The income tax considerations per person were originally enacted to provide some tax relief for lower income earners; we cant get blood from stones.
Unfortunately the consideration is a per capita amount of deduction from taxable income rather than a credit applied to the income tax itself.
Due to income taxs progressive rates, the current per capita considerations grant exceedingly greater the amounts of benefits to wealthier taxpayers. Middle income earners derive much lesser benefits and the lowest income taxpayers derive little or no benefits from the per-capita tax consideration.
Im a populist that advocates the deduction should be a tax credit rather than a deduction from taxable income. The amount of per-capita tax credit should be revenue neutral to our current regulations and that amount should be annually cost of living adjusted.
This revenue neutral tax modification grants greater tax relief to lower income tax payers without increasing our tax rates.
Respectfully, Supposn
Unfortunately the consideration is a per capita amount of deduction from taxable income rather than a credit applied to the income tax itself.
Due to income taxs progressive rates, the current per capita considerations grant exceedingly greater the amounts of benefits to wealthier taxpayers. Middle income earners derive much lesser benefits and the lowest income taxpayers derive little or no benefits from the per-capita tax consideration.
Im a populist that advocates the deduction should be a tax credit rather than a deduction from taxable income. The amount of per-capita tax credit should be revenue neutral to our current regulations and that amount should be annually cost of living adjusted.
This revenue neutral tax modification grants greater tax relief to lower income tax payers without increasing our tax rates.
Respectfully, Supposn