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How about that larger refundable tax credit of McCain's?

Posted By: Is it also welfare? nm on 2008-10-31
In Reply to: Bringing the refundable tax credits to the top,,, - sam

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Still can't come up with that refundable credit language?
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Please explain how the refundable tax credit...
that was outlined from his own documentation, that states the credit will eliminate federal taxes for 10 million low income workers...figures into that table. And then explain to me how taxing others higher than those low income folks to make up the loss of that revenue is not marxist re-distribution of wealth. Thank you.
McCain has fogotten the stock market crash, mortgage/credit crisis,
unemployment rates, job losses, stagnant wages, rising prices in gas, food, health care, etc, etc, etc.
The 2008 credit has to be paid back (no interest), but not the 2009 credit.
nm
It is really a much larger issue than you think. sm
There are 12,000 New York City resident signatures, as well as 15 NY legislators on this petion alone:

Preamble to the Complaint and Petition

We, the complainant signatories below, petition the Attorney General of New York, on behalf of millions of New Yorkers who also call for a fearless independent inquiry; for the sake of residents, workers, and business owners in New York—most particularly in and near Ground Zero; and also on behalf of other Americans who have lost employees, friends, and family members as well as health, business, and personal assets and civil, privacy, and other rights in the events of September 11, 2001 and their aftermath.

We approach your office as concerned citizens desiring to bring to light the truth about the events of 9/11. And where fault and liability may be found through your investigative action (by whatever means), we seek the recovery of billions of dollars of damages that have been sustained and continue to accrue, and a process by which the true perpetrators and aiders and abettors of the 9/11 attacks may speedily be brought to justice.

As we reported previously to your office, a representative poll published by Zogby International on August 30 of this year found that 49 percent of New York City residents and 41 percent of New Yorkers overall believe there was official foreknowledge and conscious acceptance of the 9/11 attacks, and that 66 percent of city residents and 56 percent overall want a new investigation. These findings are stunning and we believe they provide conclusive evidence that the people of New York are not satisfied that official investigations and mainstream news media have adequately addressed the truth of the events of that fateful day.

These Zogby Poll findings point to the immediate consituency for our Complaint and Petition; but we also note here that a burgeoning nationwide movement also holds to the same belief about 9/11 as do these native New Yorkers. Fifteen legislators who are members from New York in the US House of Representatives, New York State Senate and Assembly, and New York City Council have responded to these results by also expressing support for a new investigation by the Attorney General or Congress.

If this belief of millions of citizens is borne out by a legitimate investigation, then it may follow that the responsible officials are guilty of both mass murder and treason, as well as conspiring to inflict untold suffering upon the people of New York and violating a host of New York State laws, in addition to federal terrorist, treason, and other laws.

Clearly, this Complaint and Petition concerns a supremely serious matter. Yet we the complainants contend that no independent official investigation into these alarming yet plausible allegations, for which we present compelling evidence herein, has ever been held or is now contemplated.

When citizens of New York widely suspect appalling criminal activity within our government and by bad actors doing business in the State of New York—activity that has caused us grievous harm—we believe we are well within our rights as sovereign citizens to demand the legal and investigative means to address these concerns. If indeed there exists such a widespread belief that our own government intentionally allowed such a catastrophe to occur on our own shores, then we submit that this is prima facie evidence of a deep crisis of trust in government. We were therefore inspired to read the Attorney General‘s 2002 Law Day address in regard to this issue of restoring public trust in our institutions. You focused then on financial markets, charities, and churches, but we believe your words aptly address the collapse of faith in government that the 9/11 Zogby Poll reveals today:

It is important that we understand that this crisis exists, that it has already damaged important institutions, and that we must take immediate action to restore the faith of a betrayed public…The process of restoring a shattered trust is a lengthy one. Unfortunately, we do not have time to wait…Too much will be lost during the time that this process naturally unfolds; the skepticism and distrust that exists will continue to exact a tremendous cost…Our system of law can provide—indeed, can itself be—the solution to the crisis created by the betrayal of their trust. [2]

And it is precisely in this same spirit—that of invoking the legitimacy of a lawful solution to the issue of 9/11—that we request your intervention in order to swiftly address the grave concerns outlined below, enforce accountability, and restore the public trust.

