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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (95608)	11/13/2008 1:45:05 AM
From: Cogito	Read Replies (1) \| Respond to of 541457

>>Regular tax credits aren't payable as refunds, they can only bring your income tax liability down to zero. But refundable tax credits can be given as a refund even when no taxes have been paid, and Obama seems to like using that idea.<< Tim - I'm not an expert, but I believe that you are describing the difference between tax deductions and tax credits, respectively. One often sees new allowable deductions being referred to as tax credits, which confuses the issue. Or I could be wrong. That has been known to happen now and then. - Allen