Tuesday, October 21, 2008
Sorry, guys, it's too late to cry "socialism".
See, his plan is based upon the same idea as the Earned Income Tax Credit, a hugely popular tax credit for people who earn low wages and have children. The EITC is a refundable tax credit - meaning, even if you pay no income tax, you can get money back from the IRS if you can claim the EITC.
And Obama's plan is based upon similar principles. Yes, it includes refundable tax credits, just like the EITC, which means that some people who pay no income tax will get money back from the IRS.
Now, anyone who cried "socialism!" for the popular EITC has a right to cry "socialism!" now. Anyone else? Well, sorry, it's too late. You kept quiet when it was politically convenient to keep quiet, so you lost your chance to make a noise when noisemaking became convenient. Hey, don't blame me; I'm just the messenger.