GOP Tax Cut Doesn't Pay Cost of Living Rise; Shutdown Exposes Complete GOP Disarray!

[mascale]

The Family of Four Example was touted by GOP Speaker, "Rotten Ryan," of the usual appellations in the Trump Administration. At the time, there were no actual details of the plan from any of the Trump Family Zingers, being released, (of the usual appellations in the Trump Administration).

Soon the Republicans were losing traction in elections even in the Solid Red areas.

Then Senator Rubio focused on some changes. Then there happened Dec 22, 2017: Another Day that Shall Live In Infamy! So there are emerging now public details of what was in the final Tax revision plan that got signed.

It Famously fails--like Bush II Tax Cuts I and II--to offer much of a Stimulus, there being an actual lack of any tax cuts for about 1/2 of filers. There is only a slight raise in the Refundable per child tax credit, for example.

So back to "Rotten Ryan's" initial example of pre-Turkey-Day, 2017. For 2017, we already know that the Family of four with $60,000 gets a $12,700 Standard Deduction for 2017, $16,200 Personal Exemptions for 2017, an IRA Contribution Deduction of $5,500 for 2017. So Married Filing Jointly have a federal tax liability of slightly more than $2000. $2000 is erased with the per child tax credit. Any balance is erased on Form 1040 in the Payments section, the ACA credit.

Zero Federal Tax Liability for 2017 is matched with Zero Tax Liability for 2018.

There would be said no Middle Class Tax Cut, A deal from the Trump Family Zingers!

"Crow, James Crow: Shaken, Not Stirred!"
(Great Superstition-Maker, An Educated Prince of Imperial Egypt, (Acts 7:22), Actually screwed everyone up even worse! than "Rotten Ryan," who seems to be on board with the appellation-making Trump Family Zingers!)

 

[Toddsterpatriot]

The Family of Four Example was touted by GOP Speaker, "Rotten Ryan," of the usual appellations in the Trump Administration. At the time, there were no actual details of the plan from any of the Trump Family Zingers, being released, (of the usual appellations in the Trump Administration).

Soon the Republicans were losing traction in elections even in the Solid Red areas.

Then Senator Rubio focused on some changes. Then there happened Dec 22, 2017: Another Day that Shall Live In Infamy! So there are emerging now public details of what was in the final Tax revision plan that got signed.

It Famously fails--like Bush II Tax Cuts I and II--to offer much of a Stimulus, there being an actual lack of any tax cuts for about 1/2 of filers. There is only a slight raise in the Refundable per child tax credit, for example.

So back to "Rotten Ryan's" initial example of pre-Turkey-Day, 2017. For 2017, we already know that the Family of four with $60,000 gets a $12,700 Standard Deduction for 2017, $16,200 Personal Exemptions for 2017, an IRA Contribution Deduction of $5,500 for 2017. So Married Filing Jointly have a federal tax liability of slightly more than $2000. $2000 is erased with the per child tax credit. Any balance is erased on Form 1040 in the Payments section, the ACA credit.

Zero Federal Tax Liability for 2017 is matched with Zero Tax Liability for 2018.

There would be said no Middle Class Tax Cut, A deal from the Trump Family Zingers!

"Crow, James Crow: Shaken, Not Stirred!"
(Great Superstition-Maker, An Educated Prince of Imperial Egypt, (Acts 7:22), Actually screwed everyone up even worse! than "Rotten Ryan," who seems to be on board with the appellation-making Trump Family Zingers!)

So back to "Rotten Ryan's" initial example of pre-Turkey-Day, 2017. For 2017, we already know that the Family of four with $60,000 gets a $12,700 Standard Deduction for 2017, $16,200 Personal Exemptions for 2017, an IRA Contribution Deduction of $5,500 for 2017. So Married Filing Jointly have a federal tax liability of slightly more than $2000. $2000 is erased with the per child tax credit. Any balance is erased on Form 1040 in the Payments section, the ACA credit.

In 2018, they'd have a $24,000 standard deduction. With a $5,500 IRA contribution, their taxable income
is $30,500.

Looks like they'd owe 12% of $11,000 ($30,500-$19,050) or $1,320 plus 10% of $19,050 or $1,905
$3,225 total Federal Income tax.
Then they'd get $4000 in child tax credit, so a negative tax burden of $775.

