Are you getting money back?

[MizzouRah]

Congrats to those of us who have kids! :)


New Tax Law Means Extra Cash for Some Families This Summer

In the summer of 2003, your kids could be memorable for more than just a skinned knee, a stray dog, or a boyfriend with an earring. This summer your kids could be the reason you get a special check from Uncle Sam! And all you have to do is cash it.

The check is an advance payment of the new tax law’s 2003 increase in the Child Tax Credit. If you claimed the credit on your 2002 tax return, you may be eligible for up to $400 for each qualifying child. That’s the difference between the 2002 maximum credit of $600 and the increased 2003 amount of $1,000.

Starting on July 25, the checks will be issued to about 25 million eligible taxpayers. And you don’t have to call, apply or fill out another form. Just sit back and think of how you’ll spend the money. Maybe a new wardrobe, a DVD player, a Coverdell Education Savings Account ...?


I'm going to check with our tax lady today, but I think we qualify, which means $800 we didn't have! I see a new LCD-video player for the mini-van... ok maybe an Xbox to go along with the ps2 :)


Todd

[Ekoostik Head]

yeah, thats fair. only giving people with kids refunds, while people like me with no kids already pay for your kids stuff. i want a "i don't waste public money by having kids tax credit."

[Bee]

I agree. I think Todd should send us his tax refund. :D

[MizzouRah]

Originally posted by Ekoostik Head
yeah, thats fair. only giving people with kids refunds, while people like me with no kids already pay for your kids stuff. i want a "i don't waste public money by having kids tax credit."


Lets see... I've paid for other people's kids as well, it's about time I get a little more back for having some.

Do you even begin to know how much it costs for things like formula, diapers, clothes, food, etc...?


Todd

[MizzouRah]

Originally posted by Bee
I agree. I think Todd should send us his tax refund. :D


Ok, give me your address, I'll send a check! :p


Todd

[Butter]

Well, like the last one, it's not really extra money, it's just an advance on the refund you MIGHT get at the end of the year. I would just rather get it all at once, personally, as I am questionable about what type of refund I will get this year.

The wasting public money by having kids comment made me laugh, whether it was intended to or not.

[Alan T]

Woo. I have $800.00 worth of kids!

I guess the kids are going to buy me something nice this summer for a change :)

[dacman]

Originally posted by MizzouRah
Do you even begin to know how much it costs for things like formula, diapers, clothes, food, etc...?


Todd

About $400,000 (school included) over the 18 years of growing up -- or so I've heard.

[Ekoostik Head]

Do you even begin to know how much it costs for things like formula, diapers, clothes, food, etc...?

thats why you should be financially secure before having kids, it seems your credit isn't going towards diapers though is it?

do you know how expensive it is to drive a minivan? maybe you should get a minivan credit too.

i live in a large house, should i get money back for hvac costs because it costs more than someone else?

point is you can't complain about expenses when you make the choice that accompanies them.

[Cards4ever]

This is a democratic society, the government feels that people with children are overtaxed, if you disagree, contact your represenatives and let them know.

While you're at it, let them know about the large house thing! :D

[cuervo72]

Originally posted by Ekoostik Head

do you know how expensive it is to drive a minivan? maybe you should get a minivan credit too.


Yeah, try carting a couple of kids around in anything else besides a minivan with the butt-f*cking car seats the government mandates you have until they reach puberty :mad: :mad: :mad:

[Anrhydeddu]

[pre-emptive strike]Surely you must think that having the Feds keep your money for some huge beauracracy (it's for the children, remember) is better than getting some of your money back for your children. :)

[MizzouRah]

thats why you should be financially secure before having kids, it seems your credit isn't going towards diapers though is it?

So paying taxes all year shouldn't allow me more back because I'm shelling more out to pay for my kids, even if I am financially secure? Ok.

do you know how expensive it is to drive a minivan? maybe you should get a minivan credit too.

I would love one, in fact one could use their refund and use it towards a new mini-van.

i live in a large house, should i get money back for hvac costs because it costs more than someone else?

Again, you're missing the point. Those are material things you're comparing to humans.

point is you can't complain about expenses when you make the choice that accompanies them.

Who's complaining? I think it's you. I didn't have the money before, but it's nice to know I might get some more back. If I don't, who cares? Isn't there more important things to worry about with your tax money than some of us getting money back for bringing life into this world?


Todd

[/quote]

[CamEdwards]

I'm just glad I can use the $1200 bucks I'm getting to help pay for this year's tax bill.

