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4 tax breaks for parents on the chopping block

Monty

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4 tax breaks for parents on the chopping block - Yahoo! Finance

Many low-income parents could see their tax bills jump by thousands of dollars next year if nothing is done to stop a series of tax breaks from expiring January 1.
Unless Congress takes action before the end of the year, four important credits for families -- The Child Tax Credit, Earned Income Tax Credit, Child and Dependent Care Credit and the American Opportunity Credit -- will revert back to previous levels.
If this happens, many families will be worse off by hundreds -- or even thousands -- of dollars, said Roberton Williams, a senior fellow at the Tax Policy Center
Wonder if the welfare crowd saw this coming?

The upcoming presidential election has left the fate of these tax breaks uncertain. Democrats and Republicans in Congress continue to butt heads about which tax cuts should be extended, and there's virtually no chance they will agree on a specific plan before the November election, Williams said.
 

xiggi

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Low income parents won't pay any taxes even at previous rates.

Sent from my Fisher Price ABC123 via EO Forums
 

davekc

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The biggest impact to the poor won't be taxes. Even the ones that pay a small payroll tax get that back with their refund. Most contribute very little.
No the pain for the poor will come from inflation through a devalued dollar. Already started.
Just look at gas, food, housing and other basic costs. At some point they will wake up and figure it out.
 

Turtle

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You think they'll wake up and figure it out? The same people who think their phone came from Obama? Those people?
 

bobwg

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You think they'll wake up and figure it out? The same people who think their phone came from Obama? Those people?
I saw this number 16.5 million people got Obama phones I doubt any of them will wake up
 

iceroadtrucker

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What Earned Income Tax Credit I never got that for my 2011 Taxes. It was gone.
However I did get it in 2010 taxes.
Yes I have a Daughter living at Home and Started College this last August. I support a Mother-IN-LAW that I moved out from Iowa. Been doing so since 1991 No Charge.

People do what they must.
There is an old saying Good Enough for Gov't work Being the Std.
The way things are going with this Economy Thats surely not the case today.
 
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