“Everything in the State, nothing outside the State…” -Benito Mussolini
Notice that it’s a tax CREDIT not a cut. This is a classic crony political move. The political class wants to hand out some more of the taxpayer’s money. This empowers the crony political class. Leaving people and the economy alone does not further the careers or the goals of those within the political class. Why just let the money people earn stay in the private sector where government can’t get its cut?
(From Fox News)
The Atlantic, which first reported on Harris’ plan, estimated it would cost approximately $200 billion a year, while Politico reported that it would be financed by repealing the parts of the Trump tax cuts that benefit those earning more than $100,000, as well as a new bank tax on institutions with more than $50 million in assets.