I don't even know what a refund is anymore. :(

[Samdari]

Originally posted by MizzouRah
Again, you're missing the point. Those are material things you're comparing to humans. [/QUOTE]
But you are misssing a larger point. The comparison is valid on some level because it relates to how you chose to dole out the resources society has allotted you for performing your particular function. Kids, like minivans, are choices that people make, that they know will cost money when they make the choice. Why should the rest of society pay for one choice and not the other?

If you are trying to argue that having children is somehow more noble than buying a minivan (just a quick question - why is it one or the other? Does anyone without kids really drive a minivan? can someone explain this to me?) that argument sort of loses steam considering the govt has now provided a financial incentive to choose one over the other.

[cuervo72]

Originally posted by Samdari

If you are trying to argue that having children is somehow more noble than buying a minivan (just a quick question - why is it one or the other? Does anyone without kids really drive a minivan? can someone explain this to me?) that argument sort of loses steam considering the govt has now provided a financial incentive to choose one over the other.

An extra $400 alone is hardly enough incentive for my wife and me to decide to have another child :)

I was wondering (I haven't read up too much on the cut), is this "refund" only for those with children, or does it also apply to any other dependants, such as care for the elderly?


edit: quote tags were messed up

[MizzouRah]

I see your points Samdari, but I'm not arguing where our tax money goes, that in itself is another discussion that could take hours to dissect.

Noble or not, I'm just glad this passed.

We pay for alot of crap as a society in which we have nothing to do with, but this one finally pertains to me (maybe)... and I'm glad.


Todd

[MizzouRah]

Here's the FAQ (http://www.irs.gov/newsroom/article/0,,id=109811,00.html)


Todd

[cuervo72]

Thanks Todd.

[Samdari]

Originally posted by MizzouRah
I see your points Samdari, but I'm not arguing where our tax money goes, that in itself is another discussion that could take hours to dissect.

Noble or not, I'm just glad this passed.

We pay for alot of crap as a society in which we have nothing to do with, but this one finally pertains to me (maybe)... and I'm glad.


Todd
Yeah, the "where should our tax money go" thread could be more controversial than a good, old-fashioned C&F thread.

Unfortunately, most of this tax break is going to the "large home" crowd than the "working parent" crowd.

Cuervo, I am not saying that $400 will have people $%&ing like rabbits to cash in. I was trying to point out that it does change the relative cost between having a child and buying a minivan.

[bbor]

If Revrew gets this rebate also....he uhh...could put the national debt up by another trillion :D

[cuervo72]

Originally posted by Samdari
Yeah, the "where should our tax money go" thread could be more controversial than a good, old-fashioned C&F thread.

Unfortunately, most of this tax break is going to the "large home" crowd than the "working parent" crowd.

Cuervo, I am not saying that $400 will have people $%&ing like rabbits to cash in. I was trying to point out that it does change the relative cost between having a child and buying a minivan.

Oh, I realize that wasn't what you were saying....I'm not sure I quite get the child/minivan cost ratio thing though, though I do understand that to some it may seem arbitrary that those who made the choice to have kids get a refund while those that didn't don't (wondering...is there still a low-emission vehicle exemption?). And I guess some of the same people are the ones that argue that they shouldn't pay school tax either because they don't have kids. Which I think is a bad argument, because it should be in everyone's best interest that the kids turn out ok, lest they become thugs that mug, rape or kill you :) Besides, I don't know how many other things are out there that I'm probably helping to pay for that don't benefit me in the least, at least not directly.

Now, how those tax $$ should be divvied up for education was a whole other thread altogether.....

[Samdari]

Originally posted by cuervo72
I'm not sure I quite get the child/minivan cost ratio thing
The cost of having a child has just gone down $400/yr (if I understand this correctly) while the cost of owning a minivan is unaffected.

[Franklinnoble]

People get tax write-offs for all kinds of crap, the least offensive of which is their kids.

Buying a humvee is a write-off because it weighs so much it's considered industrial machinery, or some crap like that (I'm not making this up). Is that fair to those of us who choose not to (or can't afford to) buy humvees?

Interest on your mortgage is a write-off. Is that fair to those of us who can't afford houses, or whose homes are already paid off?

Donating to charity is a write-off. Is that fair to those of us who would rather buy a PS2 than put $200 in the plate at church on Sunday?

Ekoostik - there's a lot more government waste to bitch about than the fact that W. is giving a break to those of us who have kids. Just my two cents...

[Aylmar]

Originally posted by Ekoostik Head
yeah, thats fair. only giving people with kids refunds, while people like me with no kids already pay for your kids stuff. i want a "i don't waste public money by having kids tax credit."

