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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsChild Credit Deduction
Since we don't have any idea what tax deductions Romney would get rid of, but just say hypothetically, one is the child credit deduction.
Romney wouldn't be very popular in UT - a family with 11 children (yes, there are some) would mean almost $39,000 that could no longer be deductible.
Just a thought...
dawg
(10,624 posts)reduce that 47% that pays no federal income tax.
southernyankeebelle
(11,304 posts)cloths for school. They don't waste it. They are waiting to get it next time because their car is broken down and it is going to cost apprx. $2,000 to fix it. We got their 1990 truck fixed and now the car broke down. We can't help them financially. We just down have that kind of money to put out. We have some put aside for me and my husband because we don't have anyone to help us if we get in financial trouble. This time they are on their own.
mojo2012
(290 posts)Child credit deduction is just one possibility. Many, many families need this deduction. But also, many, many families need the mortgage interest payment deduction, property tax deduction, employee health care, sometimes higher education deductions...the list goes on.
We can't afford not to know WHAT Romney/Ryan plans to do for OUR taxes. We can be pretty positive though, it WILL benefit those who are very wealthy additional tax cuts ON TOP of the Bush tax cuts.
The rest of us are on our own because we are moochers in Romney's estimation.
madville
(7,410 posts)They would probably like to get rid of it. I got it for years when I was married and had kids to claim. A typical year would be to have about $3000 withheld by work during the year and then when I filed a return it was normal to get $7000-9000 back from the IRS. So making between four to six thousand extra helped a bunch.
We never budgeted very well either, would run the credit cards up during the year and pay them off at tax time with the extra money from the IRS.
I don;t get it anymore, single, no kids to claim and make more money. I'll probably wind up paying $5000-6000 this year when it is all said and done, I look at it as repaying the years when I made money from doing my taxes.
mojo2012
(290 posts)You are correct. I forgot about that one since I fall in the same boat as you. I guess we'll all be filing a simple 1040 if Romney gets elected and paying MORE taxes....