Comments on: What will you do with your tax refund?

By: Chelle

Chelle — Sat, 13 Feb 2010 02:23:19 +0000

It is ridiculous how much we get back year after year for the kids, but I won’t complain. This year, like most years, it will be used to pay off bills. The good news is after this year will be very close to being debt free :)

By: Jamel Rose

Jamel Rose — Thu, 11 Feb 2010 01:41:26 +0000

There are lots of things to do with our tax refund. Pay down credit card debt, Open an IRA, Take stock, Set up a rainy day fund, Refinance your house, Add to your mortgage payment,Spruce up the homestead, Auto details, details, details,Service your car
and Get the star treatment..

By: Stew

Stew — Tue, 09 Feb 2010 16:47:44 +0000

Gina, it is a goal of mine . . . we are really trying to cut out unnecessary spending so that we will have more money to give.

By: Gina

Gina — Tue, 09 Feb 2010 16:19:37 +0000

We will use all of our refund to pay down debt (refund is less than $1k). Then once we are out of debt, I will be able to increase our tithe to 10% (I’m only giving 5% right now). I am also a member of my church’s finance committee so I know exactly where the money is spent.

Since we cannot donate all of it to a worthy cause, I do feel like we (in a way) “depend” on it. Gosh, I cannot even imagine being able to give all of it to my church or some other charity. THAT WOULD FEEL AWESOME!

By: Welfred

Welfred — Tue, 09 Feb 2010 13:20:23 +0000

I think the government won’t do such thing, even though some our taxes are too much. All supply now has always been attached by a tax. also having Credit Cards no scape. If the government will refund our tax, you think they can afford?

By: Stew

Stew — Mon, 08 Feb 2010 21:43:11 +0000

40% have a negative “effect” income tax rate

http://biggovernment.com/dmitchell/2010/02/08/political-alchemy-part-i-turning-spending-increases-into-tax-cuts/

By: Stew

Stew — Mon, 08 Feb 2010 19:09:07 +0000

Courtney, you are correct, I was using “refund” in the general sense – certainly tax credits are a part of that number.

Infinion, the term “rest of us” does not imply a percentage, small or large. However, as a few more comments have pointed out, there is a huge number of people who earn a living in this country, but pay no taxes at all.

BTW, tax credits are also funded by other tax payers. They are a compelled “gift”.

By: Courtney

Courtney — Mon, 08 Feb 2010 18:25:59 +0000

Castocreations – not everyone who ultimately pays $0 in income taxes also gets money credited to them in excess of their refund. But I do agree that the 50% of us who are paying taxes are subsidizing the country for other half. You’re all welcome :-)

By: castocreations

castocreations — Mon, 08 Feb 2010 18:21:24 +0000

Infinion…as I understand it (and I don’t have exact figures) it’s actually nearing 50% of tax payers who pay NO income taxes! Which means that there are a lot of ‘us’ who do pay income taxes subsidizing those who are getting free money that never belonged to them in the first place.

I agree with you that those who do get a true refund are not getting found money…it is their own money. But there are more and more people who are getting “free” money in the guise of a refund.

By: Courtney

Courtney — Mon, 08 Feb 2010 18:16:44 +0000

Stew, you’re not talking about a “refund” – you are talking about a “credit.” I assume you mean the Earned Income Credit (?), although there are others. A refund is money paid back to you out of the taxes you had withheld during the year, because you withheld too much. Anyone can get a refund if they set up their W4 to over-withhold, regardless of their income level.