As Attorney General, you hold ultimate responsibility for enforcing public safety, criminal, and investor protection laws in the State of New York. As indicated in the Zogby Poll, a clear majority of your constituents desires a full investigation of still unanswered questions either by Congress or your office. We provide herein evidence to prove that Congress and the 9/11 Commission have shown themselves incapable of such an inquiry. We are left with no alternative but to turn to you to take up the case we have put forth in this Complaint and Petition.

We therefore respectfully request that you immediately invoke your powers to open one or more urgent investigations into apparent crimes before, during, and after September 11, 2001. This could be accomplished by your office alone or in conjunction with other state and local legal and enforcement offices with jurisdiction (which might include, for example, other state attorneys general and the Office of the Manhattan District Attorney, Robert Morgenthau).

We firmly believe that we are able to show probable cause for convening a grand jury and that we present herein the necessary facts and lines of inquiry that would lead reasonable persons to believe that numerous still-unsolved crimes have taken place.

In this Complaint and Petition, we submit compelling evidence constituting probable cause that some or all of the following crimes and possible additional crimes have been committed and that you have jurisdiction and prosecutorial discretion to investigate and prosecute the perpetrators of such crimes: murder, criminally negligent homicide or manslaughter; assault; reckless endangerment; official misconduct; criminal offenses relating to public safety; enterprise corruption; obstruction of justice and the infliction of emotional distress, including causing untold suffering and billions of dollars in damages on the citizens, businesses, and institutions of and upon the State of New York itself and cities, counties, and other jurisdictions within New York; and the criminal facilitation or solicitation thereof and conspiracy or accessorial conduct in connection therewith.

In summary, we submit that available evidence demonstrates that the requisite state of mind exists, pointing to (1) negligence as would be appropriate for assigning civil liability, and (2) an intentional, knowing, or reckless state of mind as would be required for assigning criminal liability.


really, remember the OJ trial and the riots, Rodney King, etc. This is a larger scale
s
You yammered for the refundable....
because you thought I was lying. I delivered, and you change the subject. Why are we beating this dead horse? You would vote for him if he said you should give 80% of your income to your neighbor because it is the patriotic thing to do. LOL. Geez.

Look. I took Obama at his word. He said spread the wealth, so the guys "under you" have a chance. And from that you think he means "adjusting tax rates within our historical progressive tax structure." How is giving someone a credit that eliminates their federal tax liability NOT socialist? does McCain's refundable tax credit remove federal tax liability from anyone?
Bringing the refundable tax credits to the top,,,

Took some looking, but found it.


 


o A $1,000 “Making Work Pay” Tax Credit. For 95 percent of workers and their families—150 million
workers overall—the “Making Work Pay” credit will provide a refundable tax cut of $500 for workers or
$1,000 for working couples. This credit will benefit over 15 million self employed workers and for 10
million low-income Americans, will completely eliminate their federal income taxes.
o A Refundable $4,000 American Opportunity Tax Credit. Barack Obama will provide a $4,000 fully refundable
tax credit to ensure that college is affordable for all American families. This credit will cover
100% of the first $4,000 of qualified tuition expenses, making community college essentially free and
covering about 2/3 of the cost of public 4-year college.iv
o A Universal 10% Mortgage Interest Tax Credit. Barack Obama will provide a 10% refundable credit to
offset mortgage interest payments and make homeownership more affordable for lower- and middle-income
families. This universal credit will provide an average tax cut of $500 to 10 million homeowners who do not itemize.

I see refundable in there a few times. And there you have the low income folks who will, with the help of this "credit," ELIMINATE their federal taxes. Who is going to take up that slack?




 


They asked for the word refundable.....
and I supplied it. You missed the part about the credit Completely eliminating federal income tax for low income families? get a cREDIT which ELIMINATES tax liability?? You missed that part??
Larger-Than-Life Corporate Salaries are Unfair to Average American Workers. see article.

Commentary: Larger-Than-Life Corporate Salaries are Unfair to Average American Workers


Date: Friday, April 14, 2006
By: Judge Greg Mathis, BlackAmericaWeb.com



Despite slower-than-anticipated growth and lower-than-expected profits, many corporations have generously rewarded their leaders, while simultaneously reducing lower-level staff salaries and benefits in an attempt to control costs. This disturbing practice only serves to further widen the gap between America’s wealthy few and its working class and clearly demonstrates just how little this country values its workforce.


