NBC: Tax loophole costs billions

NBC ^ | 4/26/2012 | Bob Segall

[Beave Meister]

This should cause outrage all over the nation!

[Beave Meister]

Here’s another link to this story....

http://www.examiner.com/article/nbc-obama-irs-refunds-illegals-4-2-billion-for-kids-mexico

[cuban leaf]

Now that Romney is the presumptive nominee, is the press abandoning Obama for someone just as liberal but more palatable? Read that “less divisive”.

[forgotten man]

Every time I hear a b.s. story about “undocumented immigrants eagerly paying income taxes” my head almost explodes. Those deadbeats never have any federal income tax withheld from thier paychecks. Usually they go to Spanish speaking tax preparer to get their free money.

[sasafras]

THIS IS UNBELIEVABLE...WE SHOULD ALL BE CALLING OUR CONGRESS CRITTERS DEMANDING THAT THIS BE STOPPED AND STOPPED RIGHT NOW!!!!!!!!! WE ARE SUCH SUCKERS

[NoLibZone]

DNC vote buys

[stylin19a]

From the IRS - (note the dependency test. In order to claim all those kids, each must have an SSN...this fraud is long,deep, wide and all day)

"Ten Facts about the Child Tax Credit

IRS Tax Tip 2011-29, February 10, 2011

The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family.

Amount - With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.

Qualification - A qualifying child for this credit is someone who meets the qualifying criteria of six tests: age, relationship, support, dependent, citizenship, and residence.

Age Test - To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2010.

Relationship Test - To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.

Support Test - In order to claim a child for this credit, the child must not have provided more than half of their own support.

Dependent Test - You must claim the child as a dependent on your federal tax return.

Citizenship Test - To meet the citizenship test, the child must be a U.S. citizen, U.S. national, or U.S. resident alien.

Residence Test - The child must have lived with you for more than half of 2010. There are some exceptions to the residence test, which can be found in IRS Publication 972, Child Tax Credit.

Limitations - The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.

Additional Child Tax Credit - If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit."

[EdReform]

This needs to be posted to Front Page News

[TurboZamboni]

"The tax preparer does not want you to know his name for fear of reprisal"

reprisal from who? La Raza?

[Piranha]

FORWARD!

[Wurlitzer]

This story has a ton of meat on the bone should anybody want to pursue it.

Think about it for a minute. It is bad enough this loop hole exists and that the IRS aids these people in the first place by giving them an ID number.

However, just when do you recall the IRS NOT pursing tax cheats unless they are democratic politicians?

The fix has to be in otherwise the IRS would be all over them like white on rice. Somebody, and I think we all know who, is pulling the reigns in tight on the IRS. Just think of the votes this money will buy.

Letters have already gone out to my Senators and Rep.

[Digger]

THIS IS UNBELIEVABLE...WE SHOULD ALL BE CALLING OUR CONGRESS CRITTERS DEMANDING THAT THIS BE STOPPED AND STOPPED RIGHT NOW!!!!!!!!! WE ARE SUCH SUCKERS

Call your congress whore & expect anything to come from it? ROTFLMAO!

[Whenifhow]

Near the bottom of the article
What’s next

Tomorrow night, 13 Investigates will show you how lawmakers are reacting to WTHR’s investigation and what they plan to do about. You’ll also hear why some undocumented workers say the credits are essential and should be left intact. Our investigation continues Friday night at 11:00.

Article and video here
http://www.wthr.com/story/17861738/will-lawmakers-act-to-close-tax-loophole-for-illegal-immigrants

Near the bottom of the article:

What can you do?

Congress may be voting on a budget measure in the coming weeks, and a budget reconciliation package now being considered in the House of Representatives contains language that would limit additional child tax credits to US citizens with a valid social security number. If you feel strongly about this issue – one way or another – now is a good time to let your lawmakers know. Their contact information is listed below:

[Boojum]

Hogwash.

ACTC is 15% of excess of AGI over $3000. And ACTC is only to make up for CTC not available because CTC is not refundable.

It's complicated, but as income goes up, tax goes up, CTC goes up, and ACTC goes down.

Because the 15% bracket ends at the latest at $69,000 (MFJ) earning more will mean taxes increase faster than ACTC.

Everything you read on the net or view on NBC isn't necessarily true.

[Boojum]

Not that there's no fraud being perpetrated, just that the figures are outrageous for a single return.

Anyone can claim anyone as a dependent as long as nothing tips off the feds.

The real culprit is EITC. Borrow a couple of kids and you're talking several thousand bucks in your pocket if you earn in the sweet spot.

Finally, please stop saying half the people pay no FIT . . . the truth is that half the people pay nothing and get big bucks back - over and above withholding.

[goat granny]

tax loophole is government talk for.....hey, we’re letting some people keep too much of their own money....or in the case of guns, we’re letting these people have too much freedom

[GeronL]

so this is only a local affiliate, I guess the networks would never mention it.

[EDINVA]

Coming u next: NBC fires affiliate station manager and investigative team; releases name of tax preparer.

[cynwoody]

This is the fault of John Boehner, RINO-OH.

http://webcache.googleusercontent.com/search?q=cache:t5_W9sfVOiIJ:www.fairus.org/issue/congress-votes-to-keep-giving-illegal-aliens-billions-in-tax-credits+&cd=9&hl=en&ct=clnk&gl=us

[LibsRJerks]

Gosh, we should just set up cash giveaway stations at the border and be done with it!!

This government needs to be totally DISMANTLED. From the top to the very bottom.

We have NO IDEA what these bureaucratic worms are up to at any given moment. It’s too huge.