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Post 20

Wednesday, October 5, 2005 - 9:02amSanction this postReply
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Tax credits are no good to those who don't pay taxes... we're speaking of income taxes, am presuming...
(Edited by robert malcom on 10/05, 9:04am)


Post 21

Wednesday, October 5, 2005 - 9:36amSanction this postReply
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On the contrary, Robert, tax credits can benefit those who don't pay taxes. Their educational expenses could be paid by the person who receives the tax credit. That would be a win for everyone except the government — exactly what we want.

Post 22

Wednesday, October 5, 2005 - 9:39amSanction this postReply
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What is a "tax credit"?

Post 23

Wednesday, October 5, 2005 - 9:48amSanction this postReply
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What is a "tax credit"?
 
For households, it's something they give you so that they can win elections. You use the money to help offset all the other increases brought on by government spending. They get it back.




Post 24

Wednesday, October 5, 2005 - 10:56amSanction this postReply
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Dean Michael Gores:
What is a "tax credit"?
There is some truth in what Engle said, but you were probably after something like the following.

Suppose you had gross taxable income of $50,000 and $20,000 in deductions (mortgage interest, etc.), ignoring $2,000 for education expenses.
Tax deduction: Suppose tax law allows an additional deduction for such education expenses. Then your taxable income would be $28,000.
Tax credit: Suppose tax law allows a tax credit for such education expenses. Then your taxable income would be $30,000. You would compute the (preliminary) tax on that and then subtract $2,000 to get the final tax amount.


Post 25

Wednesday, October 5, 2005 - 12:42pmSanction this postReply
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     As long as there are enough (and, there's more than that in America, nm the world's population) people who do not see 'science/scientific explanations' of patterns/'orders' (structural or dynamic, short-time interval or super-historical) in NATURE as inherently/necessarily requiring such explanations to be in terms of, and within the framework of,ONLY NATURE, then any 'explanation' re any questions 'about' it will include some acceptance of talking about what's conceivably outside of nature (ie: Trans-/Supra-/Super-nature, aka the supernatural.)

     Hence, creationism, ID, Annunnaki, Thetans, whatever, will be seen as 'scientific' explanations re the questions, given that some of the questions will not be seen as inherently contradictory. Ergo, unfortunately, most parents will consider "maybe it should be taught next to 'evolution' as an alternative theory," not realizing that they may as well support astrology being taught in astronomy and psychology classes as well.

     Creationism seems to have lost force as an acceptable idea for fundamentalists to con into science classes, ergo, the arguers got a little more sophisticated in their 'ID' thesis. But, as long as ID is showable as being irrelevent to 'science' per se, (especially in courts, where most of these educational conflicts end up), there may be some chance that even public schools won't be turning out too many followers of that unevolved monkey, Bryan.

    The worse thing about all this, really, is that Fed and State courts are generally accepted as proper in deciding such matters, given the idea that the 'state' has the legal right to set and enforce standards for schools, above and beyond even the local town or city. Oh, well...

LLAP
J:D

(Edited by John Dailey on 10/05, 12:57pm)


Post 26

Wednesday, October 5, 2005 - 12:50pmSanction this postReply
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then subtract $2,000 to get the final tax amount.
 
Which you currently use to try and fight off your rising overhead costs, which not only include gasoline, and natural gas, but pretty much anything that has to be put on a truck and sent somewhere.

The big raw material manufacturers are already putting price increases into effect. And that messes up the small manufacturers, etc., etc., ta-dum, ta-dee, ta-doo.

The latest spin apprently involves talking about "post-Katrina" gains. But, at the same time, they are talking about making the area into a business opportunity zone, which to me usually means it already is for them, and there is no room for anyone else.

rde
Can you spell "Bechtel"? 




Post 27

Wednesday, October 5, 2005 - 3:28pmSanction this postReply
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Rick, thanks, I erred before in my post. I actually meant *tax credits* which I supported in the run-up to my country's recent election.

And, yes, it is only an intermediary step to full private provision.

Let's assume that in the jurisdiction I pay tax in, state education budgets amount to 25% of the total expenditure.

Therefore, by tax credit I mean, if in a given year, I pay $10,000 tax, I am entitled to a maximum educational tax credit of 25% or $2,500. This means I pay $7,500 tax, not $10,000.

This should also apply for all expenses that an individual pays on their own behalf or on behalf of their dependants.

It's easy to roll your eyes at the above calcs & say: just get the state out of it! True. Correct. That's the goal, but for the purposes I stated in my previous post, that just ain't realpolitik. Don't like realpolitik? Then *don't* get involved in political problems. The efficacy of even partial private provision of education will be so abundantly apparent that full privatisation could happen in a very short time-frame anyway.

Ross

Post 28

Wednesday, October 5, 2005 - 3:37pmSanction this postReply
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Question for my American cousins: since you guys have a tax return system that allows for all sorts of deductions, doesn't this idea of tax credits already apply in the US? Or do deductions only reduce your taxable *income* (as happens with business income) & not your tax *payable*?

Ross

Post 29

Wednesday, October 5, 2005 - 3:47pmSanction this postReply
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Ross,

Merlin already answered this. A deduction is subtracted from the base amount before the tax is calculated while a credit is subtracted from the calculated tax.

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