Will Illegal Immigrants Really Get A Huge Check From the IRS?
Whether you are for or against President Obama’s immigration plan, the fact that all the illegal immigrants in the country could file tax returns and claim refunds for the last three years, seems outrageous. However, according to the IRS, under the Earned Income Tax Credit, that is precisely what could happen. It doesn’t matter if a person has never even filed a return or reported any income.
Under the president’s plan an illegal immigrant could get a Social Security number, and then qualify for the Earned Income Credit for the last three years, thanks to a current IRS practice. That means even though someone who has only been in the country for a short time could actually claim money for three years just by acquiring a Social Security number and filing for the Earned Income Credit.
The country would literally be giving away billions of dollars in free money to people who are illegally living in the United States. However, according to reports, one U.S. lawmaker has already created a bill that would prevent undocumented workers from receiving this tax credit.
Representative Patrick McHenry is also concerned that the President’s actions could open the door to dozens of fraudulent returns and billions of dollars in lost tax revenue. He claims that any illegal worker in the U.S. that broke the law to get here should not receive benefits from the country’s tax system.
Transitioning from Employee to Entrepreneur
Transitioning from Employee to Entrepreneur If you are out of work, have you ever considered creating your own job? As of April 2013, 7.5% of the American population are unemployed. The downturn of the economy has led many to wonder where they are going to find work, but has also opened opportunities for many to…
China Now World’s Sixth Largest Economy
China Now World’s Sixth Largest Economy China on Tuesday raised its estimate of the output of the world’s fastest-expanding major economy by a sixth, a revision that leaves growth better balanced but may increase pressure on Beijing to let the yuan rise faster. The new estimate, based on a vast nationwide census, hoists China above…
Asset Transfer Checklist
Asset Transfer Checklist Planning for the distribution of a lifetime of accumulated wealth can be complicated. The process involves drafting and regularly updating your will and making the necessary trust arrangements. It requires understanding exactly what you own and how to transfer what you own (and in what manner) to family members or other beneficiaries.…