Posted on 02/09/2015 4:46:26 PM PST by Olog-hai
The “refundable portion” of Earned Income Tax Credit (EITC) payments hit a record $56,189,578,000 in 2012, the latest year for which the Internal Revenue Service has made data available.
A total of $64,128,627,000 in Earned Income Tax Credits was claimed in 2012. Of that, $56,189,578,000 was the “refundable portion”—paid out if the Treasury in excess of the net taxes the recipient owed. That means that only $7,939,049,000—or 12.4 percent—of the total Earned Income Tax Credit amount in 2012 was used for a tax reduction. […]
“The EITC expansion is garnering some Republican support, but I think that is a big mistake, and this is one reason why,” said (the Cato Institute’s Chris) Edwards. “The EITC is mainly a spending program, and a very expensive one at $55 billion a year. That means that the federal government has to tax someone else to get the $55 billion, and that extra tax burden causes damage to other taxpayers and the economy. There is no free lunch with spending programs. While supporters of the EITC point to the benefits, the program also causes $55 billion in damage.” …
(Excerpt) Read more at cnsnews.com ...
E.I.T.C., first proposed by Nixon, signed into law by For and increased under every administration since, no exceptions.
And now all the illegals are going to get the EITC retroactively for three years. Financial collapse is coming.
Correction:
E.I.T.C., first proposed by Nixon, signed into law by Ford
Why is this not brought up in EVERY debate about minimum wage? This represents a tax-free $1/hr wage increase for every recipient assuming all recipients are full-time employees (i.e. the real effective increase is higher). So when people advocate for minimum wage increases, what they really want is wage increases for illegals, teens & college-age (i.e. those not technically eligible for EITC). In other words, they are catering to the democrat base with no real impact on ‘working class families’ they claim to support.
This is why every street corner in the ‘hood sees “fast tax” offices blossom every January.
Never, EVER! was it intended that BIG government would steal taxes from some Americans and give the money to freeloaders who don’t pay taxes. NEVER! This bull**** is un-American and unconstitutional and must be stopped.
Just for Taxation Without Representation. They money we pay doesn’t go to represent us, but to represent and buy the votes of others. We have government organized crime stealing from use to give to others.
The freeloading foreign invaders who never paid a penny in taxes are all about to receive up to $24,000 from the fraudulent EITC sh*t sandwich. Somebody needs to go to jail.
Dig up Nixon and Ford and jail them. This is exactly what we get when rinos are elected.
That reminds me...I’m going to swerve onto the sidewalk and flatten every moron dressed as the Statue of Liberty and making an ass of himself.
you mean get the EITC again, you don't really think they haven't been getting refunds all along do you?
Yea, with fake SS numbers. Now when they get the new ones, they will get it again.
BTTT....spot on.
I could be wrong, but I thought all they had to do was request a taxpayer (haha) ID from the IRS and they got their no questions asked refund courtesy of real taxpayers.
Tax “refunds” to people who don’t pay taxes. Ridiculous.
We qualify for the EITC. For a number of years we accepted it, because it helped to make ends meet.
My conscience started to mess with me. We quit taking it. No welfare for this house; we’ll let God provide.
You are correct. It is called an ITIN. Individual Taxpayer Identification Number. Any illegal can get one.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.