[VIDEO] Romney: Obama Voters Dependent on Govt.

Today we mourn the passing of a beloved old friend, Common Sense, who has been with us for many years. No one knows for sure how old he was, since his birth records were long ago lost in bureaucratic red tape. He will be remembered as having cultivated such valuable lessons as:

- Knowing when to come in out of the rain;
- Why the early bird gets the worm;
- Life isn't always fair;
- And maybe it was my fault.

Common Sense lived by simple, sound financial policies (don't spend more than you can earn) and reliable strategies (adults, not children, are in charge).

His health began to deteriorate rapidly when well-intentioned but overbearing regulations were set in place. Reports of a 6-year-old boy charged with sexual harassment for kissing a classmate; teens suspended from school for using mouthwash after lunch; and a teacher fired for reprimanding an unruly student, only worsened his condition.

Common Sense lost ground when parents attacked teachers for doing the job that they themselves had failed to do in disciplining their unruly children.

It declined even further when schools were required to get parental consent to administer sun lotion or an aspirin to a student; but could not inform parents when a student became pregnant and wanted to have an abortion.

Common Sense lost the will to live as the churches became businesses; and criminals received better treatment than their victims.

Common Sense took a beating when you couldn't defend yourself from a burglar in your own home and the burglar could sue you for assault.

Common Sense finally gave up the will to live, after a woman failed to realize that a steaming cup of coffee was hot. She spilled a little in her lap, and was promptly awarded a huge settlement.

Common Sense was preceded in death,
-by his parents, Truth and Trust,
-by his wife, Discretion,
-by his daughter, Responsibility,
-and by his son, Reason.

He is survived by his 5 stepbrothers;
- I Know My Rights
- I Want It Now
- Someone Else Is To Blame
- I'm A Victim
- Pay me for Doing Nothing

Not many attended his funeral because so few realized he was gone.

 

As someone who for the past 4 years has been doing tax preparation and done 100s of returns and yes many of those were low to moderate income tax filers I really need your help. Please tell me how to get them their FICA deductions back for them. Where does that go on the 1040? Please a link showing how this works is needed desperately!!!!! But I won't be holding my breath LOLOLOL

 

RU claiming that no returns you have done, received Earned Income Tax Credits? 26 million people in the lower brackets (zero INCOME tax liability) received an average of $2,270. in E.I.T.C. That IS 3 times more in EITC than the lower 50% paid IN, in income taxes before refunds.

Essentially reimbursing them for the F.I.C.A. taxes deducted from their pay.

 

Where I do taxes we are there there to specifically serve those who may be eligible for the EITC. We do taxes for families earning 50K or less. So a large percentage of our clients especially those with dependents get EITC. As I have tried to explain the amount paid of FICA has nothing to do with the EITC credit amount. And to be honest I don't see how EITC type people are even relevant to this conversation. They are part of the 47% in many cases, we all know they pay less of a percentage then Romney.But if you look at a married couple making a 100k they pay a higher percentage then Romney at a little over 17% which does not include FICA which if included would bring them over 20%.

 

IOW, it doesn't actually happen. What does happen is the standard deduction is higher than what they've paid in, they get a rebate and your conflating that with a reimbursement of pay roll taxes.

 

A person makes $24,000. From that $3,600.00 is deducted for income taxes and $1836. is deducted for FICA taxes. Their take home pay is $18,564.00 after withholding.
Their refund check from the IRS is for $5870.
All of their income tax withholding, plus the average EITC of $2270.

Total deduction from their paychecks for income tax plus FICA, $5,436.00

Total refund check, $5,870.
Their net income is $24,434.00 after "taxes" and refunds.

What is the NET amount of FICA taxes they paid? They WILL get credit for $1836. paid into the Medicare and Social Security Trusts.

Should their refund check have been $7,706.?

The issue is NOT, are they barely surviving on that amount of money? It is a pitiful small amount. But the issue is paying taxes, not surviving.
I wouldn't want to be them/him/her.

 

Are you talking a single individual making 24K, a married couple, got dependents? Cause EITC is based heavily on that.

 

Shall we review all 140 million returns? Did you note the "them/him/her?"

 

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I'm not sure what you mean. Are you asking if all returns are done as eithier single,married,married with children being noted?

 

Did you read post #106?

 

Yes I saw this and frankly don't understand it. Are you saying all people regardless of filing status grossing 24k get some amount of credit from the EITC credit? Because just the opposite is true at that income level.These numbers make no sense at all.

 

So what? The overwhelming majority of voters who back Romney are also dependent on the government. Fact is, the overwhelming majority of ALL voters are dependent on the government.

