Originally posted by WhatMoney
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NO...not true....you do NOT have to work....or be working or pay ANY money into taxes...i am on ss...with no other provable income...and would have gotten 6500 back.......read the stupid bill...... -
You are talking about a temporary stimulus credit only for home buyers. That's a narrow and soon to expire exception to "tax credits". You would not have gotten $6500 back unless you purchased a home within the time window. It was a temporary buyer's credit administered through the IRS. And most who can afford to purchase homes must have a job or pay cash. Since you could afford to purchase a home and did, you qualified (or missed it) for the buyers' credit. It has nothing to do with whether you work or pay taxes. The IRS just has a payment system ready for quick government payouts. What if the US Commerce Dept had mailed you a $6500 check instead for a home purchase? Would you call that a tax credit?Originally posted by junker View Post
You can't use a stimulus package bill to help the real estate market as an example of the general tax laws (although you're trying). You must think all the auto incentives last year were free money too. They were incentives to buy new trucks and cars to help the economy recover during a recession. How about the "tax credits" all the Seniors on SS received in 2008 and 2009? Same thing - stimulus programs. I had to file a tax return to get Bush's stimulus payment of $300. Not a tax credit. Not a good example of one either.
Find a permanent tax law that gives tax credits to non-workers. The EITC is the kind of tax credit that reduces or eliminates federal income tax for low income wage earners. I doubt many families that qualified for the EITC last year were out buying new homes.“When fascism comes to America, it’ll be wrapped in a flag and carrying a cross” — Sinclair LewisComment
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