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Old January 20, 2013, 11:02 AM   #10
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Join Date: October 20, 2007
Location: Richardson, TX
Posts: 7,393
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.
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.
"Smokey, this is not 'Nam. This is bowling. There are rules... MARK IT ZERO!!" - Walter Sobchak

Last edited by carguychris; January 20, 2013 at 11:12 AM.
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