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.
What’s the Real Motivation Behind Philanthropy?
What’s the Real Motivation Behind Philanthropy? According to its definition, philanthropy is the desire to promote the welfare of others, expressed especially by the generous donation of money to good causes. Many of the world’s wealthiest individuals and companies are involved in all kinds of philanthropic activities and endeavors. Some of the most famous and…
How to Identify and Utilize Your Core Competencies
How to Identify and Utilize Your Core Competencies. Over the years in which I’ve been working for GROCO and doing my radio program, American Dreams, I have met with a lot of people, many of whom are counted amongst the most successful and wealthiest individuals in the world. Most of my guests are also…
How Each Presidential Candidate Plans to Handle Corporate Taxes
If you follow this blog then you know that corporate taxes are a regular topic discussed in this space. A couple weeks ago we shared some comments from Disney Chief Bob Iger regarding the country’s corporate tax policies. This is a topic that continues to get a lot of airtime in the media as…