A ? on Obama's tax proposals.....

[Jokinomx]

I had emailed my sister the site that estimates how much $ a person would save in taxes under Obama's plan.

http://alchemytoday.com/obamataxcut/

She responded that her husband (A VERY intelligent man I must say)stated that under Obama's plan he would discontinue the $4000.00 tax credit per child. They have four kids, so this would have a huge impact on their taxes.

I hadn't heard that this was true and would really like to send her information that counters this claim or gives the reasoning behind it.

Thanks to anyone that can lead me in the right direction...

:toast:

[scorpiogirl]

1. I don't know about whether he's going to eliminate it or not

But the tax credit is $1,000 per child right now, not $4,000. I can't imagine he could get away with eliminating the credit without a huge uproar.

[Jokinomx]

6. right... she has 4 kids..thus a $4000.00 credit....

Although, in her email to me, she seems to think they would get $4,000.00 more each year. I am now explaining that this is not the case.

I thank you for your input!

:toast:

[Iris]

2. well, since the calculator allows you to enter the number of children you have

it appears that deduction would not be eliminated. Furthermore, the numbers in the calculator comes from a nonpartisan organization, The Tax Policy Center (http://www.taxpolicycenter.org/) comprised of the Urban Institute and the Brookings Institute (which I think leans rather right), so I think it might be trusted more than "her husband said" no matter how intelligent he is.

btw - my husband is a VERY intelligent man, too, but I don't blindly accept everything he says.

[Jokinomx]

3. Thanks

I appreciate your info.... Yeah...both are highly intelligent however she is a stay at home mother who's kids keep her busy. In fact she home schooled her children at one time.

She admits she is not up on either candidate. She is truly one of those undecided votes who lives in Wisconsin.

I will send her your link thanks.....

:toast:

[InternalDialogue]

4. I second the link to the Tax Policy Center as a place to look

If you can view or print the PDF there and dig through it, you'll see that Obama will continue the current child tax credit, expanding it over time and making it refundable (if you don't pay much in taxes, you often lose the benefit of a nonrefundable tax credit).

I think your friend's husband was confusing that credit with the tax exemption for dependents, which I find no evidence that Obama is changing at all.

[Jokinomx]

5. Awesome.... thanks so much....

I am currently composing an email to my sister explaining this topic more in depth.

:toast: