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June 02, 2003
Someone Else's Money
Someone correct me if I'm wrong, but isn't it a fact that families in the $10K-$26K tax bracket don't pay income taxes? And therefore the inclusion of these families in the increased child care credit "check's in the mail" thingy would mean that they would actually be getting someone else's money? Or am I missing something here?
"Reverse Robin Hood" my ass.
UPDATE: Looks like I'm right.
In actuallity [sic], the $380 billion version of the tax cut bill passed by the House included $30 billion in 'tax credits' to be given to families, most of whom had paid no income tax. The $350 billion Senate-approved version of the bill had excluded those income redistribution provisions.
And our local Senator is trying to get that changed by introducing a bill reinstating the excluded tax credits....reminding me once again why I didn't vote for her.
Senator Lincoln said that the package only provides child tax credits for wealthier Americans.
Senator Lincoln did not mention that families with adjusted gross incomes above $110,000 are not eligible for the child tax credits.
Just a slight oversight on her part, I'm sure.
Posted by Rita at June 2, 2003 07:09 AM
Comments
A "tax cut" resulting in checks being sent to people who didn't pay any tax. What a country!!
Posted by: Jim at June 2, 2003 09:59 AM