Zero Federal Tax Liability for 2017 is matched with Zero Tax Liability for 2018.

Feel free to correct my math.......or admit your error.

 

[mascale]

You cited my, "Zero Federal Tax Liability is matched with Zero Tax Liability For 2018," with basis in the 2017 computing, is all. "Negative Tax Burden" means nothing is owed, in IRS Years(?). "Refundable" rules have to be met, in both tax years. Mostly that is the ACA part. The "Additional Per Child Credit" applies to said family of four in neither tax year.

"Crow, James Crow: Shaken, Not Stirred!"
(Great Half-Wit Father in Washington, Obama, introduced Refundable "Make Work Pay," $400.00 per person, Tax Credit in 2009. That followed story of great, "Oh Christ!" in Matthew 20:1-16. There was an equal amount available, regardless if the taxpayers had worked all the year or not. The Republicans took Jesus Christ away from America in 2011!)

 

[Toddsterpatriot]

You cited my, "Zero Federal Tax Liability is matched with Zero Tax Liability For 2018," with basis in the 2017 computing, is all. "Negative Tax Burden" means nothing is owed, in IRS Years(?). "Refundable" rules have to be met, in both tax years. Mostly that is the ACA part. The "Additional Per Child Credit" applies to said family of four in neither tax year.

"Crow, James Crow: Shaken, Not Stirred!"
(Great Half-Wit Father in Washington, Obama, introduced Refundable "Make Work Pay," $400.00 per person, Tax Credit in 2009. That followed story of great, "Oh Christ!" in Matthew 20:1-16. There was an equal amount available, regardless if the taxpayers had worked all the year or not. The Republicans took Jesus Christ away from America in 2011!)

"Negative Tax Burden" means nothing is owed, in IRS Years

Negative means you don't owe zero, you actually get money back.
If your 2017 math was correct, I didn't check, you are saving money compared to your $0
tax owed in 2017.

"Refundable" rules have to be met, in both tax years.

Child tax credit was not refundable in 2017, is refundable in 2018.

The "Additional Per Child Credit" applies to said family of four in neither tax year.​

Huh? The credit was $1000 in 2017, $2000 in 2018 per child.

You'd better recheck your info.​

 

[mascale]

When anyone finally gets to Form 1040 line items, Tax Year 2018, there are going to be unhappy campers.

(1) You only get "Negative Tax Burden" Back if you had paid something in. If tax was withheld, you get it all back: But not more than that. Again: Even White People know this.

(2) More complex, the Child Tax Credit is in fact Refundable in Tax Years 2017 and 2018: In the first instance, due to Obama Tax changes. It had not been refundable, but after the Obama changes: It was effectively refundable. So that is no change between Obama and the Trump Family Zingers: Adjusting to the New Administration-Speak.

The $1000.00 Refundable Obama amount, however, is only changed to $1400 in the new Tax rules of the Trump Family Zingers. So, rechecking. The new tax credit is in fact, $400 more refundable per child. So below the noted explanation, then follow the "Rotten Ryan," "Trump Family Zingers," Fraudulent Tax Cut.
_______________________________________
So, in addition to the doubling of the Child Tax Credit amount, the tax reform bill also makes up to $1,400 of the credit amount refundable, while in previous years the Child Tax Credit was a nonrefundable credit (however, there was formerly an Additional Child Tax credit that effectively made the old Child Tax Credit refundable). In other words, even if a taxpayer has no tax liability whatsoever, he or she can get back $1,400 for each qualifying child starting with the 2018 tax year -- and this amount will be indexed for inflation in future years.

However, the refundable portion of the credit is capped at 15% of your earned income in excess of $4,500. This effectively means that if your earned income is greater than $13,833, your refundable credit amount is only capped by the $1,400 limit, and if it is less, the refundable portion of the credit can be reduced.
_______________________________________

So the Tax liability remains zero, but in your post #42 above notice the trick. To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable. You get nothing back, unless you paid something in--and that is all you get back. $3,225.00 less $2,800.00 of Additional Refundable Tax Credit actually leaves you paying income tax.

"Crow, James Crow: Shaken, Not Stirred!"
(Great Superstition alleges Great Deity was only able to feed two old aging White People in all of the Garden of Eden. . .and as it said. . . .For many, many moons!)

