I heard the govt is phasing out the EIC tax credit. When will this take place? Thanks|||I haven't heard that yet. I'm sure there are plots afoot to try to get rid of it. I'll have to go over my materials to find out for sure. But I'm SURE it will still be there, as long as you qualify....|||McCain's EIC proposal is to send the money out 12 monthly checks. While it reduces the money at tax time, it spreads the same amount out over the following year. Sort of the opposite of "Advance EIC" or 12 mini-rebates.
Obama's (and other elected officials and think tank) EIC proposals are HUGE.
1. Triple EIC for childless workers making minimum wage.
2. Double that again if a worker is paying child support.
3. Get more money if you have 3 children.
4. For married couples, optionally reduce the earned income of the 2nd earner by 1/2 before calculating the benefit.
McCain's plan tries to address the problem of the "lump sum" check that people get right now as opposed to higher pay. (If you get Advance EIC and you have a big jump in pay, you have to pay it back.)
Obama's plan tries to simultaneously address some of the fraud (if you could claim EIC for all of your children, people woudn't illegally loan them out; if you could more EIC with less income, more people might get married and admit they live together) as well as equate EIC with being the solution to people trying to live on minimum wage jobs.
Of course, neither address the issue of W-2s vs self-employment. W-2 income is pretty straight forward. You work, you get paid, you get a total at the end of the year. Self-employment income requires keeping records, deducting expenses and frankly there is a much over-reporting of income as there is under-reporting. I don't care what industry you are talking about--if the maximum income to get EIC with 2 kids is X, an awful lot of people manage to make exactly X.|||When hell freezes over. You would be hard pressed to find anyone in Congress who has anything bad to say about the EIC, so I doubt they'll be doing away with it anytime soon.
Thursday, December 15, 2011
Tax credit or rebate available for me or some explination please?
I am a single mom who bought a home in February of 2008. I am looking for a tax credit or rebate. I am being given a run around by my preparer. Is there anything out here for me?|||Unfortunately no there is not tax credit for homes bought before April of 2008.|||You'll definitely be getting some money from Uncle Sam, especially because you're a single mother. I know when you reach a certain income (AGI) the child credit begins to decrease, but that income has to be well over $100,000...so rest assured you should be receiving a child credit, especially if you pay for child care|||Get your doubts about Tax program procedure solved here. http://taxlogic.blogspot.com
Should the amount of credit available to american consumers be significantly reduced?
I think it should. Americans as a whole are spending more and more. Everything is like a domino effect; as in as gas goes up we as consumers have place more money into filling up the vehicle. Not only that but as a side effect of this food rises due to gas consumption needed to get to the destination. There are countless other examples. So to answer your question it can be interpeted as an opinionated question. We have to have transportation, food, etc and all of which effect us the consumers.|||it's a free country, so I guess no one wants to limit the right of credit shops to sell even more credit to already over-leveraged consumers ;-)
each time a government wants to prevent a market from clearing / functioning, it wants to make sure it has a very good reason. One example is obviously drugs (but note that some drugs, such as alcohol, are legal and the government makes tax money from them).
near-term, allowing consumers to gear up even further will help drive consumption, which can be good for everybody. Longer-term however, if a big credit crunch comes, this could seriously damage the economy, for a while.
of course the government could apply more stringent regulations on the credit industry, because today there is basically almost no level of indebtedness beyond which a consumer will not still find some institution willing to lend even more (at punitive rates, and potentially using violence to recover interest, of course).
interesting question in any case. In my view, consumers around the world are under-protected by law on this matter. Luckily in some countries, such as Germany or Japan, consumers simply hate debt and therefore remain way under-leveraged in general, at least by U.S. standards.
hope this helps a bit|||This question should be based on the consumer. I have a lot of credit, but I am able to pay my debts, so no problem|||In other words...should we protect people from themselves?
America the nanny state.
No, the American consumer needs to learn self-control or face the consequences.|||No it should not. What needs to happen is for people to take responsibility for their actions. There is no reason for any one to get into trouble with credit if they just use it responsibly.
And I don't think the credit card companies are to blame either. People need to read and understand what they have read before they sign anything.
Call me old fashioned but anyone that gets themselves in trouble and then tries and blame everyone in the world except themselves for their troubles are just irresponsible.
And the only way this type of people learn is to be punished for their mistakes.|||The amount of credit is not the problem - it's the amount of credit obtained fraudulently. "State income" loans, for example, let people claim whatever they want regarding how much they make, with no documentation required. Everyone in the process - the borrower, the broker, and the lender - all know that most of the people applying for these loans have vastly overstated their income, and yet the loans are approved anyway. If the truth were known, the loans would not be approved.
