Your Qna     New Questions     About Qna
EQNA is a growing interactive people-knowledge network with more than 120,000 questions and 450,000 answers from over 55,000 members worldwide. With all friendly functions, EQNA will be a fun place to join, share and discover knowledge, an open net space allowing you to connect with other people having specialized knowledge or ones with same interests to yours. EQNA login features secured logins using Twitter and Facebook enable you to place questions without sharing your personal information to us. Lets get out and join our community today!
Ask a Question
Jims best angle

When the "Bush Tax Cuts" expire in 2009, what will happen to the $1,000 pre Child Tax Credit?

I was looking at the Obama Tax Plan and can find any mention of the current Child Tax Credit of $1,000 per child. The word Child or Children is mentions 12 times in this PDF. http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdft does not address the Child Tax Credit so I must assume, it will expire with the Bush Tax cuts in 2009.BO's tax calculator (Ha! Ha!) says, I will save $1,300 over the McCain Plan, but if the Child tax Credit in acted under the "Bush tax cuts" expire that figure makes no sense?McCain wants to extend the "Bush Tax cuts" which would maintain the Child tax Credit. How can the BO plan actually save me money, if families who actually pay taxes loose a TAX CREDIT of $1,000 per Child. It does not added up for me how about you??
Svwhu:

http://www.cbpp.org/5-28-03tax3.htm
"The new law accelerates the increase in the size of the credit from $600 to $1,000 per child for 2003 and 2004. If not extended at this level, the credit would fall back to $700 per child in 2005 and gradually increase to $1,000 in 2010 as prescribed in the 2001 tax law.
This provision of the new law provides a $400 child tax credit increase per child for many middle-income families. For example, a married couple with two children and income of $50,000 would receive an $800 tax cut in 2003 from the increase in the size of the child tax credit.
For low-income families, the amount of the child tax credit often is limited by the amount of the credit that is refundable. Simply increasing the size of the credit to $1,000 does not increase the amount of the benefit for most of these families."

Svwhu:

Impact of the Obama Tax Plan
WHO TAX CUT
Married Couple Making $75,000 with two children, one of whom is in college $3,700
[includes $1,000 Making Work Pay; $500 universal mortgage credit; and $4,000 college credit net of current college credits]
Married Couple making $90,000$1,000
Single Parent making $40,000 with two young children and childcare expenses.$2,100
[includes $500 making work pay; $500 universal mortgage credit, and $1,100 from Obama expansion of the child care tax credit]
70-Year Old Widow Making $35,000$1,900

Source: Calculations based on IRS Statistics of Income. Tax savings is conservative; does not account for up to $500 in savings from expanded Savers Credit and the $2,500 in savings per family from the Obama healthcare plan http://www.barackobama.com/taxes/

Jims best angle:

Who cares honesty about a tax credit to low income families. They do not pay income tax they DO NOT NEED A TAX CREDIT.
I will look at your link as Obama's Tax plan on his website certainly says nothing about child tax credits

Svwhu:

Actually, the second portion is from Obama's web site. Obama is only rolling back the Bush tax cuts on those that make more then $250K. I think that Obama's tax cuts are in addition to the Bush tax cuts.

Dunrunnin:

Have you check out McBush health care plans or what he plans to do for education? What is he going to do for senior citizens?

Jims best angle:

I could not care less, the question was about child tax credits.

Answer:
Text ColorBackground Color
BoldItalicUnderline
LeftCenterRightJustify
Ordered ListBulleted List
IndentOutdent
Horizontal Rule
SubscriptSuperscript
HyperlinkImage
Design ModeDesign
Html ModeHtml
 

Top Question And Answer

  • If you close the last day of thelock,does the lock expire cause you have to add 3 days for recission
  • cell contract is going to expire in another couple months, looking for advice as to phone models, so
  • Can Panda Antivirus 2007 expire?
  • I have Windows Live One for my security. Next month it will expire.
  • My Norton is about to expire, should I renew it or do you recommend another product?
  • Does anybody who would want to know when their spices will expire or have expired?
  • Why do people not realize that your taxes will go up when the Bush tax cuts expire?
  • What will happen in the worst case scenario with oil?.....Say it goes to such an exorbitant price,
  • Obama is claiming to make an attempt to control CEO payroll and bonus's. How can that happen?
  • What would happen if the jobs nobody wanted to do became the highest paying job and the easiest.....
  • The hands of a clock form a right angle at 3:00 AM. At what time will that happen next???
  • What would happen if I got an Ebay account and Im only 15? Not to buy anything though
  • What do you think will happen if the internet went down for 1 day?
  • Does anyone happen to know the average starting wage for Gamestop stores? I'm looking to work there.
  • how to make things happen?
  • I have a Visa Credit Card & want to get a 2nd CR Card, what should I get: Visa, MC, AMEX, Discover??
  • The credit card companies are systematically raising APR's on customers with good paying habits and
  • Credit card abuse among government workers, will it ever stop?
  • ARE THERE PERSONAL LOANS FOR BAD CREDIT
  • How much do credit card company's get when you buy something with their credit card?
  • How could I know the credit rating of any individual or company in the UAE., Is there a website ...
  • The credit bureau's have the wrong SSN number for me, how do i change it?
  • Is it to much to ask for credit these days?
  • I want to buy a bag,what is the baghttp:www.goyardreplicasale.com/Grade-Quality-Goyard-Saigon-Tote-Bag-PM-8941-Black/196/index.html
  • How is it:www.topreplicagears.com
  • Www.mokahandbags .com
  • Facebook new account opening form
  • Hom bhr0165301533Www.facebook.new account
  • Hom bhr0165301533
  • Hom bhr0165301533Www.facebook.new account
  • Hom bhr0165301533
  • how do I get mms message fro. mmsweb.iwireless.com
  • Find out how many cars of my model are registered
  • What would happen if a letter opens in the mail
  • Facebook new account open
  • Facebook New Account Creation
  • Facebook new account creation
  • locating a business that closed