 

[Toddsterpatriot]

When anyone finally gets to Form 1040 line items, Tax Year 2018, there are going to be unhappy campers.

(1) You only get "Negative Tax Burden" Back if you had paid something in. If tax was withheld, you get it all back: But not more than that. Again: Even White People know this.

(2) More complex, the Child Tax Credit is in fact Refundable in Tax Years 2017 and 2018: In the first instance, due to Obama Tax changes. It had not been refundable, but after the Obama changes: It was effectively refundable. So that is no change between Obama and the Trump Family Zingers: Adjusting to the New Administration-Speak.

The $1000.00 Refundable Obama amount, however, is only changed to $1400 in the new Tax rules of the Trump Family Zingers. So, rechecking. The new tax credit is in fact, $400 more refundable per child. So below the noted explanation, then follow the "Rotten Ryan," "Trump Family Zingers," Fraudulent Tax Cut.
_______________________________________
So, in addition to the doubling of the Child Tax Credit amount, the tax reform bill also makes up to $1,400 of the credit amount refundable, while in previous years the Child Tax Credit was a nonrefundable credit (however, there was formerly an Additional Child Tax credit that effectively made the old Child Tax Credit refundable). In other words, even if a taxpayer has no tax liability whatsoever, he or she can get back $1,400 for each qualifying child starting with the 2018 tax year -- and this amount will be indexed for inflation in future years.

However, the refundable portion of the credit is capped at 15% of your earned income in excess of $4,500. This effectively means that if your earned income is greater than $13,833, your refundable credit amount is only capped by the $1,400 limit, and if it is less, the refundable portion of the credit can be reduced.
_______________________________________

So the Tax liability remains zero, but in your post #42 above notice the trick. To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable. You get nothing back, unless you paid something in--and that is all you get back. $3,225.00 less $2,800.00 of Additional Refundable Tax Credit actually leaves you paying income tax.

"Crow, James Crow: Shaken, Not Stirred!"
(Great Superstition alleges Great Deity was only able to feed two old aging White People in all of the Garden of Eden. . .and as it said. . . .For many, many moons!)

You only get "Negative Tax Burden" Back if you had paid something in. If tax was withheld, you get it all back: But not more than that.

Refundable means you can get more back than you paid.

The $1000.00 Refundable Obama amount, however, is only changed to $1400 in the new Tax rules of the Trump Family Zingers.

Cool! $1400 refundable per child.

To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable.

You just said, $1400 per child is refundable.

You get nothing back,

Wrong, you get back $775, in the example you gave.

$3,225.00 less $2,800.00 of Additional Refundable Tax Credit actually leaves you paying income tax.

So liberal, so bad at math.

The largest amount you would get back, in addition to all you paid, for your 2 child family,
is $1400 refundable times 2, or $2800.

In you example, where I actually showed the math, you'd get back $775, which is less than the
refundable max for 2 children.

Let me know if there's any other math you need me to correct. Always glad to help.

 

[mascale]

Double-Speak is not math. If only $1400 per child is refundable, that is not $2000 per child refundable.
__________________________
To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable.

You just said, $1400 per child is refundable.
____________________________
$1400 per child applied does not apply $2000 per child. The $2000 computing gets back $775, which is not refundable. Non-refundable means you get nothing back. You get negative burden applied to anything already paid in. What was paid in you get back, and nothing more.

"Crow, James Crow: Shaken, Not Stirred!"
(Then Great Superstition discusses how the two hyper-elderly White People saw themselves, stark raving naked in front of some deity, and everybody(?)!)

 

[Toddsterpatriot]

Double-Speak is not math. If only $1400 per child is refundable, that is not $2000 per child refundable.
__________________________
To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable.

You just said, $1400 per child is refundable.
____________________________
$1400 per child applied does not apply $2000 per child. The $2000 computing gets back $775, which is not refundable. Non-refundable means you get nothing back. You get negative burden applied to anything already paid in. What was paid in you get back, and nothing more.

"Crow, James Crow: Shaken, Not Stirred!"
(Then Great Superstition discusses how the two hyper-elderly White People saw themselves, stark raving naked in front of some deity, and everybody(?)!)

Double-Speak is not math.

But enough about your confusion.

