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Old January 20, 2013, 11:02 AM   #10
carguychris
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Join Date: October 20, 2007
Location: Richardson, TX
Posts: 5,405
Quote:
Tax credits are "maybes", all they do is "possibly" assist in putting you in a lower tax bracket...resulting in lower taxes. For the average person, that $2000.00 credit means absolutely nothing....
Carry_24/7, you're confusing a credit with a deduction. A deduction is applied against your gross income whereas a credit is applied against your actual tax liability. If you owe the IRS $3,000 before applying a $2,000 credit, you owe $1,000 after the credit is applied. A credit works like a direct payment from the IRS.
Quote:
With a barely-functional and beat-up $30 Marlin 785, a used $30 pistol grip stock, and a trip to the local turn-in location, a person could net $1,940 in profit.
If my reading of the bill is correct, what FrankenMauser writes would literally become true if the legislation passes as written.
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Last edited by carguychris; January 20, 2013 at 11:12 AM.
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