Not deductions. Refundable credits, where, even if the person has 0 income tax liability, he still receives a refund from the government.
Deductions are true tax cuts. What I object to Obama's proposal are the refundable credits, which are not relieving the tax burden so much as giving out free money.
Anything which is given to one group at the expense of another is welfare.
The school system for instance is available to all and thus it's not welfare.
The child credit is a form of welfare. It benefits some taxpayers with children and is covered by having those without children or those with who lose the credit due to income level pay more. It wins votes--that's why we have it.
I mostly agree with you. I don't have a huge problem with the child credits, because at least, you only get that if you're paying some income tax. It's not like you get money back if you aren't, like Obama's refundable tax credit proposals...
I have no problem with a progressive tax system, and I understand that, for a progressive tax system to work properly, those who make more won't get as many deductions and credits as those who make less. I'm okay with that. What I'm not okay with is giving out checks and calling them tax cuts. That's just disingenous and dishonest.
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Not deductions. Refundable credits, where, even if the person has 0 income tax liability, he still receives a refund from the government.
Deductions are true tax cuts. What I object to Obama's proposal are the refundable credits, which are not relieving the tax burden so much as giving out free money.
I don't know! this is what I keep trying to figure out, but no one has yet to state what they think is a fair percentage for the rich to pay.
Anything which is given to one group at the expense of another is welfare.
The school system for instance is available to all and thus it's not welfare.
The child credit is a form of welfare. It benefits some taxpayers with children and is covered by having those without children or those with who lose the credit due to income level pay more. It wins votes--that's why we have it.
I mostly agree with you. I don't have a huge problem with the child credits, because at least, you only get that if you're paying some income tax. It's not like you get money back if you aren't, like Obama's refundable tax credit proposals...
I have no problem with a progressive tax system, and I understand that, for a progressive tax system to work properly, those who make more won't get as many deductions and credits as those who make less. I'm okay with that. What I'm not okay with is giving out checks and calling them tax cuts. That's just disingenous and dishonest.
How exactly does one earn a 1.8 million dollar bonus?
By making decisions that earn your shareholders billions.
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