Proposed: Tax Credits for Helping Someone
The question is whether President-elect Barack Obama should cut taxes on the wealthy. Raising taxes on anyone during a recession is said to be bad policy. That may be; but it does not necessarily follow that a simple tax reduction is the most prudent course.
One alternative would be to grant tax credits in exchange for helping someone take a small (or large) step upwards. Let’s say a charity connects the rich person to a person living in poverty. The rich person gets a tax credit for getting that poor person enrolled in a training program, another tax credit for getting him/her a place to live, and another for making sure s/he has enough to eat. As the rich say, no handouts: they can have their tax credits, but they need to earn them.
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Tags: charity, economy, Obama, poor, poverty, recession, rich, tax credits