To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable.

Right. You can't get $4000 refunded with 2 children.
You can only get $2800 refunded with 2 children.

How much did I say was refunded? Hint: look at where I said "negative tax burden"

 

[mascale]

Anyone knows that a "refund" only applies if you paid something in. The reason it applies is that the "negative burden" reduces the total tax actually owed to zero. Anything paid in, you didn't owe. "Refundable" means that if you owed nothing to begin with, and applied the $2800.00: That can be a payment back to the tax filer from the IRS. It is a refundable credit.

In the new Tax rules, you can apparently apply the 2 X $1400 and see if you can get cash back. If you still have liability--in my post #45 there would $425.00 owed--then some say the act does mean you can apply the unused $1200 in the example: And so owe nothing. You got to a "Refundable" $775.00 applying the $2000 X 2 = $4000, not the $2800.00.

You still get nothing back. Suppose you had paid in even $10,000,000.00. You actually have zero tax liability. You actually could get the $10,000,000 back--on the basis that nothing is owed.

"Crow, James Crow: Shaken, Not Stirred!"
(Many White Eyes say--and prove(?)--that "Rules are made to be broken!" IRS has yet to publish the new rules for Tax Year 2018 credits!)

 

[Toddsterpatriot]

Anyone knows that a "refund" only applies if you paid something in. The reason it applies is that the "negative burden" reduces the total tax actually owed to zero. Anything paid in, you didn't owe. "Refundable" means that if you owed nothing to begin with, and applied the $2800.00: That can be a payment back to the tax filer from the IRS. It is a refundable credit.

In the new Tax rules, you can apparently apply the 2 X $1400 and see if you can get cash back. If you still have liability--in my post #45 there would $425.00 owed--then some say the act does mean you can apply the unused $1200 in the example: And so owe nothing. You got to a "Refundable" $775.00 applying the $2000 X 2 = $4000, not the $2800.00.

You still get nothing back. Suppose you had paid in even $10,000,000.00. You actually have zero tax liability. You actually could get the $10,000,000 back--on the basis that nothing is owed.

"Crow, James Crow: Shaken, Not Stirred!"
(Many White Eyes say--and prove(?)--that "Rules are made to be broken!" IRS has yet to publish the new rules for Tax Year 2018 credits!)

Anyone knows that a "refund" only applies if you paid something in.

Nope. A refundable tax credit means that you can get back what you owed, plus more.

The reason it applies is that the "negative burden" reduces the total tax actually owed to zero.

Nope. In your example, a non-refundable credit would mean the tax owed for the year would
go from $3225 down to zero.
Because it's refundable, it becomes negative $775.

In the new Tax rules, you can apparently apply the 2 X $1400 and see if you can get cash back.

The tax credit is $2000 per child. If I owed $10,000 I would see my bill reduced to $6000.
If I owed $1,000 I would see my bill reduced to zero, plus I'd get a $2800 refund.
I'd lose $200 of the credit, because only $1400 per child is refundable.

​

You still get nothing back. ​

Refundable means I do get something back.​

​

Suppose you had paid in even $10,000,000.00.​

The credit phases out if your joint income is over $400,000​

Maybe this will help clear up your confusion?


Refundable credits can provide you with a refund

Refundable tax credits are called “refundable” because they can reduce your tax liability below zero and allow you to receive a tax refund. If you qualify for a refundable credit and the amount of the credit is larger than the tax you owe, you will receive a refund for the difference.

Steven Williams, a private accountant and financial planner, explains, "A refundable credit is considered a payment of tax, similar to payroll withholding." This means that the amount of a refundable credit is subtracted from the amount of taxes owed, just like the amount of tax you had withheld from your paycheck. For example, if you owe $800 in taxes and qualify for a $1,000 refundable credit, you would receive a $200 refund.

With some of the larger refundable credits, like the Earned Income Tax Credit, the amount of your refund can be substantial. This makes refundable credits some of the most valuable parts of your tax return.

Even with zero tax liability, you may still qualify
With refundable credits, if you qualify, you can still use the credit even if you have no tax liability. Some taxpayers may find that nonrefundable credits, deductions or other circumstances leave them with zero taxes due. Even with no taxes owed, taxpayers can still apply any refundable credits they qualify for and receive the amount of the credit or credits as a refund. This means that if you end up with no taxes due and you qualify for a $2,000 refundable tax credit, you will receive the entire $2,000 as a refund.