Hey...IF Social Security makes it....those "kids" are going to be sending you a check every month...so maybe you could lighten up on them a little bit. Even if it doesn't, there's a good chance that you'll receive a benefit from having them around...even if it's just to let one of them clean you up when you're in a nursing home. :)

[JPhillips]

Just remember that the conference committee slipped in an item so that those making under 26,000 now won't be eligible for the refund! However, they did make it up by lowering the dividend tax rate for poor folks to 5%. I'm sure the guy siding my house will be damn happy when his huge dividend check comes in!

[Aylmar]

Originally posted by JPhillips
Just remember that the conference committee slipped in an item so that those making under 26,000 now won't be eligible for the refund! However, they did make it up by lowering the dividend tax rate for poor folks to 5%. I'm sure the guy siding my house will be damn happy when his huge dividend check comes in!

Does a family of four that makes $26,000 a year actually pay any real taxes? You can't refund what hasn't been paid, can you?

[tucker342]

The Bush tax cut is a joke! People making over 1,000,000 don't need $93,000. What's really sad is that the people that need that money the most, people that make between 10-30 thousand dollars don't get a dime. I'm sorry, but that's pretty fucked up if you ask me!

[sabotai]

Bush's tax cuts are starting to look more like Gore's tax cuts...what happened to the simple tax cut for all? Now he's throwing in special cases (ie, kids).

I'm not saying I don't like it. I know my brother can use some extra cash to help raise his 2 year old. I'm just saying, flat tax cut? Don't look like it anymore.

[Tekneek]

Originally posted by Ekoostik Head
yeah, thats fair. only giving people with kids refunds, while people like me with no kids already pay for your kids stuff. i want a "i don't waste public money by having kids tax credit."

What public money are you talking about? I've got a two year old and haven't seen any of that in my bank account.

[Tekneek]

Originally posted by tucker342
The Bush tax cut is a joke! People making over 1,000,000 don't need $93,000. What's really sad is that the people that need that money the most, people that make between 10-30 thousand dollars don't get a dime. I'm sorry, but that's pretty fucked up if you ask me!

So, the people that pay the most in taxes deserve the smallest tax break?

[Tekneek]

Originally posted by Aylmar
Does a family of four that makes $26,000 a year actually pay any real taxes? You can't refund what hasn't been paid, can you?

Oh my. Pointing out something this obvious goes against all ideals of political correctness. Keep doing it.

[JPhillips]

Alymar: But that's not what we were told. This was supposed to be a child credit for everyone. Now the conference committee cuts that and makes it child credit for some. Yet another reason why I don't believe this tax cut is anything more than politics. The conservative ideology died years ago. Now its just all about paybacks and political gain.. Can someone tell me what happened to tax reform?

[Tekneek]

Tax reform is something neither the Republicans nor Democrats are really interested in following through on. Democrats think no one gets a tax cut, unless you already pay almost no taxes. Republicans want to give tax breaks, but at the same time they want the revenues to pay for their own pet projects. We won't see any real significant tax reform until we move away from the Republocrats.

[cuervo72]

Originally posted by Samdari
The cost of having a child has just gone down $400/yr (if I understand this correctly) while the cost of owning a minivan is unaffected.

Thanks, that dumbed it down enough for me :D

The thing is though, we may get more credit per child, but general costs of raising a child have probably gone up somewhat since the last adjustment to the child credit (or was there one last year?). Factor in increases in prices for clothes, food, diapers/formula (the double whammy!!), etc. Oh, and tuition, for those at that stage. The cost to operate a minivan is tied obviously to the price of gas and the price of maintenance. Gas of course fluctuates....oh, my payments are actually somewhat less (marginally) due to inflation. Oh heck, I'm thinking about this too much. I'll just be glad to have a little extra money.

What did disappoint me is the exclusion of low income families from the cut....while I do espouse the theory that such families account for a much smaller percent of total taxes collected and that a $400 cut/child could greatly cut their tax rate, I can imagine how much harder it must be for them financially to operate a household. It also isn't going to play well politically.

[GrantDawg]

Ok, tell me this. Is this a tax cut for this tax year (which is what it sounds like) and not a retroactive one for last year (like the last time we got this little surprise check). If it is for this year, what if our number of children increase in the year (like in my family)? And, doesn't this just mean I will be getting less at the tax refund time?

[JPhillips]

Grant- You will get a check based on your taxes for 2003. Just like a couple of years ago, this check will actually be a prepaid rebate for tthe current tax year, not a retroactive rebate for the previous tax year.

[MizzouRah]

It's an ADVANCED payment based on 2002 taxes.


Todd