 

It also includes a lot of CEOs, bankers and brokers, and even Mitt Romney who made his fortune pillaging (he calls it 'harvesting') innumerable companies with big government contracts. Romney is a moron.

 

You're claiming a person making $24,000. per year CANNOT qualify for EITC? I'm glad you'll never be my tax man.

 

It's not a claim its a fact. A single persons limit to qualify for the EITC is $13,660. Even a married couple gets zero at 24k. Its only when you have kids does it kick in for couples and singles at 24K. It's really aimed at people with dependent children of moderate to low income.

See for yourself, I pasted a graph but there is an easier chart at IRS link.
http://www.eitc.irs.gov/central/abouteitc/ranges/

 

How hard is it to get a gross of $24,000 down to an AGI below a qualifying figure? Married filing jointly would do it.

 

File for the EITC how many times do I have to say or cite the IRS that that is the purpose of the EITC and in fact they can get back even more than they contributed.

"
[h=1]EITC Home Page--It’s easier than ever to find out if you qualify for EITC[/h] EITC, the Earned Income Tax Credit, sometimes called EIC is a tax credit to help you keep more of what you earned. It is a refundable federal income tax credit for low to moderate income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When EITC exceeds the amount of taxes owed, it results in a tax refund to those who claim and qualify for the credit."

http://[SIZE=6]www.irs.gov[/SIZE]/Individuals/EITC-Home-Page--It%E2%80%99s-easier-than-ever-to-find-out-if-you-qualify-for-EITC


And please stop filling poor peoples taxes if you are not filling it for them you are doing them a disservice.

 

And you are totally clueless as to why there even is an EITC..................geez how did you get hired in the first place?

"
[h=2]Purpose of the Earned Income Tax Credit[/h]

• The EITC was intended to offset Social Security taxes of low-income families and provide them with an increased incentive to work. Eligible taxpayers could claim refundable credits equal to 10 percent of their earned income for the taxable year, up to a predetermined dollar amount. The original EITC was enacted and available to taxpayers only for the calendar year of 1975."
  http://www.ehow.com/about_6519048_history-earned-income-tax-credit.html
  
  
  

 

This is like an MD debating medicine with truck drivers. The initial reason for the EITC may have been to offset FICA taxes but as the link I posted earlier said the program was changed in the 90's to being a general anti poverty program. It is in no way connected to FICA contributions. As I said and yes I'm the expert here many of my clients get a large amount of money from the credit far in excess of any amount they may have paid in Fica tax. and actually btw paying fica tax at all is not a requirement to recieve the EITC. There are a couple rare employers and employees not required to pay Fica taxes, but those people are still eligible for EITC. You guys would hate my office lol. I will be in downtown Newark NJ end of January helping mainly minorities get their taxes filed. Last year we did in excess of 3000 returns (for free too) and many of our clients (especially the single parents and couples with children) get large amounts of credit from the EITC. Good ole redistribution !!!!

 

Yes we are the MD's and you are the trucker refusing to take his medicine.

It is still a primary reason even with the expansion of the program.

ONCE AND FOR ALL FICA TAXES ARE REIMBURSED BACK TO THE LOW EARNERS.

It is connected as it ever was, you have earned income therefore paid FICA taxes therefore if you income is low enough you get them or a part of them reimbursed throught the EITC.

Not hardly.

EARNED INCOME IS A REQUIREMENT ON WHICH YOU WOULD HAVE HAD FICA WITHHELD.

Yes there are always rare exceptions in any huge government program that does not bely the facts.

 

I don't think ANYONE was saying that EITC was a FICA reimbursement program. What everyone was saying is that Those that get EITC checks get more back in EITC than they paid in FICA. This stems from loony liberals standard comeback about them paying NO personal federal income tax. The loons always say, BUT they pay FICA tax, and sales tax etc. So they pay $2000. or so in FICA [and get credit for it] but they get an EITC check for $2500. No it was NOT a reimbursement of FICA, but it still wiped away all they paid in FICA.

So NET, they pay no personal federal income tax and their FICA taxes are "covered" by their EITC check.

An MD or an apprentice Veterinarian's assistant?

 

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Put that way I can agree. Some people get enough from EITC so that they not only do not pay income tax but get more than they paid in Fica taxes as well. But that's only low to moderate income filers with children. It really is all about the children and families. And SOMEONE (not you) was saying EITC is a FICA reimbursement program among some other confusion about it from others on who generally was getting it. Very few single people get it. One of the reasons for that is the age requirement which is you must be between 25-65 to be eligible. That means young people just starting out making low pay unless they have children already are not eligible. Let me tell ya having kids works in a lot of good ways when doing taxes lol.

 

I was and I linked to the IRS website saying so.