Line Of Credit Definition

We spend like the credit line will never dry up kind of like a spoiled 16 yr old who doesn't have to worry about paying the bill.

The only difference: the US, EVENTUALLY, will have to pay the bill.
gregory P..........fascinating: and would explain A LOT!

What backs the US dollar, it's not gold. All US money is backed by debt.

when the treasury wants to print money they actually print US treasury bonds and then the Federal reserve ( a privately held bank ) prints an equal amount of cash.


When you barrow money from a bank they actually credit your account with an IOU, and under Federal law, bank IOU's can be converted into US dollars. Yes under the miracle of the mechanics of modern money creation, when banks lend you money they create that money out of thin air. and as you repay the principle it disappears.

Every single US dollar in circulation was created by someone going into debt.

here is the dirty secret; where is the money to pay the interest? it does not exist!!!! the only thing that keeps the system going is an ever increasing amount of debt, public and private.

http://www.youtube.com/watch?v=vVkFb26u9 g8

2008-11-30 16:04:49 by Water Over Gold

Using the unit circle to extend the SOH CAH TOA definition of the basic trigonometric functions.

What is the difference between the two?

In a textbook, I found the definition for these two terms as followed respectively:
A credit account with a merchant in which complete payment at the end of the billing cycle usually avoids all interest charges.
An open-end account with an established line of credit and rules for minimum monthly payments and interest charges on the unpaid balance.

But I still don't understand. With a regular charge account, I still can pay only part of the balance and face a interest charge(while for a revolving credit account I also have to face a interest in the same situation), right?
And with a revolving credit account, I can also pay off all the balance and then it's exactly the same as a regular charge account, isn't it?

So where is the difference? I've searched all through the Internet and found no answer satisfactory.

The easiest way to explain it???

Mastercard lets you pay a little each money (revolving)

American Express makes you pay at the end of the money IN FULL ( Charge account)....

2008-03-09 20:24:12 by Han Z

I'm self employed, married with two kids. Because of "standard deductions" and qualifying for earned income credit as well as "additional child tax credit" (not the standard child tax credit) - my tax liability on lines 52 & 57 are set at zero... I'm certainly over $3,000 but also fall under "low income wage earner" via self employed income.

IRS's site says "Families with children under 17 generally will qualify for an additional payment. Some people with no tax liability also will qualify. This includes Social Security and Railroad Retirement beneficiaries, recipients of certain veterans’ payments, low-income workers with earned income and/or benefits of at least $3,000 and individuals who have combined income of at least $3,000 from any combination of these sources."

I get the feeling this thing dependent on a definition of "low income workers with earned income"

well anyway - bottom line, does a Self Employed worker with no tax liability that got the EIC qualify for the stimulus?

Yes, if your net self-employed income is $3000 or more.

According to the IRS:

Even those who have little or no tax liability may qualify for a minimum payment of $300 ($600 if filing a joint return) if their tax return reflects $3,000 or more in qualifying income. For the purpose of the stimulus payments, qualifying income includes net self-employment income.

2008-02-20 12:59:05 by AslanMusic

Can someone explain how the IRS can give a refund(definition. Return of payment) in excess of the amount someone has paid in taxes. And furthermore, why don't they consider that as income?

And along the same lines, why do people without children not get a credit for not adding to the tax burden of society?

Not a soap box, I just would like someone to explain the tax laws.

"refundable credits" get refunded even if you do not owe tax. Both require earned income.

1. Additional child tax credit.
2. Earned income credit.

EIC has a tiny credit for single/no kids, but only for ages 25-65 and it stops if you make more than $12,000 a year.

These are welfare bribes to keep poor parents interested in working. If they didn't get them, many would want to go on welfare because their fica/mc taxes are so high. The bribe is so significant that there is massive fraud in this area.

By the way, our capitalist system works on the assumption that each generation will be larger than the past one (dumb, dumb, dumb), so we want people to have children.

2008-01-03 14:17:13 by Drifter

I tried to open a new line of credit and was denied due to "too many real property trades." I am still in college and by definition of real property, I don't own any. I rent an apartment and don't own a car. What else could they see as "real property."

REAL PROPERTY:
an estate or property consisting of lands and of all appurtenances to lands, as buildings, crops, or mineral rights (distinguished from personal property).

Unless you have been trading homes or land, you got hosed. You need to get yourself a copy of your credit report and make sure someone hasn't been using your name fraudulently.

If there are no property trades on your report, you can appeal their decision as a potentially discriminatory practice.

A good place to start is the link below. They're free (most credit reports are provided for a fee) and they use all three reporting bureaus - just like the mortgage lenders. You only get one freebie per year though.
https://www.annualcreditreport.com/cra/index.jsp

2008-02-25 22:36:05 by dasgo404