For this reason, when doing your taxes, you calculate refundable tax credits after figuring in all nonrefundable credits, deductions and tax payments.

5 Things You Should Know about Refundable Tax Credits - TurboTax Tax Tips & Videos

 

[mascale]

The Trump Scam Tax cut is only $1400 per child refundable, so $600.00 of the $2000.00 cannot be paid back unless something was paid in. Even that is so far only tentative, until IRS publishes the rules. A Tax "Refund" is not a "Refundable Tax Payment" back to the filer. The "Refund" happens since too much was paid in, or withheld.
This part is close.
_____________________________________
The tax credit is $2000 per child. If I owed $10,000 I would see my bill reduced to $6000.
If I owed $1,000 I would see my bill reduced to zero, plus I'd get a $2800 refund.
I'd lose $200 of the credit, because only $1400 per child is refundable.
_________________________________
You forgot a 1. "I'd lose $1200 of the credit because only $1400 per child is refundable."

In "Rotten Ryan's" example from last fall. The gist of the "Tax Cut" is that the filer has zero liability for income tax for 2017, and zero liability for income tax for 2018: Depending on how IRS explains the rules.

From Post 42 above:
_________________________________________________
Looks like they'd owe 12% of $11,000 ($30,500-$19,050) or $1,320 plus 10% of $19,050 or $1,905
$3,225 total Federal Income tax.
Then they'd get $4000 in child tax credit, so a negative tax burden of $775.

Zero Federal Tax Liability for 2017 is matched with Zero Tax Liability for 2018.
________________________________________________
You have already conceded that your "$4000 in child tax credit" was only $2800.00 refundable. You needed a few hundred dollars more to have zero tax liability, but the IRS would only trigger a payment to you if had already paid that in. If you had paid nothing in, you would get no payment, but still would owe nothing. That is no different from taxes due this year, for 2017.


The GOP Tax Fraud is zero tax cut for tens of millions, but a budget problem for the national economy as a whole: Sending off bucks to where none is needed--rich Chinese, rich oil Sheiks, Rich Europeans, Rich Russian Oligarchs, Rich Ruling Families, Rich Dictators. . .and on and on, and via the stock and bond markets.

"Crow, James Crow: Shaken, Not Stirred!"
(And so the old farts opened their eyes. . .and were ashamed, threw up, jumped off of skyscrapers and anything else they could do!)

 

[initforme]

5 thousand per kid would have really helped the nation.

 

[mikegriffith1]

The Trump Scam Tax cut is only $1400 per child refundable, so $600.00 of the $2000.00 cannot be paid back unless something was paid in. Even that is so far only tentative, until IRS publishes the rules. A Tax "Refund" is not a "Refundable Tax Payment" back to the filer. The "Refund" happens since too much was paid in, or withheld.
This part is close.
_____________________________________
The tax credit is $2000 per child. If I owed $10,000 I would see my bill reduced to $6000.
If I owed $1,000 I would see my bill reduced to zero, plus I'd get a $2800 refund.
I'd lose $200 of the credit, because only $1400 per child is refundable.
_________________________________
You forgot a 1. "I'd lose $1200 of the credit because only $1400 per child is refundable."

In "Rotten Ryan's" example from last fall. The gist of the "Tax Cut" is that the filer has zero liability for income tax for 2017, and zero liability for income tax for 2018: Depending on how IRS explains the rules.

From Post 42 above:
_________________________________________________
Looks like they'd owe 12% of $11,000 ($30,500-$19,050) or $1,320 plus 10% of $19,050 or $1,905
$3,225 total Federal Income tax.
Then they'd get $4000 in child tax credit, so a negative tax burden of $775.

Zero Federal Tax Liability for 2017 is matched with Zero Tax Liability for 2018.
________________________________________________
You have already conceded that your "$4000 in child tax credit" was only $2800.00 refundable. You needed a few hundred dollars more to have zero tax liability, but the IRS would only trigger a payment to you if had already paid that in. If you had paid nothing in, you would get no payment, but still would owe nothing. That is no different from taxes due this year, for 2017.

