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Wednesday, March 5, 2014

Obama Budget Includes GOP Favorite - Working Poor Tax Credits. The GOP's Response?


"Your move, Republicans. That was essentially President Barack Obama's message today with his proposal to expand the earned income tax credit, a wage supplement for low-income workers. Conservative economists have long been pushing for an expanded credit, arguing it is a better way of lifting personal income than raising the minimum wage. They are right -- and now congressional Republicans have an opportunity to show they agree." The Editors.

Obama to GOP: You're right. Let's expand the earned income tax credit. "Republicans, eager to shake off their royalist image, have insisted that they share the goal of raising wages for low-income workers, but merely object to the chosen method. The much better way to go about it, they insisted, was to increase the Earned Income Tax Credit, a wage subsidy for low-income workers. So now Obama is saying, okay, let's do that, then. The administration's budget proposes a major new expansion of the credit....So now that Obama is agreeing to do what conservatives have been begging, Congress will quickly whisk this plan to the president's desk, right? Ha, ha -- of course not." 
Jonathan Chait in New York Magazine.



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