Uploaded on Sep 14, 2011
Hi, I'm Ed Stronski in Liverpool, NY
Because of my experience preparing tax returns I cringe whenever I hear
a politician refer to fair taxes. No one seems to understand it's not just that
50% are non-taxpayers, they are also the primary recipients of refundable
credits like the $50 billion a year of Earned Income Credit.
You see, an individual who made $16,000 last year paid $268 of tax. If
you claimed 2 children with that same income you paid zero tax and got
a so called refund of $7386 from these credits. Oh yeah, states like NY
match about a third of the big credits. And all these cash handouts aren't
taken into account as income when things like food stamp eligibility is determined. Do you think most American taxpayers know this? These credits have increased by a factor of 10 since their inception. Can you say that the
primary function of the IRS hasn't become redistribution of wealth?
State what you know and what you think.
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