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View Diary: The 2003 Tax Cuts -- Top 10% receive 90% the Benefits (209 comments)

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  •  Child-income credits help these lower income (2+ / 0-)
    Recommended by:
    sockpuppet, Ellicatt

    groups and this amount has increased. For example, I have a cousin who does tax returns and one of her clients was a young married couple with two children. Last year, the wife worked earing some $15,000 and the husband had no income. This couple was refunded some $7,000 after filing their taxes.

    •  How is that possible? (0+ / 0-)
      Are you saying they withheld HALF this woman's income, even with three dependents? That makes no sense. I make twice her income, have no dependents and didn't have near that amount withheld? Or did you mean $700 and it's a typo?

      by anastasia p on Thu Oct 26, 2006 at 06:36:47 AM PDT

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      •  EIC or EITC (2+ / 0-)
        Recommended by:
        opinionated, sockpuppet

        Earned Income (Tax) Credit - I forget the current name for it, wherein you can get a refund larger than your withholding.

        It means if you work with children and make SOME money, you get extra help.  Once you break above a certain level it ramps down to zero.

        The EIC/EITC was great, but I like making much more money so I don't get it - which I currently am (knock on wood).

        Political Compass: -7.13, -5.13

        by thiroy on Thu Oct 26, 2006 at 06:44:50 AM PDT

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    •  but this family should not be taxed AT ALL (2+ / 0-)
      Recommended by:
      sockpuppet, redstar

      for chrissakes $15K income for a family of 4?

      Diversity is the key to economic and political evolution.

      by MarketTrustee on Thu Oct 26, 2006 at 09:33:23 AM PDT

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