Earned Income Tax Credit Idea

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If you are familiar with EIC from the IRS then you know working class people are getting thousands of dollars back.in my neck of the woods you will see parents spend frivolously on items they can't afford around tax time. They act as if they have that kind of money to burn all the time. To each his own but what irks me is the generations of families relying on public aid. Yes, the public aid system winds up being their income and they don't work unless it's enough to get a w-2 for tax reasons.

 

My proposal is to have this tax refund put in an account then when the child turns old enough to attend college it will go towards tuition instead of a new four wheeler.

 

Thoughts?

[bbedward]

Not bad, though my mom genuinely relied on the EIC to pay her property taxes for multiple years.

 

But then again somebody I now used the EIC to put a down payment on a hot tub

[One Post]

Not bad, though my mom genuinely relied on the EIC to pay her property taxes for multiple years.

But then again somebody I now used the EIC to put a down payment on a hot tub

Lol.

 

When the kids were younger we used to get big tax refunds. I wish I would've been smarter with the money. Having 5 boys times 18 that's a chunk of change. But hey at least I did spend money on their dental work as they grew up. My parents were broke and I made sure my kids didn't go thru what I did as a kid.

 

Now everything is more than cool and we all have great smiles but I still kick myself in the butt for not being smart with money sometimes.