Using the IRS as a vehicle for wealth redistributionArchived Message
Posted by metalhedz on February 12, 2011, 2:53 pm
I'm really surprised that with our Country's deficit that no one has brought this up, and in talking to others how few understand how this works. I'm referring to the earned income credit. Because of this (very popular) credit a family of three (two adults and one child) filing jointly that makes say 28k per year and has 700.00 with held from their pay can get a refund of over 3000.00. That's right they get a paycheck from the tax payers! This tax credit is available to anyone that has an earned income of under 45k, one or more qualifying children and files jointly. Add in the child care tax credit(s) and the making work pay tax credit (800.00 per couple) and you get a really nice pay day. I can only assume that because this comes into play before the revenue is "counted" that it flies under the radar. I admit I have benefited from this myself but, it still seems wrong that you can get back thousands more than you pay into the system. With our Country's deficits I would expect someone to cut this program but so far no one has ever even mentioned it.