At a time when most American workers are struggling to make basic ends meet and worrying how they’ll manage to save enough for retirement, many of this country’s corporate chief executives are stuffing their pockets with larger-than-life compensation packages that include high base salaries, stock options and ample pension plans. In 2004, the average chief executive’s salary at a large company was more than 170 times that of the average worker’s pay. Last year, executive salaries grew 25 percent, while that of the average American worker grew only 3.1 percent. 




Even when a company struggles, their CEOs are still rewarded. For example, the current CEO of a global manufacturing firm received over $11 million in compensation last year, despite the company’s $3.4 billion revenue loss, an 11-percent drop in stock value and a staff reduction of 17,000 workers. There are similar stories at corporations across the country. While worker pensions are frozen and many are asked to do without raises, CEOs manage to earn their multi-million dollar bonuses.


It’s no surprise that CEOs are cleaning up. Consider this: Corporations often use compensation committees to set their executive salaries. Many of these committees use outside consultants to help guide the process. These consultants are often already contracted to do other work for the company. The conflict of interest here is obvious: The consultant won’t upset the CEO -- and risk losing other contracts -- by setting a more realistic, performance based pay model.


Many corporate CEOs are, in short, getting over, and it is a slap in the face of every American worker. While it is understood that executive salaries would greatly exceed that of the average worker’s, there is no logical argument to explain why the growth rate between the two is so dramatically different. To protect its workforce, corporate America must ensure worker’s salaries grow at rates that keep pace with the cost of living, while slowing the rate of growth of CEO salaries. Corporate boards must stop rewarding CEOs with multi-million dollar bonuses. It is unacceptable for a company to lay off thousands of workers and then turn around and pay an executive for a job well done.


As a country, we often ask our government to think about the needs of the average American, and rightly so. However, if America is to truly prosper, the corporations that feed our local economy must also consider and respect the well-being of average worker.


---


Judge Greg Mathis is national vice president of Rainbow PUSH and a national board member of the Southern Christian Leadership Conference.


ohhhh so now that I found the refundable language you were looking for...
now you are yiping double standard.

Does McCain's tax credit for health care remove someone's federal tax liability? No.

Is it aimed specifically at the "bottom?" No.

Not even remotely the same. Obama has said himself...spread the wealth. Start from the bottom up. Redistribute that wealth. Have you looked at his history at all? Of course not...wouldn't want that idol to have clay feet.
credit for safety = credit for 9/11
If Bush wants takes credit for keeping us "safe" from terrorist attacks since 9/11, then he has to take credit for the fact that we experienced the largest terrorist attack in US history under his presidency, as well. He can't have it both ways!
I gave credit where credit was due.

I think Obama did a good job not saying anything about the hostage situation with the captain and I commend him for giving the order to the Navy Seals to do what they did.  But still.....I think the heroes and the biggest thank yous need to go to the ones who risked their necks to save the captain.....and that would be the Navy Seals.


All in all, I don't like a lot of things that Obama has done.  I know Bush didn't do us any favors in his 8 years either, but Obama is now in office and I do not like the way our country is heading. 


As for not giving Obama any slack....how many of you people gave Bush slack on anything even when he did something good....cuz believe it or not.....he did some good things too.  It goes both ways.


What did he say? Did he take credit for somebody else's
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You give him a lot of credit

In your view one man single-handedly has brought the world down in 5-1/2 years.  That's really giving Bush a lot of power.  If Clinton and other Democratic presidents were soooo great then why didn't they single handedly make the world a utopian place when they were in office?   Wow, Democratic presidents must have really sucked if you have the view that the Office of the President of the United States holds the power to either make the world Heaven or Hell.  It seems the Dems could do neither.  Man, they were lamer than I ever imagined if your view is correct.


