[loveajax]

Michelle, wow...the income has gone up substantially from the time I adopted three years ago when I think it was $150K.

I think a lot of stuff is regional. Where I live, making $150K a year is not a lot of money given our outrageous housing prices, etc. In fact, that would squarely put you in the "middle class" here, imo (not that anyone making that should boohoo, but I can tell you the dollar does not stretch far here!).

My point is is that the credit is not available to "super wealthy" people. And as someone pointed out, the credit only serves to pay back what you have paid in taxes. I personally am in favor of it only because it helped me.

[dragonfly1234]

[quote][I think a lot of stuff is regional. Where I live, making $150K a year is not a lot of money given our outrageous housing prices, etc. In fact, that would squarely put you in the "middle class" here, imo (not that anyone making that should boohoo, but I can tell you the dollar does not stretch far here!). /QUOTE]

Wow! That is far more than we make a year and we are suppose to beable to adopt domestic with the current agency prices. That is cost paid and then we get to apply for adoption tax credit?! Oh yeah....we get to apply that over the next 5 years based on our yearly income. HMMMMM......can we all do that.....I know I can't. It was really hard the first time 4 years ago. For us to try again really makes us think.....what can we do to make it better for us?

Now with that said....the tax credit was great for us for domestic and should the tax credit go down we (as hard as it would be)could learn to adjust but what about international adoption?

[KatiesEd-dad]

Originally Posted by loveajax

Where I live, making $150K a year is not a lot of money given our outrageous housing prices, etc.

In Michigan it just might buy you a tank of gas and a couple bags of groceries.


......from the forclosure capital of the nation.....

Ed

[feelingreyt]

I think the tax credit is awsome! I, personally, love any and all tax credits I can get, lol! The child tax credit is probably my favorite though! I would really hate to see that one go too because we can use it until the child/children are 17! Has anyone heard if that is a possible credit that may be gone?

Now back to the adoption credit:
I do think that the agencies take advantage of the credit. I think it has allowed them to raise their fees and make people think they are going to get alot of the money back with the credit, without really explaining the credit.
I hope that if the credit does get thrown out the agencies will drop their fees. However, I doubt that will happen. I honestly don't know what should be done to make adoption more afforadable, I just know SOMETHING needs to be done.
I think that the agencies have the upper hand. They know that a person that wants to be a parent, if their only option is adoption, they will do what they have to to pay the fees. It's kind of the same thing with the price of gas. They know we have to have fuel. Regardless of how much it costs, we have to have it if we want to go to work, school, church, whatever...It doesn't make it right, it doesn't make it fair. They know this, they do it anyway to line their pocket. Regardless of the effect it has on us little people.
This is just my opinion. I haven't answered any questions, just got on my soap box for awhile. Now I will step off!

[hrisme]

Originally Posted by dragonfly1234

I realize that we are in the middle of a "huge presidential race" and we are all split as to what we should do for our election (and this not about political parties). The current candidates wish to repel all tax credits. Now with that said one of those tax credits is our current adoption tax credit which is currently $11,390.00.

I thought McCain supported the adoption tax credit??? Pulled this quote from a previous post, sorry I'm not sure what my original source was!

"In the past, he cosponsored legislation to prohibit discrimination against families with adopted children, to provide adoption education, and to permit tax deductions for qualified adoption expenses, as well as to remove barriers to interracial and inter-ethnic adoptions"

[dragonfly1234]

I thought McCain supported the adoption tax credit??? Pulled this quote from a previous post, sorry I'm not sure what my original source was!

Yes McCain is a huge supporter of the tax credit and I support it but I am having second thoughts about how it will impact us and future adoptive parents. Will the agencies lower their prices and make it so we can afford adoption?!

I think that the agencies have the upper hand. They know that a person that wants to be a parent, if their only option is adoption, they will do what they have to to pay the fees. It's kind of the same thing with the price of gas. They know we have to have fuel. Regardless of how much it costs, we have to have it if we want to go to work, school, church, whatever...It doesn't make it right, it doesn't make it fair. They know this, they do it anyway to line their pocket. Regardless of the effect it has on us little people

You all have great questions.....but what do we need to do about it?!

[loveajax]

Ed, that cracked me up!

We just filled our oil tank at our house (heating) and it was $3.99/gallon....($750 total). The guy said, "well, at least you won't have to fill it up again until October." I almost chased him off the property!!

Btw, I was talking to the executive director of my agency the other day (it's a new one). I told her that DH and I could never afford another adoption that cost $27K. She said, "oh, well, now it's $29K." I mean, really? This is a non profit, btw. I will never to my dying day understand how the "costs" of an adoption can be that high.

[mandirenee]

Originally Posted by loveajax

I think a lot of stuff is regional. Where I live, making $150K a year is not a lot of money given our outrageous housing prices, etc. In fact, that would squarely put you in the "middle class" here, imo (not that anyone making that should boohoo, but I can tell you the dollar does not stretch far here!).

Loveajax - Alabama is ranked 11th as the least expenseive state to live in. The highest rank at 50th is Calafornia. $150K a year in Alabama is $123K over the avg annual income in Alabama.

I have a link with recent cost of living info if anyone's interested. I don't think we can post links so I won't.

Anyways - The adoption tax credit is VERY important to anyone who makes close to the avg annual salary in the US - which is close to $40K.

I'm just a data person, so I wanted to share the data.

[ContactChar]

Originally Posted by dragonfly1234

The current candidates wish to repel all tax credits.

I'm not too sure that's accurate.

[dragonfly1234]

HMMmmm ContatChar I don't believe that I said what political parties? So anything you feel is inaccurate will depend on your parties affiliation.