Welcome Guest. Register Now!  


CPA Forums CPA related topics.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-10-2011, 01:54 PM
Junior Member
 
Join Date: Feb 2010
Posts: 6
Is the Current tax code flawed? My client received an Earned income tax credit of $5,031? Is this outrageous or not?

I can't believe it when I see a taxpayer earning $25,000 with 3 kids and getting an earned income tax credit of $5,031 and having to pay no federal income taxes, and on top of that the Government pays another $800 (Making work pay credit).

This is crazy! The middle class folks are subsidizing these folks and encouraging these guys to stay at lower income brackets.

I for one say eliminate Earned Income Tax Credit once and for all, and cut the deficit!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 06-16-2011, 07:23 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,398
Blog Entries: 3
There appears some truth in what you are saying! But, I think a Tax Reform Bill is in the horizon and there will be some changes to the tax code that will eliminate some of these tax credits and other abuses!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Question: Earned Income Credit AHolmes Income 0 03-19-2010 11:26 AM
No Earned Income Tax Credit for geezers SteveG Tax Credit 0 02-23-2009 04:21 PM
Ten Things About the Earned Income Tax Credit Samatg For 2008 0 01-30-2009 07:14 PM
Earned Income Credit . taxstudent Income 0 03-02-2008 10:53 PM
Is the child support considered income when calculating the earned income credit? aron Income 1 09-16-2007 10:50 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning