Admiral Rockwell Tory
Diamond Member
That free money comes at the expense of every other taxpayer, dipshit. It is paid for with higher tax rates on EVERYONE, including the person who gets the gift!
Learn some basic economics, for chrissakes.
I'm sick of all you "gimme gimme gimme and make that guy over there pay for it" leeches.
Damn but your ignorant. Learn some basic economics? You really don't know who you are talking to. Matter of fact, I doubt anyone one this board has the economics background I do. Hell, I did research for the Reagan administration. I worked for Erskine Bowles. So piss off. But first, consider this.
That child tax credit, what is it now, $1500 a year. That is nothing when compared to the value of the mortgage deduction on a half million dollar mortgage. And that deduction requires every other taxpayer to pay more in taxes. So you Trumpsters are bitching about pennies while throwing away dollars. That is stupid. So you go learn some basic economics.
$1500 cash payment per child versus reducing your taxable income by the amount of interest you paid on your mortgage are not Apple and apples, professor.
If the principle of the mortgage still owed is $500,000, the interest paid in a year will be about $20,000. if your marginal tax rate is 33%, that’s roughly $7000 in tax savings from what you pay the Fed.
If you have 4 kids, that’s $6000 cash paid to you if you didn’t pay any taxes.
They don’t seem very disparate to me.
The person who is carrying the $500,000 mortgage is contributing mightily to the economy, and now the tens of thousands of dollars in taxes they are paying is reduced by $7000....so instead of $50,000 in taxes, for example, they will be paying $43,000.
The person with 4 kids and not paying taxes at all, and getting $6,000 in welfare from the Fed is a leech.
You are an economist like I am a brain surgeon.
Paying taxes is not "contributing mightily to the economy", unless you believe that government spending is preferable to private spending. Say the mortgage holder gets an extra seven grand and the child tax credit person gets six thousand. Except that the child tax credit is limited to three kids last I checked. But just another case of ignorance from lack of knowledge.
So impress me and tell me the difference between the mortgage holder spending six grand in tax savings and the child tax credit beneficiary spending six grand in tax credit money. Which one stimulates the economy more and why? I will give you a hint, you will probably want to use terms like multiplier and velocity.
What does physics have to do with economics? All you are attempting to do is justify your apparent lack of understanding of simple fairness.
If you don't pay taxes, why should you get a refund? That is welfare.
Multiplier and velocity are economic terms that would demonstrate which one of the two individuals would contribute more to economic growth. The spending of one will most certainly have a higher multiplier and greater velocity than the spending of the other. Matter of fact, one is going to spend all that money and the other is probably going to save some, which does not stimulate the economy at all. It is called the savings paradox. Something someone with even a basic knowledge of economics should be quite familiar with.
There again you would be wrong, but since I taught economics I can recognize someone stroking their own ego like they stroke something else. Your choice of wording indicates you are more concerned with trying to impress people and have no real faith in what you are saying because you know that no one really gives a rat's ass.