The amount of credit would tighten significantly If all lenders were required to simply stick to reasonable underwriting guidelines subject to verification.|||I'm not sure about that, but I think that the credit card companies should have to assume some of the blame when they increase credit limits without authorization. They say nothing when a person is charging away only making minimum payments each month, but are thousands of dollars in debt, but God forbid someone ever miss a payment or can't pay because the card is maxed out. I think there is responsibility on both parties. Certainly, people need to understand credit and learn some self control, but when the credit card companies see someone obviously not able to pay since they're only paying the minimum, but they're charging excessively, I think they're partly to blame for allowing it.|||If that is to happen. US will go into long recession. Unfortunatly a big chunk og economy's health is based on consumers, who rely on debt.
http://www.letsgobble.com/|||Well, since average Americans' saving is negative 1%, they really should reduce the credit extended to most of the people (I think). I know many people who have house payment is more than 50% of their salary, and their credit card is maxed out, paying minimum on it. And they also have a brand new car with $500 to $600 car payments. If something happens to their jobs, they are in big trouble. Some of them are close to losing their house....
each time a government wants to prevent a market from clearing / functioning, it wants to make sure it has a very good reason. One example is obviously drugs (but note that some drugs, such as alcohol, are legal and the government makes tax money from them).
near-term, allowing consumers to gear up even further will help drive consumption, which can be good for everybody. Longer-term however, if a big credit crunch comes, this could seriously damage the economy, for a while.
of course the government could apply more stringent regulations on the credit industry, because today there is basically almost no level of indebtedness beyond which a consumer will not still find some institution willing to lend even more (at punitive rates, and potentially using violence to recover interest, of course).
interesting question in any case. In my view, consumers around the world are under-protected by law on this matter. Luckily in some countries, such as Germany or Japan, consumers simply hate debt and therefore remain way under-leveraged in general, at least by U.S. standards.
hope this helps a bit|||This question should be based on the consumer. I have a lot of credit, but I am able to pay my debts, so no problem|||In other words...should we protect people from themselves?
America the nanny state.
No, the American consumer needs to learn self-control or face the consequences.|||No it should not. What needs to happen is for people to take responsibility for their actions. There is no reason for any one to get into trouble with credit if they just use it responsibly.
And I don't think the credit card companies are to blame either. People need to read and understand what they have read before they sign anything.
Call me old fashioned but anyone that gets themselves in trouble and then tries and blame everyone in the world except themselves for their troubles are just irresponsible.
And the only way this type of people learn is to be punished for their mistakes.|||The amount of credit is not the problem - it's the amount of credit obtained fraudulently. "State income" loans, for example, let people claim whatever they want regarding how much they make, with no documentation required. Everyone in the process - the borrower, the broker, and the lender - all know that most of the people applying for these loans have vastly overstated their income, and yet the loans are approved anyway. If the truth were known, the loans would not be approved.
The amount of credit would tighten significantly If all lenders were required to simply stick to reasonable underwriting guidelines subject to verification.|||I'm not sure about that, but I think that the credit card companies should have to assume some of the blame when they increase credit limits without authorization. They say nothing when a person is charging away only making minimum payments each month, but are thousands of dollars in debt, but God forbid someone ever miss a payment or can't pay because the card is maxed out. I think there is responsibility on both parties. Certainly, people need to understand credit and learn some self control, but when the credit card companies see someone obviously not able to pay since they're only paying the minimum, but they're charging excessively, I think they're partly to blame for allowing it.|||If that is to happen. US will go into long recession. Unfortunatly a big chunk og economy's health is based on consumers, who rely on debt.
http://www.letsgobble.com/|||Well, since average Americans' saving is negative 1%, they really should reduce the credit extended to most of the people (I think). I know many people who have house payment is more than 50% of their salary, and their credit card is maxed out, paying minimum on it. And they also have a brand new car with $500 to $600 car payments. If something happens to their jobs, they are in big trouble. Some of them are close to losing their house....
Where can I get detail about Carbon credit available?
Give background about this trading and related web site.|||http://www.chicagoclimatex.com/
is "a financial institution whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals through . . .
the Chicago Climate Exchange
and the
Chicago Climate Futures Exchange|||I hope that noone is foolish enough to give any money to these carbon credit scams but if they really insist on throwing their money away, I will accept all donations.|||Hello
You could start with the International Emission Trading Association: http://www.ieta.org/ieta/www/pages/index鈥?/a>
Check also the center for clean air policies:
http://www.ccap.org/
Maybe the best link: http://www.pointcarbon.com
For the basics, just search "CDM" "JI" on wikipedia
And off course the website from the UNFCCC
http://unfccc.int/kyoto_protocol/backgro鈥?/a>|||If you believe carbon credits are the answer,I have some swamp land in Florida you might be interested in buying.|||Cal Al Gore, he and his business partners are selling them.
is "a financial institution whose objectives are to apply financial innovation and incentives to advance social, environmental and economic goals through . . .
the Chicago Climate Exchange
and the
Chicago Climate Futures Exchange|||I hope that noone is foolish enough to give any money to these carbon credit scams but if they really insist on throwing their money away, I will accept all donations.|||Hello
You could start with the International Emission Trading Association: http://www.ieta.org/ieta/www/pages/index鈥?/a>
Check also the center for clean air policies:
http://www.ccap.org/
Maybe the best link: http://www.pointcarbon.com
For the basics, just search "CDM" "JI" on wikipedia
And off course the website from the UNFCCC
http://unfccc.int/kyoto_protocol/backgro鈥?/a>|||If you believe carbon credits are the answer,I have some swamp land in Florida you might be interested in buying.|||Cal Al Gore, he and his business partners are selling them.
