Obama to announce Aid for The Middle Class

[bobbyw24]

http://libertypulse.com/article/3816

[Stary Hickory]

Oh god here we go again. He can aid us by getting government out of our lives. These arrogant self absorbed central planners have destroyed the nation....enough is enough.

[Austrian Econ Disciple]

The plan would also require all employers to provide the option of a workplace-based retirement savings plan.


Yes, let's throw more requirements on businesses. Bozo you moron.

[MelissaWV]

The plan would also require all employers to provide the option of a workplace-based retirement savings plan.


Yes, let's throw more requirements on businesses. Bozo you moron.

Oh come on. It's not like businesses are going to pass the monumental expense they're going to face implementing such a plan onto the consumer. And it's not like retirement plans largely depend on the stock market now, which is more and more a game of luck than it is of skill. ... Of course, those same people that get the shitty retirement out of this are also going to find that the price of everything has gone through the roof, and they still aren't getting a whole lot to live off of.

[michael1979]

Oh great now we get to watch people who pay in $500 a year in taxes get back $10,000 instead of $5,000

[bobbyw24]

Oh great now we get to watch people who pay in $500 a year in taxes get back $10,000 instead of $5,000


I see this every day

Go into WalMart and they have huge signs: Ask me how to get a $5,500 tax refund even if you did not pay income taxes. Jackson Hewitt

[silverhandorder]

He is going to aid us all into an early grave.

[bobbyw24]

President Barack Obama’s first State of the Union address on Wednesday represents a chance for him to reconnect with middle-class voters souring on his presidency.

A week after voters in Massachusetts signaled their disapproval with healthcare reform, the cornerstone of Obama’s legislative agenda, the president will have a chance to use his rhetorical gifts to both change the tone and show he gets it.


“It should be a Clinton ‘I feel your pain moment,’” said Rutgers political science professor Ross Baker, a close follower of the presidency.

Obama’s tone should be “one of humility and even a candid acknowledgment that he was not sufficiently attentive to the American people.”

[angelatc]

Clinton's "I feel your pain" speech was coupled with an economic policy that was designed to reduce the deficit. The first budget he passed contained practically no massive spending follies, despite the wishes of the House.

Obama has no such intentions.

[bobbyw24]

Clinton's "I feel your pain" speech was coupled with an economic policy that was designed to reduce the deficit. The first budget he passed contained practically no massive spending follies, despite the wishes of the House.

Obama has no such intentions.

Good point: many people for get this fact about Clinton

[MelissaWV]

For some reason, when I think of Obama saying "I feel your pain" I sort of hear something along the lines of "...and it feels good... I want MORE!" in my mind right after it.

*sighs*

[coyote_sprit]

I see this every day

Go into WalMart and they have huge signs: Ask me how to get a $5,500 tax refund even if you did not pay income taxes. Jackson Hewitt

I'll bite, tell me how...

[bobbyw24]

I'll bite, tell me how...

It's the Earned Income Tax Credit and usually benefits single parents the most. Make about $15,000/year and have 2 or 3 kids? You'll get a $5,000 REFUNDABLE tax credit.

It is a transfer of wealth from middle class and upper class taxpayers to the less fortunate and it costs us $40 BILLION/year. That's right--per YEAR.


Earned Income Credit: More families eligible when filing taxes


More families will be eligible for Earned Income Credit (EITC) when they file their 2009 taxes and that's great news. The refunds will help families who could use the extra cash and there's more good news: there is a new rule offering $629 in additional credit for taxpayers with three or more children. So, large families will see an increased benefit when they file their taxes.

What is Earned Income Credit?

According to the IRS: The earned income credit (EITC) is a tax credit for certain people who work and have low wages. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe. The EITC may also give you a refund.

Overall, the EITC amounts have increased for tax year 2009 and are based on the number of qualifying children per taxpayer.

*A new $5,657 credit with three or more qualifying children
*$5,028 credit with two qualifying children (an increase of $204)
*$3,043 credit with one qualifying child (an increase of $126)
*$457 credit with no qualifying children (an increase of $19)

The credit only applies to taxpayers who have "earned income," such as wages, tips, salary, income from self-employment and other taxable
compensation.

What are the qualifications for EITC?

Earned Income and adjusted gross income must each be less than:

$43,279 ($48,279 married filing jointly) with three or more qualifying children
$40,295 ($45,295 married filing jointly) with two qualifying children
$35,463 ($40,463 married filing jointly) with one qualifying child
$13,440 ($18,440 married filing jointly) with no qualifying children

There are guidelines that are in place that determine who is qualified for EITC beyond just the gross income levels:

*You must have a valid Social Security Number
*You must have earned income from employment or from self-employment.
*Your filing status cannot be married, filing separately.
*You must be a U.S. citizen or resident alien all year, or a nonresident alien married to a U.S. citizen or resident alien and filing a joint return.
*You cannot be a qualifying child of another person.
*If you do not have a qualifying child, you must:
be age 25 but under 65 at the end of the year,
live in the United States for more than half the year, and
not qualify as a dependent of another person
*You cannot file Form 2555 or 2555-EZ (related to foreign earn income)

How much will your EITC be if you do qualify?

Tax Year 2009 maximum credit:

$5,657 with three or more qualifying children
$5,028 with two qualifying children
$3,043 with one qualifying child
$457 with no qualifying children

Many who qualify for EITC also qualify to file their taxes for free. Read how Turbo Tax is offering free filing for active military and low income taxpayers here.

Written by Cheryl Phillips
HULIQ.com

source: IRS.gov

[MelissaWV]

The "you qualify to have your taxes done for free" part makes me giggle. Everyone qualifies to have their taxes done for free. You can print out forms, fill them out, send them in. You can even just pick up a package at the post office/library. If you make under $50k/year you're going to qualify for free e-filing from one of the major sites. If you make more than $50k/year, then you can hopefully spring for the small amount of money it's likely to cost you to e-file. If you make OODLES of money, then you're probably just going to have a professional team up with your lawyers and get it done.

The ones I feel sorry for are fresh new business sorts, who especially this year have a lot of confusing tax contortions to sort through. For some reason, I don't see as much enthusiasm to get them the free tax help. :(

[coyote_sprit]

What's funny about EITC is that the people who receive it almost never save it for the long term or invest it in their kid's future, they are more likely to buy a 52" plasma.

[bobbyw24]

What's funny about EITC is that the people who receive it almost never save it for the long term or invest it in their kid's future, they are more likely to buy a 52" plasma.

You are right-Coyote, I work with these clients and that is what they do

[MelissaWV]

What's funny about EITC is that the people who receive it almost never save it for the long term or invest it in their kid's future, they are more likely to buy a 52" plasma.

They can buy that at WalMart... right where they have their taxes done.

Don't worry; WalMart will also cash the refund check.