You are giving her credit for something
she will NEVER do.   She will never unite the party.  She will only go on and on and on until it is impossible for a democrat to win this year, making McCain the president.  All she wants is to be president, and if Obama gets in there, she will have to wait until 2016 when she'll be going on age 68.  She doesn't care about the country or the democratic party.  All she cares about is power, not about anything but HER and Bill.  Sad, but the truth. 
You sure do hand her credit for ...
having a lot of power. I like Palin, but I don't believe that she has the power to "almost single handedly divide the country." Perhaps she is a better leader than I thought...
the education credit -
Obama says the first $4000 of an education would be free and that you would have to work doing community service to pay for that.  That being said, if you want a community college education, $4000 would pay that - if you want an advnaced degree, then of course it would not be free.
the Hope credit is available for the 1st 2 yrs for everyone
From IRS website: Who can claim the Hope Credit?

Generally, you can claim the Hope Credit if all three of the following requirements are met.

You pay qualified tuition and related expenses for the first 2 years of postsecondary education.
You pay the tuition and related expenses for an eligible student.
The eligible student is you, your spouse, or a dependent for whom you claim an exemption on your tax return.

It's worth a $1,500 tax credit, which according to my professor was so that anyone could afford two years at a community college, because it was essentially free since you would get it back as a tax refund.
well, i clearly said hope CREDIT
how many first and second year community college students are making over $47,000 per year anyway?
No. Show me where he has said the tax CREDIT will
Becuase if it is not a refundable credit (like he earned income credit is) then it can only apply toward tax LIABILITY...meaning you cannot get it unless you owe tax. This is not the same thing as a tax cut. A tax CREDIT has more value than a tax cut, because it is paid directly against owed tax liability.

With regard to the tax CUT, this is simply a TAX RATE DECREASE. He is not proposing to send every man, woman and child $500 or $1000. In fact, the language clearly states "up to" $500 for an individual worker and "up to" $1000 for working couples. This is a top cap limiting the benefit on can receive from the adjusted tax rate.

An economic stimulus is a SEPARATE ISSUE...as I have pointed out below and as SAM herself has referred to. It is a one-time issuance of monies that will be paid to 95% of workers. The stimulus would be structured very similar to the one we have already received under Bush.

Now here this. The ONLY WAY that a person who has no tax liability could receive any benefit would be if the tax CREDIT (not tax cut) is a refundable credit. THAT is the language I am looking for. Where does it say that the tax credit is a refundable credit?
Amanda....it says that the credit will...
eliminate federal taxes for 10 million low income families. Someone has to make up for that lost revenue. Or are you saying they are really not paying taxes anyway so when he says he is giving them a tax credit he is not, he is lying about it? So which part is lying and which part is true? They were paying taxes and now they are not going to be because of the credit, or they were never paying taxes anyway so it is a credit name only. Please advise.
it would if they owed less than the credit - nm
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Sam, I don't see where he says only certain people will get that credit - nm
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credit to the repub congress

Are you KIDDING me?  They shut down the government in a tiffy fit.  They fought him tooth and nail on everything.  They spent countless time and money trying to  impeach him. You need to get a library card an USE it, girlfriend.


 


Ok, I was wrong...gave you too much credit.
Go ahead and Bush-bash. Probably giving someone else a rest.
I'm sorry LVMT........ credit should have gone to you for posting! My bad! nm
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Credit-Frenzied society
I was raised with good old Irish ethics. Work hard. Get ahead. Save up. Pay cash.

Now, granted, that's not the norm these days, but it was the norm for most of the life of this great country.

I dislike the consumer mentality these days. Everyone thinks they need a new car every two years. A new computer every six months. A new cell phone every time a new model comes out. A new home every time they turn around. And they're swimming in debt because of it.

As Will Rogers said -

"We hold the distinction of being the only nation in the history of the world ever to go to the poor house in an automobile."
credit crunch resolved
Now we will be able to borrow our own money from the banks for all the things we need and pay taxes, interest and inflation. I am firing all this jokers in November.
Get Ready to Pay off your credit cards
The government is looking into buying some banks instead of subprime mortgages.  They are going to need some capital.  All ready to pay up?
actually he says he will tax credit them for keeping jobs here... nm
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okay - what do you think earned income credit is?
My sister pays no taxes - she has no taxes taken out of her check every week - she works a full time job, but she still every year gets back $5000-6000. Now why do you think that is any different than what you are talking about now? It is the same thing...
Yeah and I give him credit
that's one time he told the truth. 
There is also all that untraceable credit card...
money. I imagine a few campaign law restrictions were shattered with that. and yes, he took money from lobbyists in the form of bundlers. Mccain did too. They ALL do.
You are giving the Republicans WAY too much credit.. sm
Clinton was the one who started the Fannie Mae/Freddie Mac fiasco by "helping" folks who couldn't afford a house to have one. Bush called for reforming FM/FM, but the Democrats fought him down on that one, with Barney Frank leading the charge saying that they were not in trouble.

