Time for another tax rant?

Can anyone explain how in the world a person who pays $3000 in federal income tax can get a $9000 refund?

 

I know of 3 ways;
1. They are fools and think that the government is a good place to save their money.
2. They are fools and think that they can help the government in their financial crisis by loaning then some money interest free.
3. They have a lot of investments requiring a minimum tax withholding (say 20%) despite paying substantially lower percentage.

 

Did this actualy happen David? if so tell us were so we can all move there LOL

 

How about:
4) None of the above.
We have a clerk in our office who only had roughly $3000 (on an apprx $20,000 income) withheld in 2010 but found out yesterday her tax refund will be over $9000!!

 

An offshore corporate account set up by Karl Rove?

 

Uh, no.

 

According to a quick tax calculator...she'd have to have more than 5 kids to get that much back on 20k of income. 5 kids is as high as that calculator goes and she would get her a refund of less than 6k if she paid in 3k. So, maybe she has 10 kids? lol I would say maybe she bought a house and got the first time home buyer credit but not on 20K a year...I don;t think she's buyin a house on that. Probably has a hard time living in her own place on that if she has kids. So it is a mystery to me.

 

Damn! Generate a Haliburton style invoice?

 

Would it be too much to ask you to explain this or is this just another case of you posting something stupid and moving on?

 

Explaining anything to you Davey is pointless (as is responding to you but, sometimes I just enjoy the hell out of it).

 

That's what I thought.

 

You thought? There's a revelation.

 

Apparently, there is a child credit for lower income folks called EIC. They get a $7500 credit for up to 2 kids.
I talked to a guy at lunch today who works for HR Block. He assured me it was very common for his customers to get refunds greater than what they paid in. Gotta love the IRS & our current taxation system....meanwhile, the rest of us get to pay a CPA several hundred dollars to prepare the endless stream of tax forms we are required to complete.

 

I don't think EITC goes that high. I think the max is around 5k for 3 or more kids. But maybe it has changed again.

BTW, after looking it up on the interwebs...

President Ronald Reagan said, as he expanded the credit, that the EITC was "the best anti-poverty, the best pro-family, the best job-creation measure to come out of Congress."

Which goes to show what I firmly believe...Ronald Reagan wouldn't even be able to win a primary election in today's Republican Party.

 

Ain't that a hoot. Ronald Reagan was too far left of center for today's right wing crowd, and JFK was really a right winger. I think the right searches unsuccessfully for someone that they can brand as one of their own "good guys"...one they can say represents the republican party. Now...we're presented with the likes of Sarah Palin or Mitt the nitwit. They dig and dig, but come up with nobody that the public will accept.

 

And yet the nutjob left wing loons gave us Obama-lama-ding-dong... I hate to say it, but even Hillary would have been better than that lamebrain... and that's not saying much.

 

Barack Hussein Obama......Mmm Mmm Mmm

 

I guess Charlie Rangel, Nancy Pelosi, Chris Dodd, Barney Frank, William Jefferson, Elliot Spitzer, Blago, Jeremiah Wright & Bill Ayers were already spoken for.....

 

Too bad your party couldn't come up with anybody capable of beating a lamebrain, and that DOES say quite a bit.

 

Oh, I know! It was the corporate greedsters and mega wealthy criminals who got BO elected, right?