Posted by eclipse829

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
Re: This child credit BS [Re: BhamFred] #3452375
07/29/21 10:01 PM
07/29/21 10:01 PM
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
G
gobblebox Offline
10 point
gobblebox  Offline
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Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
Originally Posted by BhamFred
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?

Re: This child credit BS [Re: gobblebox] #3452377
07/29/21 10:04 PM
07/29/21 10:04 PM
Joined: Nov 2008
Posts: 10,350
Alabama
W
whack-n-stack Offline
Booner
whack-n-stack  Offline
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W
Joined: Nov 2008
Posts: 10,350
Alabama
Originally Posted by gobblebox
Originally Posted by BhamFred
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?

Re: This child credit BS [Re: 257wbymag] #3452378
07/29/21 10:05 PM
07/29/21 10:05 PM
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
G
gobblebox Offline
10 point
gobblebox  Offline
10 point
G
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
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.
Re: This child credit BS [Re: gobblebox] #3452380
07/29/21 10:07 PM
07/29/21 10:07 PM
Joined: Nov 2008
Posts: 10,350
Alabama
W
whack-n-stack Offline
Booner
whack-n-stack  Offline
Booner
W
Joined: Nov 2008
Posts: 10,350
Alabama
Originally Posted by gobblebox
Never known anyone that died from a cold or been hospitalized for one,do you?


Nope. Never cared enough to keep stats on it.

Re: This child credit BS [Re: 257wbymag] #3452383
07/29/21 10:11 PM
07/29/21 10:11 PM
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
G
gobblebox Offline
10 point
gobblebox  Offline
10 point
G
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
Then why are you comparing covid to a cold?

Re: This child credit BS [Re: 257wbymag] #3452387
07/29/21 10:14 PM
07/29/21 10:14 PM
Joined: Nov 2008
Posts: 10,350
Alabama
W
whack-n-stack Offline
Booner
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Booner
W
Joined: Nov 2008
Posts: 10,350
Alabama
Because I don’t give a schit about either one. They affect my life equally.

Re: This child credit BS [Re: gobblebox] #3452390
07/29/21 10:16 PM
07/29/21 10:16 PM
Joined: Feb 2011
Posts: 4,835
LASW
turkey247 Offline
12 point
turkey247  Offline
12 point
Joined: Feb 2011
Posts: 4,835
LASW
Originally Posted by gobblebox
Originally Posted by BhamFred
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.

Re: This child credit BS [Re: 257wbymag] #3452392
07/29/21 10:17 PM
07/29/21 10:17 PM
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
G
gobblebox Offline
10 point
gobblebox  Offline
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G
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
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

Re: This child credit BS [Re: 257wbymag] #3452394
07/29/21 10:18 PM
07/29/21 10:18 PM
Joined: Mar 2018
Posts: 16,851
Banana Republic
jb20 Online shocked
Old Mossy Horns
jb20  Online Shocked
Old Mossy Horns
Joined: Mar 2018
Posts: 16,851
Banana Republic
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
Re: This child credit BS [Re: 257wbymag] #3452397
07/29/21 10:20 PM
07/29/21 10:20 PM
Joined: Nov 2008
Posts: 10,350
Alabama
W
whack-n-stack Offline
Booner
whack-n-stack  Offline
Booner
W
Joined: Nov 2008
Posts: 10,350
Alabama
What kind of mindless moron does one have to be in order to-

1.) Keep up with the day to day film flam schit being spewed by “our leaders”

2.) remember what the latest mandate is and remember to obey that week’s order

Re: This child credit BS [Re: 257wbymag] #3452399
07/29/21 10:21 PM
07/29/21 10:21 PM
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
G
gobblebox Offline
10 point
gobblebox  Offline
10 point
G
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
Well it’s on every thread in the general forum,nobody can start a thread without covid coming up

Re: This child credit BS [Re: gobblebox] #3452404
07/29/21 10:23 PM
07/29/21 10:23 PM
Joined: Nov 2008
Posts: 10,350
Alabama
W
whack-n-stack Offline
Booner
whack-n-stack  Offline
Booner
W
Joined: Nov 2008
Posts: 10,350
Alabama
Originally Posted by gobblebox
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!

Re: This child credit BS [Re: 257wbymag] #3452407
07/29/21 10:28 PM
07/29/21 10:28 PM
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
G
gobblebox Offline
10 point
gobblebox  Offline
10 point
G
Joined: Nov 2008
Posts: 4,451
Monroe Co.,Al
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.
Re: This child credit BS [Re: BhamFred] #3452475
07/30/21 07:08 AM
07/30/21 07:08 AM
Joined: Feb 2015
Posts: 2,177
Eastbound and Down
dead_eye Offline
8 point
dead_eye  Offline
8 point
Joined: Feb 2015
Posts: 2,177
Eastbound and Down
Originally Posted by BhamFred
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

Re: This child credit BS [Re: 257wbymag] #3452484
07/30/21 07:28 AM
07/30/21 07:28 AM
Joined: Jan 2014
Posts: 1,461
Somewhere between Jennings and...
H
Huntn2feed5 Offline
8 point
Huntn2feed5  Offline
8 point
H
Joined: Jan 2014
Posts: 1,461
Somewhere between Jennings and...
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

Last edited by Huntn2feed5; 07/30/21 07:29 AM.
Re: This child credit BS [Re: Huntn2feed5] #3452558
07/30/21 10:34 AM
07/30/21 10:34 AM
Joined: Feb 2015
Posts: 2,177
Eastbound and Down
dead_eye Offline
8 point
dead_eye  Offline
8 point
Joined: Feb 2015
Posts: 2,177
Eastbound and Down
Originally Posted by Huntn2feed5
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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