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Author: gurdison Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Tax shelters redux Date: 6/22/2003 6:54 PM
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<Some credits are refundable... that is, they can reduce your tax liability below $0. Earned Income Tax Credit is one of these.>


Ira:

Say I go to the Home Depot and buy something for $100 today. Next week I return it and they give me $120 back. I would call the first $100 a refund. The other $20 I would call a mistake. Since the tax code cannot contain any mistakes<grin> I would call anything that brings one's final net income tax bill to below zero a policy choice instead of a refund. Of course we have to always add the caveat that all policies are subject to change.


BRG
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