Now with Obama leading the way to financial disaster for the US with his frantic spending, you just can't lay this all at the door of the Republicans.

Personally, I think both parties are flawed and there needs to be a thorough housecleaning, starting at the top, but I don't know if there is anyone left in this country, even T. Boone Pickens or H. Ross Perot, who could straighten this mess out.
I think you give the public too much credit!
They won't even know about it until someone shows up at the door to take their kids to the "campus." The American public is too apathetic to act in their own best interests AND too easily fooled by pretty words.
You are correct and I will give him credit for that, but SM
we need to remember that it takes money to train the SEALS and he is going to cut the military budget. Also we need to stop referring to these pirates and terrists as criminals. Remember what Bin Laden said back in the 90s. When Clinton pulled us out of Somalia because the soldiers were killed and drug in the street (Black Hawk Down), he knew the US was weak. You cant show weakness to your enemies.
I will give The Teleprompter credit. nm
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Long but interesting ....tax credit
Sorry the link would not post correctly. This is from the AP

By STEPHEN OHLEMACHER, Associated Press Writer – 1 hr 14 mins ago
WASHINGTON – Millions of Americans enjoying their small windfall from President Barack Obama's "Making Work Pay" tax credit are in for an unpleasant surprise next spring.
The government is going to want some of that money back. The tax credit is supposed to provide up to $400 to individuals and $800 to married couples as part of the massive economic recovery package enacted in February. Most workers started receiving the credit through small increases in their paychecks in the past month. But new tax withholding tables issued by the IRS could cause millions of taxpayers to get hundreds of dollars more than they are entitled to under the credit, money that will have to be repaid at tax time. At-risk taxpayers include a broad swath of the public: married couples in which both spouses work; workers with more than one job; retirees who have federal income taxes withheld from their pension payments and Social Security recipients with jobs that provide taxable income. The Internal Revenue Service acknowledges problems with the withholding tables but has done little to warn average taxpayers.
"They need to get the Goodyear blimp out there on this," said Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants.
For many, the new tax tables will simply mean smaller-than-expected tax refunds next year, IRS spokesman Terry Lemons said. The average refund was nearly $2,700 this year.
But taxpayers who calculate their withholding so they get only small refunds could face an unwelcome tax bill next April, said Jackie Perlman, an analyst with the Tax Institute at H&R Block.
"They are going to get a surprise," she said.
Perlman's advice: check your federal withholding to make sure sufficient taxes are being taken out of your pay. If you are married and both spouses work, you might consider having taxes withheld at the higher rate for single filers. If you have multiple jobs, you might consider having extra taxes withheld by one of your employers. You can make that request with a Form W-4.
The IRS has a calculator on its Web site to help taxpayers figure withholding. So do many private tax preparers.
Obama has touted the tax credit as one of the big achievements of his first 100 days in office, boasting that 95 percent of working families will qualify in 2009 and 2010.
The credit pays workers 6.2 percent of their earned income, up to a maximum of $400 for individuals and $800 for married couples who file jointly. Individuals making more $95,000 and couples making more than $190,000 are ineligible.
The tax credit was designed to help boost the economy by getting more money to consumers in their regular paychecks. Employers were required to start using the new withholding tables by April 1.
The tables, however, don't take into account several common categories of taxpayers, experts said.
For example:
_A single worker with two jobs making $20,000 a year at each job will get a $400 boost in take-home pay at each of them, for a total of $800. That worker, however, is eligible for a maximum credit of $400, so the remaining $400 will have to be paid back at tax time — either through a smaller refund or a payment to the IRS.
The IRS recognized there could be a similar problem for married couples if both spouses work, so it adjusted the withholding tables. The fix, however, was imperfect.
• A married couple with a combined income of $50,000 is eligible for an $800 credit. However, if both spouses work and make more than $13,000, the new withholding tables give them each a $600 boost — for a total of $1,200.
There were 33 million married couples in 2008 in which both spouses worked. That's 55 percent of all married couples, according to the Census Bureau.
• A single college student with a part-time job making $10,000 would get a $400 boost in pay. However, if that student is claimed as a dependent on a parent's tax return, she doesn't qualify for the credit and would have to repay it when she files next year.
Some retirees face even bigger headaches.
The Social Security Administration is sending out $250 payments to more than 50 million retirees in May as part of the economic stimulus package. The payments will go to people who receive Social Security, Supplemental Security Income, railroad retirement benefits or veteran's disability benefits.
The payments are meant to provide a boost for people who don't qualify for the tax credit. However, they will go to retirees even if they have earned income and receive the credit. Those retirees will have the $250 payment deducted from their tax credit — but not until they file their tax returns next year, long after the money may have been spent.
Retirees who have federal income taxes withheld from pension benefits also are getting an income boost as a result of the new withholding tables. However, pension benefits are not earned income, so they don't qualify for the tax credit. That money will have to paid back next year when tax returns are filed.
More than 20 million retirees and survivors receive payments from defined benefit pension plans, according to the Employee Benefit Research Institute. However, it is unclear how many have federal taxes withheld from their payments.
The American Federation of State, County and Municipal Employees union raised concerns about the effect of the tax credit on pension payments in a letter to Treasury Secretary Timothy Geithner in March.
Geithner responded that Treasury and IRS understood the concerns and were "exploring ways to mitigate that effect."
Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee, said Geithner has yet to respond to concerns raised by committee members.
"So far we've got the, 'If we don't address this maybe it will go away' approach," Camp said.
___
It seems "Barack" takes credit for a lot and blame for nothing.

