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Tax Demagoguery.(ISSUES & INSIGHTS)(EDITORIALS)(Editorial)
Politics: The president had hardly put down his pen after signing the tax cut Wednesday when class warfare broke out again. As usual, the demagoguery doesn't comport with reality.
According to the Center on Budget and Policy Priorities, a hard-left Washington think tank, many families whose yearly incomes are between $10,500 and $26,625 -- a number that's nearly 12 million -- won't be getting the additional $400 per-child tax credit that was part of the tax cut.
While we're not challenging the findings, we object to the misleading nature of the argument. A significant fact is being left out.
The Tax Foundation tells us that many within the income bracket picked out by the Center on Budget and Policy Priorities have no tax liability; the child tax credit simply is of no use to them because they have no tax bill that can be credited.
Consider, for a moment, a family with two children making $26,625 a year, an income at the top end of the Center on Budget and Policy Priorities' bracket.
After taking the standard deduction ($9,000), the family's taxable income is $17,625, which translates into a tax bill of $1,943.75. But that's before the ...
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...She also recommended the tax credit should not be tied to whether...eligibility. Blumberg said advance tax credit payments cannot be perfectly...of the Center on Budget and Policy Priorities, the tax credit proposal is flawed: first...
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...Center on Budget and Policy Priorities will present new...emphasis on the child tax credit. A new Center analysis...Center on Budget and Policy Priorities, and Richard Kogan...Center on Budget and Policy Priorities communications office...
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- Statement of Robert Greenstein, Executive Director, Center on Budget and Policy...
- Newspaper article from: U.S. Newswire October 13, 2009 700+ words
...Spillane of Center on Budget and Policy Priorities, +1-202-408-1080...a new Center on Budget and Policy Priorities' analysis explains. (Read...income family who receives a tax credit to purchase coverage. (The...
- Statement of Robert Greenstein, Executive Director, Center on Budget and Policy...
- Newspaper article from: Managed Care Weekly Digest October 26, 2009 700+ words
...a new Center on Budget and Policy Priorities' analysis explains. (Read...income family who receives a tax credit to purchase coverage. (The...The Center on Budget and Policy Priorities is a nonprofit, nonpartisan...
- NAR Announces Federal Policy Priorities for 2004.
- Press release article from: Business Wire January 23, 2004 700+ words
...Washington this week to determine the association's top policy priorities for the second session of the 108th Congress. "Policies...affordable housing through the enactment of homeownership tax credit legislation, H.R. 839/S. 875; raise the conforming...
