That's the problem, they are distracting knuckle draggers like you with bread and circuses and you clamor to blame others. They love it. "Hey, look, blame the upper middle class!"
lol.
"We proposed it because we thought it was a sensible approach, part of consolidating six programs to two and expanding and better targeting education tax relief for the middle class," said the White House official. "Given it has become such a distraction, we're not going to ask Congress to pass the 529 provision so that they can instead focus on delivering a larger package of education tax relief that has bipartisan support."
Maybe we should now start taxing food stamps in order to pay for free community colleges to "help" the poor.Now it's all gravy for the middle class.
$120k for a child certainly is sizable.
How about he do something real, like, you know, fix the fucking education inflation problem?
Instead, he just wants to triple-fuck the middle class and debt enslave entire generations.
So everyone you know is blowing their money instead of saving it and that means everyone who doesn't use this saving plan is like them too? Not only that but you are sacrificing now to save for later, thus you are better in this regard than everyone you see?
No, he's saying this:
Currently you pay $100 in taxes. If a piece of legislation passes that has one part that gives you a $10 tax increase and another part that gives you a $20 tax cut, the overall effect of the legislation is a tax cut.
Wait till over 1 million people find out they were overpaid subsidies on ACA and now the IRS is owed over $1,000 . . . . ACA armagedden is coming.
Wait till over 1 million people find out they were overpaid subsidies on ACA and now the IRS is owed over $1,000 . . . . ACA armagedden is coming.
How is this any different from claiming too many exemptions on your W4, and then finding out you've under-withheld and owe additional tax when you file your 1040? "Income tax armageddon?"
But I'm sure righties will play this up as though it's some huge flaw in the ACA, when it fact it's just people ending up getting exactly the net subsidy their income warrants.
Wait till over 1 million people find out they were overpaid subsidies on ACA and now the IRS is owed over $1,000 . . . . ACA armagedden is coming.
Asking people to enter their previous year's W2 (+/- earnings changes) would have been useful for avoiding this situation. Seems like a major oversight.
The most scary situation will be for those who due to loss income ended up making below the poverty level. They will have to repay all tax credits back, money that they obviously don't have. Someone who makes $900 a month will owe thousands of dollars to the IRS, leaving them with little option.
This will be a big worry for those who don't live in areas were medicaid has expanded.
wut?
The ACA has a minimum earned income requirement for the credit, you must make at least 100% of poverty to receive the credit.
However I see the credit repayment is capped at 300 to 1250 based on income, so these people would owe $300 back, if single. Married people who become unemployed would owe $600 back.
The worst thing would be they no longer qualify for healthcare unless they move to state that supports expanded medicaid.
The ACA has a minimum earned income requirement for the credit, you must make at least 100% of poverty to receive the credit.
However I see the credit repayment is capped at 300 to 1250 based on income, so these people would owe $300 back, if single. Married people who become unemployed would owe $600 back.
The worst thing would be they no longer qualify for healthcare unless they move to state that supports expanded medicaid.