On Tue, 21 Oct 2008 01:51:34 +0000, D Murphy wrote:

Curly Surmudgeon wrote in
:

On Mon, 20 Oct 2008 23:44:35 +0000, D Murphy wrote:

They don't pay any taxes. What he does is mail them a check. That's
not a tax cut, it's welfare.

Check your facts.

This is right on his web site.

You seem confused.

http://www.barackobama.com/issues/economy/

[Provide a Tax Cut for Working Families: Obama and Biden will restore
fairness to the tax code and provide 150 million workers the tax relief
they need. Obama and Biden will create a new "Making Work Pay" tax
credit of up to $500 per person, or $1,000 per working family.]

So if you are already paying no tax, you will get a check.

Perhaps this is the source of your misunderstanding. A "credit" is not
in any way, shape, or form "a check." Nobody is going to get "a check."

Yes they are and here's how. His plan makes the credit fully refundable.
So if you only paid $100.00 and your "credit" is $1,000.00 you would get a
$900.00 "refund" in the form of a check. Or one would assume electronic
transfer if you so chose. If you pay nothing you still get either a
$1,000.00 or $500.00 refund depending on your filing status.

Hard to believe, it's not a "credit" in the traditional sense of the word
if that is true.

And it will add another 10,000,000 people to the roles of those who
pay no income tax.

Potentially. Might even balance out the value of wealthy who pay no
income tax.

That's not possible with the AMT.

Sure it is, just launder income through a corporation or off shore
business.

Almost 1/3 of all U.S. Corporations paid absolutely no income tax last
year.

If you pay no tax and the government sends you a check, only a liar
would call it a tax cut. A charitable person might call it a subsidy.
A realist would call it welfare. In any case it's another expensive
entitlement that once enacted will be impossible to get rid of.

"If" doesn't cut it. As shown above nobody is going to get "a check."


As shown where? There will be checks and transfers. It's all in the
plan. Download the pdf and read it.

I'll do that, have a url?

--
Regards, Curly
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