The GOP Tax Fraud is zero tax cut for tens of millions, but a budget problem for the national economy as a whole: Sending off bucks to where none is needed--rich Chinese, rich oil Sheiks, Rich Europeans, Rich Russian Oligarchs, Rich Ruling Families, Rich Dictators. . .and on and on, and via the stock and bond markets.

You can repeat this a thousand times and it will still be false. Again, give me a link to a tax calculator that says that a family making $60K with two kids or fewer will have zero federal income tax liability for tax year 2017. Let's see it.

And I notice that you once again avoided the issue of single people who make $60K.

And how about families that make $70K and $80K? How about families with two working parents with a household income of between $90K and $150K? All of these families are getting a very nice boost in their take-home pay thanks to the Trump tax cuts.

Finally, I repeat to you, yet again, that my family will see a $200+ hike in our monthly take-home pay thanks to the Trump tax cuts. My wife does not work. I'm in the bottom half of the third tax bracket. I'm not "rich" by any stretch. I don't know about you, but an extra $200+ in monthly take-home pay is real money to me and my family.

 

[Toddsterpatriot]

The Trump Scam Tax cut is only $1400 per child refundable, so $600.00 of the $2000.00 cannot be paid back unless something was paid in. Even that is so far only tentative, until IRS publishes the rules. A Tax "Refund" is not a "Refundable Tax Payment" back to the filer. The "Refund" happens since too much was paid in, or withheld.
This part is close.
_____________________________________
The tax credit is $2000 per child. If I owed $10,000 I would see my bill reduced to $6000.
If I owed $1,000 I would see my bill reduced to zero, plus I'd get a $2800 refund.
I'd lose $200 of the credit, because only $1400 per child is refundable.
_________________________________
You forgot a 1. "I'd lose $1200 of the credit because only $1400 per child is refundable."

In "Rotten Ryan's" example from last fall. The gist of the "Tax Cut" is that the filer has zero liability for income tax for 2017, and zero liability for income tax for 2018: Depending on how IRS explains the rules.

From Post 42 above:
_________________________________________________
Looks like they'd owe 12% of $11,000 ($30,500-$19,050) or $1,320 plus 10% of $19,050 or $1,905
$3,225 total Federal Income tax.
Then they'd get $4000 in child tax credit, so a negative tax burden of $775.

Zero Federal Tax Liability for 2017 is matched with Zero Tax Liability for 2018.
________________________________________________
You have already conceded that your "$4000 in child tax credit" was only $2800.00 refundable. You needed a few hundred dollars more to have zero tax liability, but the IRS would only trigger a payment to you if had already paid that in. If you had paid nothing in, you would get no payment, but still would owe nothing. That is no different from taxes due this year, for 2017.


The GOP Tax Fraud is zero tax cut for tens of millions, but a budget problem for the national economy as a whole: Sending off bucks to where none is needed--rich Chinese, rich oil Sheiks, Rich Europeans, Rich Russian Oligarchs, Rich Ruling Families, Rich Dictators. . .and on and on, and via the stock and bond markets.

"Crow, James Crow: Shaken, Not Stirred!"
(And so the old farts opened their eyes. . .and were ashamed, threw up, jumped off of skyscrapers and anything else they could do!)

The Trump Scam Tax cut is only $1400 per child refundable, so $600.00 of the $2000.00 cannot be paid back unless something was paid in.

Finally!!
Glad you got a clue.

You forgot a 1. "I'd lose $1200 of the credit because only $1400 per child is refundable."

Never mind, you're still a moron.

You have already conceded that your "$4000 in child tax credit" was only $2800.00 refundable.

Yup. And since the example is only getting $775 of the $2800, refunded, was your issue?

If you had paid nothing in,

You'll have to give me an example of someone who "paid nothing in".

and on and on, and via the stock and bond markets.

Oh no! Higher dividends and higher stock prices......just awful!

 

[Toddsterpatriot]

5 thousand per kid would have really helped the nation.

Dems are free to write a bill to do that......they do love it when people keep more of their own money.

 

[mikegriffith1]

5 thousand per kid would have really helped the nation.

Dems are free to write a bill to do that......they do love it when people keep more of their own money.