How much are the monthly interest rates of MasterCard credit card available to international consumers?
they better by sh*ttier than the ones they have for me=)
Are there credit cards available to pay off another persons card?
My gf has a 6500 credit card maxed out at 25%+. She does not have the credit to get another card. I have the credit but is it possible for me to get a card and pay off her card as a balance transfer? Thanks for your help.|||nope you might be able to take out a personal loan with a small % rate and pay off the card and then pay the loan off|||no|||Why should you have to pay her credit card? Are you the reason she maxed out the credit? How do you even know she will stay with you after you pay the debt, I wouldn't do it, only if it was someone immediate in my family.|||Yes it is possible and easy if you have the credit. The debt will become your problem at that point but if you have thought that through and want to do it then yes you can. Call any card or cards you have and ask them send you checks that you can use for balance transfers. If indeed you have the credit they will send you several blank checks which you can make out for whatever you want as long as it's in your credit line. Most card companies send these checks to people all the time weather they request them or not.
What is the Best Gas Credit Cards? I would like to know the Gas Rebate Credit Cards available.?
I always purchase gas in BP gas stations. Is there a particular card that I can earn gas rebates?|||BP Credit Card is the best gas credit card. BP Gas Card's remarkable features are High 5% rebate for BP-related purchases; double rewards for purchases within the first two billing cycles; and reasonable APR for purchases.
If you frequently purchase gasoline from BP gas stations, you can take advantage of BP Visa Rewards Card. Each time you refuel from BP gas stations, you鈥檒l get a 5% rebate from your total amount purchased. As a BP Visa Rewards Card holder, you鈥檙e also entitled to a 2% rebate from purchases made at restaurants, airlines, hotels, inns, and car rentals. For all your other purchases you鈥檒l get a 1% rebate in your account. All rebates you鈥檝e collected for the first two billing cycles of your account will be doubled so the more rebates you earn for this entire period, the more points will be instantly doubled.
Each time you reach $25 from your rebates, you have the option of requesting for a check payable to your name, a BP gift card or donating the cash to The Conservation Fund. BP Visa Rewards Card has no annual fee so that鈥檚 another great savings on your budget. Furthermore, it offers a 0% introductory rate not just on balance transfers but on your purchases as well. That鈥檚 a double 0% interest for 6 months. When the introductory period expires, the rate of interest still remains at a reasonable cost.
Great Review here:
http://www.rewardcreditcardsite.com/gas-鈥?/a>
Other Gas Rewards Credit Cards:
http://www.rewardcreditcardsite.com/gas-鈥?/a>|||here is a website the lists the gas rewards cards for your review:
http://preferred.ecreditdirectory.com/ca鈥?/a>|||Check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates, fees and reward such as miles, cash back, gas and others, no matter what kind of credit you have they have the right card for you|||Best one is citi card
you might want to go here to compare them, http://www.bestcreditrates.net
If you frequently purchase gasoline from BP gas stations, you can take advantage of BP Visa Rewards Card. Each time you refuel from BP gas stations, you鈥檒l get a 5% rebate from your total amount purchased. As a BP Visa Rewards Card holder, you鈥檙e also entitled to a 2% rebate from purchases made at restaurants, airlines, hotels, inns, and car rentals. For all your other purchases you鈥檒l get a 1% rebate in your account. All rebates you鈥檝e collected for the first two billing cycles of your account will be doubled so the more rebates you earn for this entire period, the more points will be instantly doubled.
Each time you reach $25 from your rebates, you have the option of requesting for a check payable to your name, a BP gift card or donating the cash to The Conservation Fund. BP Visa Rewards Card has no annual fee so that鈥檚 another great savings on your budget. Furthermore, it offers a 0% introductory rate not just on balance transfers but on your purchases as well. That鈥檚 a double 0% interest for 6 months. When the introductory period expires, the rate of interest still remains at a reasonable cost.
Great Review here:
http://www.rewardcreditcardsite.com/gas-鈥?/a>
Other Gas Rewards Credit Cards:
http://www.rewardcreditcardsite.com/gas-鈥?/a>|||here is a website the lists the gas rewards cards for your review:
http://preferred.ecreditdirectory.com/ca鈥?/a>|||Check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates, fees and reward such as miles, cash back, gas and others, no matter what kind of credit you have they have the right card for you|||Best one is citi card
you might want to go here to compare them, http://www.bestcreditrates.net
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