donheff & GTG - I think you both have it somewhat wrong.
First - no I don't think they should use the tax code to reduce college costs for a family. It is a needless complexity. There are public colleges funded in part from my (our) tax dollars, and there is FAFSA. Lets have ONE source for this, not multiple conflicting ones. And the tax code, for some unknown reason that I'm sure m Congress critters could not explain, penalizes our family for saving for college and attending. WTF is that about?
Specifically, kids income can be taxed at a the parent's rate if they are under 18 OR if they are a student and under 24. That specifically targets students. What a crock! So, while I reported a low tax bill for 2007, my kids 1040s ran up a larger bill, specifically for attending college. Please explain.
Second - GTG, I know you just love to throw 'class warfare' in every chance you get, and paint anyone right of center with a broad straw-man colored brush, but NO, that isn't it. Many of us are saying that just about everyone needs some skin in the game. And that includes us.
I also don't see why the govt should subsidize anyone for having kids. Kids are a personal choice, and take up more resources. I think it should be the opposite, and taxes should be
increased for larger families if anything.
edit/add:
GTG - In what part of this post did I mention or even imply 'freeloading welfare queens'? Please don't put words in my mouth, it does not add to the discussion.
And I think that is ridiculous. A person with an AGI of $84,000, and living the comfortable lifestyle I do should be paying more than that to support what needs to be done in this country. No, I'm not giving it back, as I've paid far more than what I consider my fair share in other years.
I don't know the details exactly, but a friend of mine who lives a pretty high lifestyle says he did get a credit this year. I'd guess that his AGI exceeds what I reported here. He also thought that this country cannot do this - it is crazy.
-ERD50