tag:blogger.com,1999:blog-8964596045360803212.post8741390996479840856..comments2023-10-11T04:38:51.793-07:00Comments on Accept The Challenge: Hearalding The EndChief Instructorhttp://www.blogger.com/profile/13604561415860237705noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8964596045360803212.post-61329925398342032462011-05-11T20:13:38.589-07:002011-05-11T20:13:38.589-07:00Anon, as Shy and kaptn have noted, the credit is r...Anon, as Shy and kaptn have noted, the credit is received in excess of their tax payment - if any was made. I had anticipated such a comment, and that's why I provided a link over the words "refundable credit" to provide the definition.<br /><br />Both statements are correct. If you disagree, please contact the Congress of the US to take up your issues.Chief Instructorhttps://www.blogger.com/profile/13604561415860237705noreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-13628526265776875342011-05-11T18:24:56.176-07:002011-05-11T18:24:56.176-07:00Hey Anon 5/10/11 @ 1:30 pm, you're wrong.
A &q...Hey Anon 5/10/11 @ 1:30 pm, you're wrong.<br />A "Refundable Credit" as opposed to a "Non-refundable Credit", is a tax credit that is not limited by the amount of an individual's tax liability. Typically a tax credit only reduces an individual's tax liability to zero. Refundable credits go beyond this and so really can be considered the same as a PAYMENT. In other words, you'll still get the credit even if you don't owe any tax. The earned income credit is an example of a refundable credit.<br /><br />So between the zero tax liability folks and the refundable credit crowd, you have 52% of the tax filers paying no income tax or actually receiving money from the government which they never paid in the first place.kaptnkrnxnoreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-26941316204309259482011-05-11T15:23:35.196-07:002011-05-11T15:23:35.196-07:00And here again we see someone who does not underst...And here again we see someone who does not understand the much touted EITC... as one friend (debateable) of mine claims, he pays in every year.<br />So I ask, 'How much EITC did you get back on top of your average refund?'<br />They just don't see that, since they get an expanded refund, they really aren't paying in any taxes. Just boggles the mind how some people's children can be so dense. Or blind. <br />Then he has the audacity to complain because he has to pay more for his Section 8 housing unit because fuel and electric prices rose.<br />(shaking head in despair)<br />Shy III<br />WV: 'inquatic', which is what I'll be Saturday on the fishing opener.Shy Wolfhttps://www.blogger.com/profile/12708293970831678927noreply@blogger.comtag:blogger.com,1999:blog-8964596045360803212.post-71449661088467419012011-05-11T13:30:48.962-07:002011-05-11T13:30:48.962-07:00"More than half of my fellow citizens have sh..."More than half of my fellow citizens have shown superior intellect and cunning, and have constructed a lifestyle that allows them to not be taxed on their income."<br /><br />I'm sorry Chief, but this is untrue. Your own quote gives the data: "approximately 22 percent of all tax units, including filers and non filers, will have zero tax liability"<br /><br />These are the people who don't pay income tax.<br /><br />"Many - those 30% of my fellow citizens that figured out the, "refundable credit" scam - are actually able to make money off the system. Yep, they work, but somehow acquire these credits that allow them to get back more money than has been deducted from their pay."<br /><br />This is also untrue. A refundable credit is simply money paid back to "tax units" at the end of the year who **have paid more tax than they should have.** The government says, basically, sorry, we deducted too much from your pay every week than you owe us, here is some of it back. Its far from a scam, its just a very poor method by which to manage your money (you are giving the gov't an interest free short term loan).<br /><br />The 49% who have a positive income tax liability are simply those that had to cut the gov't a check at the end of the year because they decided to keep their more of their money week to week, instead of loaning it to the government.Anonymousnoreply@blogger.com