Marx: Centralize credit in the banks.
private property. Right any bells?
REQUIRED IN ORDER TO GET THE COLLEGE CREDIT! NM
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It may be hard to credit Bush with no attacks when there is...sm
nothing tangible to show for it, right?


But then, that's the whole point.


No attacks on U.S. soil since 9/11.


There's the proof.


I'll be a believer and give President Bush the credit for this one.
Yes, earned income credit, we pay our taxes....
Whaddya you make? 7 cents a line? LOL. You call that paying taxes? HAHAHAHA!
No, it's more than jus the earned income credit and kids.
This is adding in things like tuition and related school expenses, but not claiming the grant money they've recieved to pay for that - which you legally have to do. That's what makes me so mad!
Are you complaining about the "earned income credit?" nm
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Sorry, earned income credit, I have to pay taxes.....
I have no dependents, alas. I don't get food stamps or Welfare, either. Unlike you, the prophet, I will wait and see what direction our President takes us. You might be disappointed or I might be disappointed, but, obviously, it will all roll out in the end, won't it? Yes, I know about gas. Unfortunately for you, it has no escape route because you are too full of $hit to allow its escape. Sorry about the blockage.........honest, it isn't brain matter - it is fecal.
Good for Fox - I'm no Fox fan but I'll give them credit for doing the right thing
They say Fair and Balanced but they definitely are more conservative and Sean Hannity really gets on my nerves something awful. He's about as condescening as Rush and treats guests who are liberals as though they are less intelligent than he is.

When I am in favor of conservative viewpoint I will watch them, and when I am in favor of liberal viewpoints I will go to another channel. Never CNN because they praise the Clintons too much. Most of the time I watch MSNBC even though they are more liberal, but at least they are fair and civil to conservatives.

So I give Fox some credit.
These people would not give Palin credit for a thing.
nm
Gotta give Backwards Typist credit...

for picking an appropriate name for herself.


Time to stop the earned income tax credit
No more WELFARE period. Everybody can plant a small garden - even in pots. Go fishing and deer hunting for your meat. Tents are cheap - can walk or hitchhike to warmer climates so you're more comfortable. Live off the land! And let govt get smaller - no more handouts to ANYONE! If we did that, we wouldn't need roads or bridges - end that spending habit. Get rid of government completely. Everybody arm yourselves and live like they did in the old west. We are already well on our way to being a 3rd world country (even airports are dingy). Everybody is on their OWN. Consumerism would end. Who needs TV or iPods or computers or anything else? We're all gonna die anyway. Some sooner than others, but there's no way outta that one. If you don't make any money - you won't have to pay taxes.