Dems: Pay gun owners to hand over assault weapons

[7.62NATO]

Those most likely to commit crimes with so-called assault weapons probably don't file tax returns anyway.

I doubt that's the point...

[FromMyColdDeadHand]

I just paid my taxes. So they are going to bribe me with my own money?

[docsherm]

Wait.....I can go and buy a $400 DPMS, turn it in, get a $2,000 tax credit, and buy a DD rifle and optic...and some beer?

Sounds like a great deal to me....

[Iraqgunz]

Thank you. It's a credit not a refund which means no one gets anything except for the Dems and the idiots who turn them in.

This is a great idea, as my PD would then hand it back to me!



That is not how tax credits work. The $2000 would be a deduction of your income. If you are in the 28% tax bracket (only 5% are), you would save $560. Most folks would see a savings of $400 or less.

[SteyrAUG]

Someone should propose similar legislation providing tax credits to those who promise not to vote. Maybe a free cell phone.

[Korgs130]

This is a great idea, as my PD would then hand it back to me!



That is not how tax credits work. The $2000 would be a deduction of your income. If you are in the 28% tax bracket (only 5% are), you would save $560. Most folks would see a savings of $400 or less.

Just to clear things up a bit. As described above, you're talking about a tax deduction. From the TurboTax:

What’s the difference between a tax deduction and a tax credit? You might think the two are interchangeable but they aren’t. A tax deduction is something that reduces how much taxable income you claim. A tax credit is something that directly reduces how much tax you owe.

So if you paid $10,000 in federal income tax and actually owed that same about, your return would $0. Now add in a $2,000 tax credit and your tax owed would be reduced to $8,000. As you paid $10,000 but now only owe $8,000, you would get a return of $2,000.

Regardless of whether they use a tax credit or a tax deduction as the incentive, the whole proposal is completely asinine and just illustrates how stupid the sponsors of the bill really are.

[punkey71]

Thank you. It's a credit not a refund which means no one gets anything except for the Dems and the idiots who turn them in.

A tax deduction reduces taxable income.

A tax credit reduces, dollar for dollar, your tax liability.

A $2,000 credit is worth $2,000 in your pocket.

A $2,000 deduction is worth a percentage of the $2,000 based on your income tax rate. (At a 25% rate it is worth $500 in your pocket).

http://m.kiplinger.com/article/taxes...deduction.html




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[Koshinn]

A tax deduction reduces taxable income.

A tax credit reduces, dollar for dollar, your tax liability.

A $2,000 credit is worth $2,000 in your pocket.

This is true.

Unless you paid less than $2000 in taxes due to no income or a ridiculous amount of credits and/or deductions.

I did a lot of tax returns last year for my base (voluntold to be in charge of the base tax program), and there were a few airmen who with the joint standard deduction of $12k or so and a 6 month deployment, had no taxable income for the entire year.

[THCDDM4]

And here I thought our failing economy was the issue these reps needed to do something about, man good thing we have these people to put it all into perspective.

Let the country sink into a an abyss of spending; as long as we spend some more to get those evil rifles that just up and kill people out of people's hands.

Talk about idiotic.

[sevenhelmet]

The dems have lots of great ideas, don't they? I heard they were going to give our "evil assault rifles" to the "border patrol" to "replace their deadlining equipment". Coming soon to a Mexican drug cartel near you- the rifle you turned in 6 months ago!