Comments

  • Anonymous 02/03/2008 10:32am

    awts yan

  • Anonymous 01/25/2009 8:02am

    Elected Officials,

    I am an Enrolled Agent (Tax Pro) with a tax practice in Columbia SC as well as a 20 yr military veteran. I am deeply concerned about HR 598 being touted as a middle class tax cut. This bill is not a middle class tax cut. When you take into account Making Work Pay, Increase in EITC, and Increase in eligibility for the refundable portion of child tax credit, this bill primarily increases the refund of a lower income individual and decreases their will to work. I receive hundreds of phone calls each year from individuals wanting to know when they need to quit working to maximize their EITC benefits, these changes will only increase this practice. If you were to compare under current law two single parents with 2 children one making $15,000 per year (who currently pays no income tax but gets a refund of $5,799) to one making $35,650 per year (who currently pays $4 in income tax, before non- refundable credits, but gets a refund of $622) Under HR 598 The single parent making $15,000 a year would see an increase of $1,525 of refund, while the other would only see an increase of $500. This is not an incentive to work, nor is it a middle income tax cut! A true tax cut would reduce the first X amount of dollars subject to income tax from 10% down to 5% or even 0% and increase the amount taxable at 10% thus reducing some income subject to tax from 15% to 10%. This would lower the taxes of all Americans. Under the Recovery for Business portion of the bill although I think it is needed to give incentives to businesses to increase spending on capital goods, however it is nothing more then a tax cut for the rich. It is possible under this plan for a MFJ couple with 2 children making $380,000 to pay $0 in income tax and still get a refund of over $6,000 using EITC & the new child tax credits in HR598. My clients come from varying income levels some single parents making $9000 a yr to Married taxpayers with children making in excess of $1 million, so I develop the plan based on their particular needs to minimize their tax liabilities, but for this country to remain strong I firmly believe this plan is not what we need. With no jobs there is no earned income with no earned income there is no EITC or child tax credit, and then there goes the country. So why not tailor a plan to give employers an incentive to hire more workers. Give them all a tax credit based on the amount of SS and Medicare taxes paid relative to the amount paid in the previous years or something similar to the tax credit given to employers of tipped employees. This would lower their taxes, give them an incentive to hire US workers, give more people jobs, increase the spendable income of most individuals, and improve the economy. It would additionally decrease the cost to employers that currently hire workers under the table, so then maybe those workers who are underground would be forced to become taxpaying citizens. Any plan will take time, but this plan is nothing more then a tax cut for the rich, and a front for welfare. Remember, if you give a man a fish he eats for a day, but if you teach him how to fish he eats for a lifetime. Evidently we as Americans have forgotten how to fish. So let’s quit giving away the fish, and build a pond and teach the American people how to fish, again.

    Sincerely

    Richard Brown E. A.

  • dwzmom 10/06/2011 10:47pm

    I could not agree more with you. I happen to fall into the category that gets a large refund every year and would gladly give up that refund to help America get stronger and recover from this horrific economic crash. The amount of refund I get does not in anyway effect whether I work or not or how long I work, it is simply the fact that our income is so low now that we fall into the poverty category.


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