We are the 53%. How much longer do we have the carry the rest on our tired backs?
Not all of us are the 53%. The per-child tax credit is a scam.
Right now I believe the credits/deductions are capped at tax+FICA(SS+med). (Get everything back including FICA while still getting credit for paying FICA.) There have been a couple of programs that allow furhter “refunds.” (I think EIC might. The “Making Work Pay” credit of a few years ago added something like $800 to the cap, so people basically got exerything they paid in + $800.
I suggest capping the credits so they don’t refund FICA and they don’t allow one to become a non-taxpayer - maybe have $20 that can’t be erased by credits.
Note - Credits are computed after the adjusted gross. If the standard or itemized deductions bring the tax to zero, than it’s zero.
This is all straight off my tax forms. I am in the 47% and it’s BS. I’m not going to cut a check to DC, but if you’re in the 53% an d happen to be in SW OK, freepmail me and I’ll buy you lunch.