Summer Money :D

I'm just mad that we "make too much" to get this tax credit, ducking the throwing of rotten produce here LOL. I mean, attendings need tax credits too. Sure it would have helped during residency. Too bad they don't make it retroactive, lets say, about 5 years ago.

[PrincessFiona]

tax credit

So the child tax credit is based on income? What are the cutoffs? Do they consider debt load

kris

From SmartMoney.com:

Effective this year, the tax credit for each under-age-17 dependent child, stepchild, foster child or grandchild is increased to a nice round $1,000 (up from $600). As before, the credit is phased out starting at adjusted gross income (AGI) of $75,000 for singles and $110,000 for joint filers. So, unfortunately, high earners are still ineligible.

[SueC]

Yay, we still don't come close to make that much! Never thought I'd be excited about our pitifully low income!

[Rapunzel]

Just to cap off this thread here's an editorial on the MSN site that touches on one of the issues debated - the equality of democracy and it's balance with the inequality of capitalism:

http://slate.msn.com/id/2084002/

The Return of Class War

That was a really interesting article. Thanks for posting the link. I'm not sure if he mentioned it, but I believe the FICA tax phases out after $85K or so of earned income.
Very interesting!