I am a similar liberal/socialist/commie type. What I seriously don’t understand about tax credits is how can they possibly benefit low income folks? They may not pay enough in taxes to make the credits matter… And, as a replacement for SS benefits, how would that work? I am woefully under educated in this regard.
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The Congress will end up passing a 1 year continuing resolution to fund all of FY 19 using Obama’s final budget. The GOP won’t be able to agree on anything.
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Its called a Trojan Horse: Put more money in people’s pocket now so they sell-out their future. By the time they realize that they have been bamboozled, Trump and his cronies will be dead and gone.
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“His [Trump’s] rhetoric on the campaign was blunt and straightforward. He said he was not going to touch it,”
And his duped supporters believed this. How is it that 60+ million voters got suckered by this orange-topped charlatan?
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I believe he means it disincentives hiring workers.
And it does.
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I think this plan is a non-starter.
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I hope you are right.
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I don’t see any reference to “tax credits” in the post you are responding to.
And you are absolutely correct about tax credits. It is the only source of social assistance right wingers like, because taxes are evil anyway. But is useless to the really poor, just as corporate tax credits do not help most small businesses.
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After all GW Bush’s plan to partially privatize Social Security went over so well!
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It only works if the credits are refundable like the Earned Income Tax Credit. If the amount of a refundable credit is more than the taxes you owe the government writes you a check for the difference. Surprisingly, the GOP does not like refundable credits.
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And then, whatever happens, it’s going to be the democrats’ fault for not stopping it.
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I’m not an expert either but earned income tax credits return money back over and above what you earn, ie you may end up getting money back from the government. The more you work the more credits you earn. At least in social/economic terms this is probably the best way to help lower income people. “Haters” will complain that it shifts the burden from employers to government, but the key is that it lowers the cost of hiring (unlike, for example, much higher minimum wages, which raise the cost of hiring and might well accelerate automation and elimination of some jobs). The key is to get commensurate tax hikes on high incomes/wealth to pay for it. Good luck with that part of course, but economically, and in terms of encouraging social engagement it’s probably one of the best policy alternatives. And we’ll probably need to use it much more if capitalism and democracy both hope to survive.
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They used to like them back when they were sane.
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Trump better decide who he’s going to double cross and figure out how to deal with the consequences.
After the Trumpcare threat scared the willies out of middle class Americans, I can’t help thinking that the TeaBaggers aren’t itching to use some of those weapons they bought to defend the nation against Obama on the GOP Establishment if Trump enables them in going after their retirement, too.
The angry and mean have become even more angry and mean these days. And you can bet that they won’t leave any airfields operational after they strike.
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Don’t count your chickens before they hatch… how often does the electorate vote against their own best interests? Just look at Kansas!
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What will be the next loony plan?
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The real problem is those in their 30’s do not believe that SS will be there for them.
Those on thier 50s think that if they had control of the money paid to SS they would have more money than SS will deliver to them.
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It’s time to extend a sales tax on all stock purchases. There are literally millions of shares exchanged each minute every day. And these are not your typical flea market purchases. These are high end, high rent computerized transactions which could yield tax revenue amounts unheard of in history.
If the Top 1% is unwilling to pay income and corporate taxes, we will have to extract a share of their profits off the top in the same way sales tax works for every other kind of purchase.
This is the tax reform that will yield real tax relief for Americans. It will finance all the basic health, unemployment and retirement needs of all citizens in our republic as well as infrastructure improvements.
We don’t need any new form of tax. All we need is for the those who make frequent expensive transactions by computers to pay a sales tax on them just like we pay a tax on medicine and bread.
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I agree, but sadly, nothing short of a revolution would accomplish that. And then there’d be nothing left to tax.
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Reminds me of the day my Dad came home and told me that the German company that had bought the American company he worked for had “cancelled” his retirement plan. They got a pennies on the dollar payout.
This is the same thing, on a bigger scale. Good luck Amerikuh.
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