Yeah, it's amazing that these liberals seem oblivious to the fact that if the Dems had gotten their way, no one would be getting a tax cut. Heck, if Obama and the Dems had gotten their way in 2013, *all* of the Bush tax cuts would have been discontinued and people in the two bottom brackets would be paying 15% (first bracket) and 28% (second bracket) instead of 10% and 12% respectively.

 

[mascale]

So the fact of the fraudulent tax cut is cementing in. Rotten Speaker Rotten even deliberately participated in the misleading of the scope of the fraudulent tax cut. The $1400 per child tax credit is not a $2000 per child refundable tax credit. This below is the outcome.
________________________________________
So the Tax liability remains zero, but in your post #42 above notice the trick. To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable. You get nothing back, unless you paid something in--and that is all you get back. $3,225.00 less $2,800.00 of Additional Refundable Tax Credit actually leaves you paying income tax.
_____________________________________
The Toddsterpatriot1 and Republican kind of fraud is just like in Deuteronomy 23:19-20! No productive usury allowed among any deity believers forever: But for anyone foreign, then screw 'em! That fraud is shown in Matthew 25:14-30, like in the Las Vegas foreclosure atrocity, as an example. Fraud with basis in absence of knowing much about math is still a swindle--some regarding the cited passage the basis of WWII anti-Semitism, in the Holocaust.

The fact is more likely that IRS will interpret the Additional Refundable per child $1400 tax credit as entirely different from the non-refundable $2000 per child tax credit. The taxpayer has to choose between them . At any rate, the $775.00 is not in the refundable amount. That would only be the case if the full $2000.00 credit is refundable. It is not.

Republican Tax Fraud most easily applies to people who pay nothing in to begin with. They are variously called millionaires and billionaires, and even include some prominent names.

Everyone else gets screwed! Form 1040 for 2017 is already noted the computing basis for zero income tax liability for the Rotten Ryan famous family of four.

"Crow, James Crow: Shaken, Not Stirred!"
(Then there is the one about how the Republicans took Jesus Christ away from America, first order of legislation repealing the Obama Make Work Pay Refundable Income Tax Credit: In 2011!)

 

[mikegriffith1]

So the fact of the fraudulent tax cut is cementing in. Rotten Speaker Rotten even deliberately participated in the misleading of the scope of the fraudulent tax cut. The $1400 per child tax credit is not a $2000 per child refundable tax credit. This below is the outcome.
________________________________________
So the Tax liability remains zero, but in your post #42 above notice the trick. To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable. You get nothing back, unless you paid something in--and that is all you get back. $3,225.00 less $2,800.00 of Additional Refundable Tax Credit actually leaves you paying income tax.
_____________________________________
The Toddsterpatriot1 and Republican kind of fraud is just like in Deuteronomy 23:19-20! No productive usury allowed among any deity believers forever: But for anyone foreign, then screw 'em! That fraud is shown in Matthew 25:14-30, like in the Las Vegas foreclosure atrocity, as an example. Fraud with basis in absence of knowing much about math is still a swindle--some regarding the cited passage the basis of WWII anti-Semitism, in the Holocaust.

The fact is more likely that IRS will interpret the Additional Refundable per child $1400 tax credit as entirely different from the non-refundable $2000 per child tax credit. The taxpayer has to choose between them . At any rate, the $775.00 is not in the refundable amount. That would only be the case if the full $2000.00 credit is refundable. It is not.

Republican Tax Fraud most easily applies to people who pay nothing in to begin with. They are variously called millionaires and billionaires, and even include some prominent names.

Everyone else gets screwed! Form 1040 for 2017 is already noted the computing basis for zero income tax liability for the Rotten Ryan famous family of four.

"Crow, James Crow: Shaken, Not Stirred!"
(Then there is the one about how the Republicans took Jesus Christ away from America, first order of legislation repealing the Obama Make Work Pay Refundable Income Tax Credit: In 2011!)

You have once again ducked my challenge to find one tax calculator that says that a family making $60 with fewer than three kids is going to have zero federal income tax liability for tax year 2017.

You have also ducked the fact that lots of single people make around $60K and that they will most certainly benefit from the Trump tax cuts.

I'm not going to waste any more time with you on the tax liability of people and families who make $60K.

How about individuals and families who make $70K?

How about individuals and families who make $80K?

How about individuals and families who make $90K?

How about individuals and families who make $100K?

