Congress is full of men?
Tax laws often seem like they’re made by the wrong people. Instead of tax professionals writing tax laws, politicians are in charge. And sometimes it gets worse than that, such as with the child and dependent care credit:
So, if those taxpayers who make a lot of money don’t benefit - and those who find it difficult to pay for child care don’t benefit - who exactly benefits from the child tax credit? Ironically, based on pure economics, it’s someone who doesn’t need the credit at all: a taxpayer who works for wages (ideally, issued a W-2) and whose spouse makes enough money to pay for child care out of his or her salary. Maximum economic benefit - and it makes no sense.
What kind of policy are we pushing here? The clear policy message that we’re sending - mostly for mothers - is “stay at home” unless you marry well.
I’m not entirely clear on who she’s saying benefits, but I am clear on who doesn’t benefit: just about everybody.
May 8th, 2008 at 6:33 pm
Jon, I’m a single mother, my son was 18 in March 2008. I was expecting the $600.00 for single and 300 for a child. My son received a letter stating if someone had claimed him on his taxes he would not receive his $300.00 ( He did earn over $5,000.00) I told him I would give him the $300.00 I received since it was not fair he would not get it. Low and behold what was I to actually receive $383.00 The rule states that if your kid is 17 before Christmas 2007, you can’t count them. My son was 16 & 17 in the 2007 year. I claimed him on my taxes this year, yet we don’t get the $300.00 The IRS said my total tax was $383.00 that’s why I am getting what I’m getting. Doesn’t seem fair to me.
May 8th, 2008 at 8:18 pm
Yeah, it doesn’t seem particularly fair to me, either, but unfortunately thems the rules. Since your son was over 17 on December 31st, he didn’t count as a “qualifying child.” What seems really unfair to me is that his $300 just disappears even though he “earned” it.
What’s really “unfair,” too, are the clients I have who had rough years and lost money in their businesses. They could really use some extra dough, but they’re getting squat.
I’m sorry.
Lawmakers can be pretty frustrating.