2006-07-12 09:25:28 · 4 answers · asked by collegedebt 3 in Politics & Government ➔ Politics
Furthmore, while I don't deny that having children and raising them is expensive, how is it society's responsibility that some chose to have children they can't afford.
And yes EIC can be claimed by some low-income (under $11,000) individuals without children, for a whopping $300 refund.
2006-07-12 09:44:14 · update #1
No. The whole concept of deductions and tax brackets make the system overly complicated and ripe for special interest groups. The flat tax would be much simpler. I would prefer a consumption tax myself. Why does the government need to know how much money I earn??
2006-07-12 09:36:17 · answer #1 · answered by opusthepenguin_1999 2 · 1⤊ 0⤋
The US income tax system and "fair" have nothing to do with each other. Our new Secretary of the Treasury, Henry M. Paulson, Jr., just got to cash in his $700,000,000 from Goldman Sachs tax-free due to a little-known law that allows high-level political appointees to cash out of the private sector and work for the government. The thinking is they wouldn't want the huge tax effect to alter the appointee's decision to take the job. How many folks could have been added to the EITC if Paulson had paid the $300,000,000 he owed?
2006-07-12 16:35:18 · answer #2 · answered by szydkids 5 · 0⤊ 0⤋
earned income credits don't apply only to people who have children...single people can get eic; my bf, who is a grad student, got eic for 2005
according to the link I left before: "The earned income credit (EITC) is a tax credit for certain people who work and have earned income in tax year 2005 under $37,263."---much higher than the $11000 you said
2006-07-12 16:31:29 · answer #3 · answered by Tessie 3 · 0⤊ 0⤋
Yes, we have additional expenses that you don't have. Try supporting 3 people on minimum wage then complain.
2006-07-12 16:28:19 · answer #4 · answered by Stacy R 6 · 0⤊ 0⤋