Obama's First Year

[Tony]

Is the 8K a check in hand, or a tax credit?

[MarylandMark]

Are you saying they forced you to take 8k ?

No, but I'm saying they forced us all to pay for it which I would have rather not done.

I am part of the problem as I filled out the form to get the $8K but no real good logic to give up $8K if they are giving it out. I'm saying I'd prefer them not to have been giving it out, even though I benefited from the program (in the short term at least). I guess I could have not filled out the form and not taken the $8K to help the Gov't out but don't think it would make much difference in balancing the budget.

[Wobble]

Oh, are they lending money to small businesses yet? Are they giving home mortgages yet?

The banks are calling me weekly to see if I want to borrow for my business. I am sure it is because we have a 25 year track record and great scores. I am also sure the calls would stop if I actually had a need.

[MarylandMark]

Is the 8K a check in hand, or a tax credit?

It is a "refundable tax credit".

In my case, I amended my 2008 tax return to get a check in hand.

I could have gone about it a few different ways but that was the fastest to get the money in my pocket before they changed their minds. Examples are I could have went tax exempt (Fed, not state) for a while on my 2009 income and it could have counted towards the money I paid in, could have paid my regular amount and had $8K added to my refund or whatever. Lot of different options.

http://www.federalhousingtaxcredit.com/

IRS form 5405

Is a tax credit the same as a tax deduction?
No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.

The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

[Birdog]

No, but I'm saying they forced us all to pay for it which I would have rather not done.

I am part of the problem as I filled out the form to get the $8K but no real good logic to give up $8K if they are giving it out. I'm saying I'd prefer them not to have been giving it out, even though I benefited from the program (in the short term at least). I guess I could have not filled out the form and not taken the $8K to help the Gov't out but don't think it would make much difference in balancing the budget.

You are a smart guy...You understand my point.Why try to justify it ?

I am not working right now, I qualify for the Federal Free cheese program, I pay for the program. It is still not the "right" thing to do, And you know that....

[LaughingCat]

I cannot believe how the Democratic party is literally crumbling like a bunch of whimpering puzzies after this one election. It rivals the Patriots going 16-0 only to lose the Superbowl. It's laughable and pathetic at the same time. They should change their mascot from the jackass to the cowardly lion (how fitting).

[Tommy Gun]

Dems cast blame at each other over Senate campaign

http://news.yahoo.com/s/ap/us_massac...ate_blame_game

[clayinaustin]

[Wobble]

Now that's humorous

[BBB725]

How's it looking after 1 1/2 years?

[Bobcat]

Seems like ten.

[BBB725]

Seems like ten.

No, that's the unemployment rate which we were promised would never get above 8.

[Ratickle]

I love that the Pres flys down to Texas to raise funds, and the Dem governor candidate refuses to be seen with him cause it would hurt his chances for election.......

[Fanatic]

This says enough along with the charts/graphs...

Obama July Deficit of $167 Billion Tops Bush Deficit For Entire Year of 2007

The Obama Administration announced today that the July deficit totaled $165 billion…
That’s more than the Bush deficit for the entire year of 2007.