To: Svartalfiar
The only people who actual get that credit as a 'refund' are people who don't make money in the first place. Are you saying I don't make any money? I'm an E6 in the Navy with 14 years of service, a pregnant wife who stays at home and three children. And I pay plenty of taxes.
132 posted on
12/03/2017 3:55:06 PM PST by
Drew68
To: Drew68
Are you saying I don't make any money? I'm an E6 in the Navy with 14 years of service, a pregnant wife who stays at home and three children. And I pay plenty of taxes.
If you're net paying taxes, then you're not using the refundable part of the credit. If you're getting money 'back' that wasn't part of your withholding, then yes, you are using it. Refundable means you can take the credit into negative taxes and still get it back - it's doesn't limit itself to your taxes paid. So, someone who pays $500 in taxes, but has $2000 in refundable credits would get a bonus check for the extra $1500 - THAT THEY NEVER PAID. It comes out of other people's pockets. If it was a nonrefundable credit, it would take your $500 in taxes and make it $0.
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