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Old 31st July 2003, 16:20   #121
mmontgomery
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The child tax credit in no way favors the rich. In fact, the credit is phased out, so the rich get ZERO $$$ in child tax credit.

On the other hand, the final version of the tax credit applies even to those who pay NO taxes. So if you have 3 children, you can get back $1200 in taxes you never paid to begin with.

As for tax cuts in general, ALL taxpayers pay reduced taxes. If I save 10% on my tax bill, why should I gripe when a high wage earner saves 10% on their tax bill. Sure, the 10% savings on their tax bill may be 10 times what I am saving, BUT THAT IS BECAUSE THEY WERE ALREADY PAYING 10X MORE TAX THAN ME.

For this reason, any bill that treats everyone equally will always have some idiots griping that it "favors the rich".
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Old 1st August 2003, 15:47   #122
Mattress
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Quote:
Originally posted by mmontgomery
On the other hand, the final version of the tax credit applies even to those who pay NO taxes. So if you have 3 children, you can get back $1200 in taxes you never paid to begin with.
Hmm, why are the liberals upset about that? Sounds like redistibution of wealth/welfare to me.
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