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|Subject: Earned income tax credit & Repubs||Date: 10/3/2012 11:08 AM|
|Author: WendyBG||Number: 1820490 of 2140705|
An acquaintance, a 30-something single mother of two who works as a receptionist in a doctor's office, told me last week that she is hanging on till tax time.
I asked her why (since from my perspective tax time means paying money to the government).
She answered that the government sends her money at tax time. The earned income tax credit is a major part of her annual income.
If the Republicans (such as Paul Ryan) are incensed that 47% of Americans don't pay taxes, they must go ballistic over the earned income tax credit.
Will the Republicans try to repeal the earned income tax credit if they win the election?
That would withdraw a crucial support from the working poor. The widening income gap between rich and poor would increase even more.
Importantly, the poor spend this money on necessities, increasing the velocity of money in the economy. Repeal of the earned income tax credit would slow the economy, which is just above stall speed.
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