Monday, January 28, 2013

Dollars And Cents (Sense)

Being the Spendocrats that they are, Iowa Dummycrats don't want you to have any of your money back in any way, shape or form.

And the scientific community is united in that fact.

Legislative Republicans are confident that a massive tax break could return up to $375 to every taxpayer in the state and stand as the defining accomplishment of Iowa’s 85th General Assembly.

That tax break would come in the form of a non refundable tax credit.

That means, for example, if a married couple’s state income tax liability was $1,000, they would receive a $750 tax credit, reducing the amount they were actually required to pay to $250. If a payer’s burden was less than $375, he would receive a credit equal only to his actual bill.

Dummycrat House Minority Leader Kevin McCarthy said -- “I’m not saying we object to folks getting relief, But draining the entire savings account is also not necessarily the best in terms of fiscal responsibility.”

Said the man who supported the Big Lug Nut's I-Jobs borrowing scam.

I would hope that McCarthy knows that the cash reserves created from Iowa's Expenditure Limitation Law are the states savings account, but maybe he doesn't.

State Senator William Dotzler (Dummycrat Waterloo) stated -- “Heck, I could use $750 — I’m looking at getting a new big-screen TV.”

Your not getting a check, Moron.

Dummycrat Senate Majority Leader Michael Gronstal -- “I guess I can say I am not surprised it does nothing for those on the lowest rung of the economic ladder.”

The GOP plan provides a break for everyone, whether they paid $1 in taxes or $1 million, but provides a much larger proportional benefit to lower-income taxpayers than those with higher incomes.

In the real world, if you overpay any bill, that extra amount is either applied as a credit to future billing or is refunded back to you.


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