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Originally Posted by Neal Stevens
Except this part, it's stupid to give tax rebates to people who don't even pay taxes
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The tax credit is likely to be offered only to those below a certain income level, but the Obama team hasn't specified where the cut-off point would be. The credit also would be refundable, meaning that even tax filers without any tax liability -- typically very low-income workers -- would receive one.
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It's actually a great idea. Incentivises people to work harder, now that pay rises will not be taxed as severely.
Also, anything that puts more money in the pockets of those on low incomes will help th'economy. They're much more likely to spend increases in wealth, instead of saving. Obviously both spending ans saving is required, but the economy needs to speed up.
A tad Keynesian of me, but it's
en vogue