Thank you VP Cheney for casting the tie-breaking vote for tax cuts that will move the total per child credit from $600 to $1000 for 2003 and 2004. That is an extra $2000 of much needed money for my family.

What part of your budget will this extra dough go to?

Personally, the extra $2000 from today's tax cut brings my total for child tax credits to $5K - enough to upgrade to a larger vehicle. My DW will be happy.

A $400 refund check will be sent in August to most households who received $600 per child for 2002. This is deceptive. It is not a refund but an advance. So if you receive the August check your credit of $1000 per child will be reduced to $600. My three were born this year so I'll only get an advance for my other two children in August and then a full $1000 per child credit for the triplets when I file taxes for 2003.

This is just great news.

____

David

David

David,

I think the idea is for the extra money we get ($2400 for my clan) to go toward stimulating the economy. Being a loyal conservative, how can I do anything but spend it? Actually I guess I already spent it... So much for economic stimulation.

I guess I'm not following your rebate/advance concept. Are you saying that since I get $400 per head in August of 2003, I can only claim $600 per head for my 2003 return in April of 2004? I guess I thought that the $1000 was retroactive for my 2002 return (meaning I was getting a rebate for the return I just filed last month). It is clear as mud to me (as usual).

Please advise.

Regards,

John

http://webpages.charter.net/jnkspencer/index.htm

No it is not a rebate for 2002 taxes it just seems that way. And, it is clear as mud to everyone.

In fact it gets very murky in the future. The credit jumps from $600 to $1,000 this year and next, then falls to $700 for 2005 - 2008, rises to $800 in 2009, returns to $1,000 in 2010, then plunges to $500 in 2011. Got that?!?!

BTW, being another loyal conservative I am further saddened by John McCain's move to the left. He voted against this tax cut. Shame. He and Sen. Zell Miller should just trade parties and get it over with.

David

David

Didn't the guy from Ohio vote against it as well? Who was it, voinovich?

I hate to toss into the mix a socio-political comment but:
the media is talking about how this tax break will favor the rich, and the dems are talking about how this tax cut is ear marked for the wealthiest of Americans. I bet that each and every one of us falls short of millionairre status, heck, all of us have jobs and some of our wives work too.

Anyway, the extra cash will likely allow us to _gasp_ make ends meet, that is, to pay into our credit cards rather than letting their balance grow. Perhaps we might re-finance the house again to lower that monthly obligation and, in the end, we could end up just ahead enough so we can start saving for the triplet college fund.

By no means are we the only family that runs a very fine line between our intake and output on the financial balance sheets. And further, this money isn't the government giving to us... oh no, this is our money, they are merely taking less. And failure to take is NOT giving.




Paul
Proud Father of the Simonet3
Ashlyn Elizabeth
Alexander Mattingly Paul
Abigail Marie
12-27-02, 34w4d

Paul
Ashlyn, Alexander, Abigail
12-27-02, 34w4d

The Democrats are going to have a hard time pushing repeal of this. Several of their candidates like Gephardt are pleding to repeal the 2001 tax cut. I'm sure they will be saying the 2003 cut too soon. Do they really think that a $1000-2000 dollar tax increase will be appealing to a middle class family of four. Not to mention Gephardt's health care tax, that's another $1,500. If you have insurance already, you are out of luck.

As to what to do with the extra credit, haven't made up my mind yet. I'm sure DW will have something to say.

Paul,

You are so correct. It is easy to get caught thinking of this as some favor when really it is overdue. It is our money and we should have more control over it. Sure, some would say that we use more government services - a highly debatable question. But we should get credit for doing more than our share in other areas. Large families are heavy consumers of goods and services. The government should pay us for keeping the economy going.

_____
David

David

Paul,

Speak for yourself buddy! As I write this the chauffeur is out front polishing up the Bently to whisk us off to the yacht for our weekend cruise. Just kidding...

Actually if you have a house. If you have earned anything by the sweat of your brow. If you make over $40K. You ARE wealthy according to many liberals in our government. Consequently, according to this logic, I should be getting $24000 back not $2400.

Oh well, I guess I could roll the 'rebate' into stocks and double-dip the capital gains benefit on the dividends....

Regards,

John

http://webpages.charter.net/jnkspencer/index.htm