President Obama’s new tax plan includes some sensible ideas. Unfortunately, it would mean increasing taxes on saving and investment, which are key drivers of economic growth, according to various experts. On balance, I believe the plan moves in the wrong direction.
The President’s proposal to boost the earned income tax credit for childless low-wage workers is a sensible step to strengthen the social safety net and encourage people to work. Expanding the credit, an idea also put forward by Ways and Means Committee Chairman Paul Ryan, R-Wisconsin, would draw childless adults into the labor force and give them income support.
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