The purpose of a tax credit is to reduce taxes paid to the IRS because that money was spent elsewhere. Most credits reduce a tax burden until there’s nothing left: Nothing owed, nothing gained.
But the EIC is a refundable credit. Meaning, it is possible for the credit to produce a refund of tax money never paid, or a refund of someone else’s money.
In short… an Unearned Income Credit.
Not only that, but with Advance EIC Payments, a recipient can receive a refund of someone else’s money before ever filing a return of their own.
The EIC never provides enough to make a real difference in anyone’s life. And was never meant to. The EIC first must establish the claim that some are entitled to live off of others. And then when the amount proves to be insufficient, expand the claim.
Why rob Peter to pay Paul when bureaucratic hoods will do it for you? (and do it legally.)
“The problem with socialism is that eventually you run out of other people’s money.” Maggie Thatcher
The goal of the EIC is equality: Unearned equality. But even if the EIC simply reduced taxes owed and did not generate an actual Treasury check, the EIC still takes money from those who made it and gives it to those who did not.
…as if life’s problems can be solved with money. Money doesn’t even solve money problems. So, why palm the Queen if it won’t fill a low straight?
Re-shuffling the income deck doesn’t create equal hands. A stolen dollar produces two things: Deeper resentment in the victim and greater laziness in the thief. “We’re all for one” …is a catchy tune for a hippie commune.
There is nothing wrong with not having it all. Greed and envy are destructive… self-destructive. What is gained by antagonizing those who have more?
“The rich and poor meet together: the Lord is the maker of them all.” King Solomon
Someday soon, we must settle our own inequality before the law. Not of condition, but of our treatment by the law. By what right does the tax code claim more from one than another? If confiscation is theft, then the confiscation from one to be given to another is also theft. Whether by law or outlaw.
“Style…” yeah, you’ve either got or you haven’t got it. And Robin had style. With his merry band, he returned the rightful income, stolen by Prince John and his hoods, to the over-taxed poor of Nottingham.
Had he called the loot Advance EIC Refunds, he might not have been called an outlaw.
No Taxation without Preparation H
Why tax income at all? We should tax things we don’t want. Like hemorrhoids.
That’s right. No beer pong tourneys. No wet T-shirt contests. And no naked runs on the quad. Well, that we know of.