How about individuals and families who make $120K?

Hey? What about them? Are you going to deny that they will benefit greatly from the Trump tax cuts?

 

[mascale]

The OP was about Rotten Speaker Ryan's own example of a family of four. That was used to expose the intended fraud of US Nationals, and nations worldwide: Contending that a tax benefiting only the incomes that you list, and more than those, would prime the spending markets on which the planet relies.

You couldn't even follow along the example of the toddsterpatriot1's example.

Bush II Term I did tax cuts for the rich two times. they didn't work. Finally it spent $1.0 tril. hunting for Osama bin laden in Iraq. Osama bin laden was actually in Pakistan. The spending for that didn't work.

A competent administration, Democrats: Needed no such funding, and did the job regarding Osama bin laden.

Then there is the band of the fraudulent, and the incompetent. The Great Recession came to pass, Obama not to up on that: But now getting credit for the economy.

Grumbling about tax cuts that don't exist is likely further in the offing.

"Crow, James Crow: Shaken Not Stirred!'
(Many even know real Great Spirit, "Seven Come Eleven," on Lands of Many Nations!)

 

[Toddsterpatriot]

So the fact of the fraudulent tax cut is cementing in. Rotten Speaker Rotten even deliberately participated in the misleading of the scope of the fraudulent tax cut. The $1400 per child tax credit is not a $2000 per child refundable tax credit. This below is the outcome.
________________________________________
So the Tax liability remains zero, but in your post #42 above notice the trick. To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable. You get nothing back, unless you paid something in--and that is all you get back. $3,225.00 less $2,800.00 of Additional Refundable Tax Credit actually leaves you paying income tax.
_____________________________________
The Toddsterpatriot1 and Republican kind of fraud is just like in Deuteronomy 23:19-20! No productive usury allowed among any deity believers forever: But for anyone foreign, then screw 'em! That fraud is shown in Matthew 25:14-30, like in the Las Vegas foreclosure atrocity, as an example. Fraud with basis in absence of knowing much about math is still a swindle--some regarding the cited passage the basis of WWII anti-Semitism, in the Holocaust.

The fact is more likely that IRS will interpret the Additional Refundable per child $1400 tax credit as entirely different from the non-refundable $2000 per child tax credit. The taxpayer has to choose between them . At any rate, the $775.00 is not in the refundable amount. That would only be the case if the full $2000.00 credit is refundable. It is not.

Republican Tax Fraud most easily applies to people who pay nothing in to begin with. They are variously called millionaires and billionaires, and even include some prominent names.

Everyone else gets screwed! Form 1040 for 2017 is already noted the computing basis for zero income tax liability for the Rotten Ryan famous family of four.

"Crow, James Crow: Shaken, Not Stirred!"
(Then there is the one about how the Republicans took Jesus Christ away from America, first order of legislation repealing the Obama Make Work Pay Refundable Income Tax Credit: In 2011!)

The $1400 per child tax credit is not a $2000 per child refundable tax credit.

Correct. The $2000 per child tax credit is refundable up to $1400

So the Tax liability remains zero, but in your post #42 above notice the trick. To get to a negative burden of $775.00 for tax year 2018: You applied the $2000 per child tax credit. That is not Refundable.

Correct, $2000 is not refundable.

If the example was a family of 4 making $40,000 the $24,000 standard deduction with a $5,500 IRA contribution would result in taxable income of $10,500. Taxes owed on that would be $1,050.
$4000 in child tax credits would result in a negative tax liability of $2,950.

But......because the refundable portion is limited to $1400 per child, they would only have
a negative liability of $2800.

The fact is more likely that IRS will interpret the Additional Refundable per child $1400 tax credit as entirely different from the non-refundable $2000 per child tax credit. The taxpayer has to choose between them

Wow, you're still confused.

At any rate, the $775.00 is not in the refundable amount.

It is. If the credit was entirely non-refundable, taxes owed would be zero.
Because a portion is refundable, taxes owed can go negative.

That would only be the case if the full $2000.00 credit is refundable. It is not.

You need to post a source that agrees with your confused misinterpretation of refundable and non-refundable.
Something credible, like my source, TurboTax.

5 Things You Should Know about Refundable Tax Credits - TurboTax Tax Tips & Videos