An editorial viewpoint from the Detroit Free Press:
"Lawmakers need to push back against Gov. Rick Snyder's plan to end the Michigan Earned Income Tax Credit. Tax credits for low-income workers not only give people an incentive to work but also circulate quickly through the economy because they put money into the hands of people who need to spend it immediately.
On average, the credit yields $432 a year for more than 700,000 working families and individuals. The state credit is set at 20% of the amount that the federal government formula allots for its Earned Income Tax Credit...The flat-rate income tax is embedded in the state Constitution, and voters last fall rejected an opportunity to rewrite it. Without constitutional change, the Earned Income Tax Credit may be the only tool to protect and encourage workers with the most meager incomes."
www.freep.com/article/20110308/OPINION01/103080317/0/SPORTS02/Editorial-Axing-Earned-Income-Tax-Credit-would-hurt-poor-state?odyssey=nav|head
Posts
No comments:
Post a Comment