[Demosthenes]

I don't think so, as anyone with a couple of rug rats who filed a return last year can attest:

Taxpayers to Receive Advance Child Tax Credit This Summer
IR-2003-68, May 28, 2003
(Revised June 30 to change mailing dates for notices to check recipients)

Related Fact Sheet: FS-2003-13

WASHINGTON — Beginning the last week of July, eligible taxpayers who claimed the Child Tax Credit on their 2002 tax returns will automatically receive an advance payment of the 2003 increase in this credit, the Treasury Department and Internal Revenue Service announced today.

Taxpayers will not have to take any action to get this advance payment of up to $400 per qualifying child. The Treasury Department and IRS will perform all the calculations and automatically mail a notice and a check to each eligible taxpayer.

"The only thing the taxpayer needs to do is cash the check," said Mark W. Everson, IRS Commissioner. "If you qualify, we will send you a notice. There's no need to call, no need to apply, no need to fill out another form. The IRS will do all the work. A few days after the notice, you will get the check."

The checks – an advance payment of the 2003 increase in the Child Tax Credit – will be based on the child tax credit claimed on the taxpayer’s 2002 tax return. The Jobs and Growth Tax Relief Reconciliation Act of 2003 increased the maximum child tax credit for 2003 to $1,000 per child, up from $600 for tax year 2002. The law further instructed the Treasury Department to provide the difference – up to $400 per child – as an advance payment to each eligible taxpayer this summer.

The Treasury Department will issue about 25 million of these checks this year, beginning with three principal mailings on July 25, Aug. 1 and Aug. 8. Taxpayers who filed returns after April 15 – for example, those with automatic extensions – will receive their advance payments after the IRS processes their returns. They should not make any change to their 2002 returns or remittances based on an expectation of an advance payment check.

The IRS will send notices to taxpayers on July 22, July 29 and Aug. 5, informing them of their advance payment amount. The IRS urges taxpayers to hold on to these notices for their 2003 tax returns. They will need to take the advance payment into account when determining the amount of their child tax credit on the 2003 tax return.

Taxpayers who are not eligible for the advance payment may still qualify for the increased child tax credit of up to $1,000 when they file the 2003 tax return next year. For instance, a taxpayer who did not have a child in 2002, but had one in 2003, would not receive an advance payment but may qualify for the full $1,000 credit on the 2003 tax return.

WOO WHO! Looks like I'll be fishing an extra time this year! *looks in very lean wallet* Nope, not rich!

ahh and the link:

http://www.irs.gov/newsroom/article/0,,id=109816,00.html

[Noumenon]

The whole "tax cuts for the rich" thing is a joke. Did you know that in America the wealthiest half of the population pays 96% of the income taxes? And the wealthiest 10% pays 67% of the income taxes? If you're gonna cut taxes, of course it will mainly benefit the rich. Thats also the point, since when the rich have more money, it means they invest more, and that means a better economy and more jobs. What the democrats really want is no taxes at all for the lower middle class (the poor already pay no taxes), and dramatically increased taxes for middle and upper class Americans, who are already taxed to death.

[Demosthenes]

Hey Izzy, I agree with you 100%. You're preaching to the choir there! I had just posted this after reading one of the foreigner's comments that Bush was only passing tax cuts for the rich. That tired old rhetoric get mighty annoying after a while so I went to the IRS web site and dug this up. Now I read something about either Dean or Kerry claiming they wanted to repeal Bush's tax cuts but not the income credit. He came off sounding like he somehow had something to do with it. It was a joke...

[Comrade Ogilvy]

Ive only been fishing ONE time this season!! I've been slackin'!

[Khenlein]

I agree to a point that simple rules of proportion say that the top income earners will recieve much more money as a result of across the board tax cuts. But lets me somewhat realistic here (come on Izz, Demos) I know the classic convervative republican line is " The wealthy will invest and spend more, the economy will be helped immeasurably!!!". Quite frankly thats just not true. As a grand concept I suppose it could make logical sense, In practice though thats just not how it works.

If Mr. Y is worth 10 million dollars and recieves a tax cut which lets say will put $200,000 a year more back into his control. Mr. Y doesnt suddendly go out on a shopping spree for his depraved family. That money goes right into his financial accounts, into mutual funds and t-bills and the pockets of whichever uber-billion dollar firm.
Perhaps there are studies or statistical information that could show otherwise. But I've yet to see it.

On some level I agree with the principals that both of you put foward. However you'll have a tough time arguing that to mainstream americans that the man who has Millions in livable income needs a taxcut in the tens of thousands, while the family of 4 living on 35,000 will recieve a whooping $600.

[Demosthenes]

mmmmm...weeeelllllll, maybe Izzy can correct me if I'm wrong but I think a family of 4 making $35,000 didn't pay anything in taxes in taxes last year so that $600 almost represents a payment for being an American. I am roughly in that income bracket and filed single with two dependants, and I owed roughly $1000 smackers at years end. Which was accounted for by my withholding from my job. Now I find that not only am I receiving that Advance payment against this year's child tax credit, but my tax liability will be even smaller. I don't know about you but I really like that. I want every dime I can get back from the government.

But I also see that the so-called "rich" are basically paying my share so if they get to keep another couple grand or ten grand more power to em, I'm not jealous of em' at all. Unlike liberals I assume they earned their money like every body else until I learn otherwise. The only way you can justify taxing them to death is if they earned their money unfairly (IMO)
If they didn't they deserve all of they can get.

Also in your example you say a man who receives a $200,000 tax cut will pocket it away into his financial accounts. That's actually fine too. Because the money doesn't stop there. That is still brings more money into circulation. Follow that 200 grand as it goes from the financial instution to its investment group to some poor smuck looking to borrow some jack to buy his house...etc. The point is that's 200 grand the private sector has that the gubment does not. Which helps keep it smaller and boosts the cash flow of the economy.

To be honest I think Izzy has a better grasp of economics than I do so he may be better able to articulate this point than I can.

BTW- Got my check today and spent it happily like a good little capitalist. You should see my new BIG BAD ASS 10 man tent! The fishees are gonna be sorry this weekend! THANK YOU GEORGE BUSH JR.!

edit- and they were very sorry! Heh heh heh! I taught em a thing or two about natural selection! I'm not a fisherman, I'm a fish SlAyEr!