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d-ray657
02-06-2010, 12:59 AM
As I've mentioned, I have two boys in college. Well, I started working on my taxes today and discovered a new tuition tax credit - the American Opportunity Credit - which provides a tax credit of up to $2500 per student for tuition, fees and books. If there is an advantage to having a crappy year in business, it is that we will likely get to use all of the credit. That also qualifies us for the Making Work Pay Credit. It certainly gives me an incentive to get my taxes done early this year.

It is also hard to argue with the goals that these tax credits are designed to promote - Pursuing higher education and working. The Making Work Pay credit is available only with respect to taxes paid on earnings from our labor.

In this instance the credit will improve the cash flow for a couple of banks. Crappy year in income = credit to make the ends meet. It will also be good for the economy of Lawrence grocery stores, as we will be able to help the boys out with a little bit more grocery money. It will also help to resurrect (forgive the pun) our charitable giving. That has me all stimulated.

Regards,

D-Ray

BlueStreak
02-06-2010, 01:17 AM
Of course you realize it's all a big lie, Don. Part of the evil plot to suck you into believing that Prez Obama really isn't all that bad a guy. And we all know, that shit just cannot be had............

Regards,
Dave

merrylander
02-06-2010, 07:05 AM
That is certainly better than what I discovered while assembling all the numbers for our return. The same prescription drugs in 2009 cost 15% more than in 2008. Funny, I thought they said that there had been no inflation in 2009.

BlueStreak
02-06-2010, 10:15 AM
Maybe it's one of those "core inflation" things? Remember gas at $4.25/ gallon, Rob? I had a conservative friend tell me, "That doesn't count. It's not part of the core inflation."

Regards,
Dave

d-ray657
02-06-2010, 04:06 PM
My point is that yes, those of us who are working but not getting rich are indeed getting a tax cut; broadly based based with the Making Work Pay credit; and more focused with the American Opportunity Credit.

These tax credits are fulfilling two of the President's campaign promises - 1) lowering taxes for working Americans, and 2) providing greater access to higher education. The American Opportunity Credit just about doubles the previous education tax credit, and without that help, it would have been difficult to continue paying rent at two places and a mortgage at another, plus books and an occasional pair of bluejeans. Don't you think Obama should get some credit for fulfilling those promises?

Did I mention that these are tax cuts. I think I'll fix me a spot of tea.

Regards,

D-Ray

BlueStreak
02-06-2010, 04:25 PM
I do, but that's me. I'm not bent on assuring failure, whatever the cost.

Enjoy your tea.

I think I'll take a nap.

Regards,
Dave

merrylander
02-07-2010, 06:51 AM
Ah well since we are retired I guess we don't get a working man's tax cut.

d-ray657
02-07-2010, 08:20 AM
Ah well since we are retired I guess we don't get a working man's tax cut.

There's one for retirees too.

Regards,

D-Ray

piece-itpete
02-08-2010, 08:23 AM
Maybe it's one of those "core inflation" things? Remember gas at $4.25/ gallon, Rob? I had a conservative friend tell me, "That doesn't count. It's not part of the core inflation."

Regards,
Dave

Heck there's so little core inflation Obama says just say no to SS increases.

D I agree the credits are nice and the target is admirable. But I though tax cuts were bad? :confused: :D

Pete

Boreas
02-08-2010, 08:58 AM
Heck there's so little core inflation Obama says just say no to SS increases.

D I agree the credits are nice and the target is admirable. But I though tax cuts were bad? :confused: :D

Pete

Got nuthin', huh? :)

John

d-ray657
02-08-2010, 09:13 AM
Heck there's so little core inflation Obama says just say no to SS increases.

D I agree the credits are nice and the target is admirable. But I though tax cuts were bad? :confused: :D

Pete

I was just presenting facts. Those facts contradict some of the criticism that I have heard that Obama has not fulfilled any campaign promises or that he's all about raising taxes.

Regards,

D-Ray