Quote:
Originally Posted by firstdown
For him to pay zero in tax then he must have been low income and actually received a tax credit because he was low income. There is a limit that a family can claim no matter how many kids they have. I think its capped at $6000 so if they are in a 25% tax bracket then they can reduce their tax liability by $1500. Its not really that big of a tax break.
Now if your boy is consider low income they get a tax credit even if they did not pay taxes. So if your boy did not have to pay any taxes then claimed his child then he could actually get a refund and not paid a penny into the system. Thats the screwed up part if you ask me. You pay zero federal tax over the year but you get a child tax credit and get back like $1200 for up to 2 or 3 children. Not sure how many you can claim because back in the 90's it was capped but that cap could have been removed.
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For someone who complains about taxes you sure don't know much about taxes. How much taxes does someone who makes 70k, has 5 kids and a mortgage pay today? He was s Boeing engineer for 35 years and now has a lake house and travels the world on the big cheese he made on Boeing stock! Low income my ass.
SS33 is getting a sweetheart deal from uncle sam that I am sure he won't give up.