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Originally Posted by nation-x
So let me get this straight now... $76 Billion (by your math) isn't shit... but somehow Earned Income Credit which cost literally about half that amount would be substantial...
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According to the IRS, IEC is a little over $60 billion, nearly equal to ALL of the tax credits and special deductions that the biggest corporations take all put together.
So yes, DOUBLING taxes on large corporations would be roughly equal to just IEC alone (for example). About $10 billion of IEC is fraudulent, people who don't actually qualify. Therefore, a "significant" tax increase on the largest corporations, say
15% ($30 billion) isn't going to come close to solving a $1,000 billion deficit.
We're in deep shit, all of us, and to get all of us out of this hole will require we all deal with some stuff we're not going to like. Getting mad at a few successful people isn't going to help.
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Here is an inconvenient fact for conservatives... Gerald Ford actually introduced the IETC and Reagan expanded it in 1986. So don't give me that "lefties" bullshit.
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Your point? That republicans came up with smarter welfare programs than democrats do? I didn't say EIC should be eliminated. I said that to solve a huge problem you have to look at the big programs, not focus for months on some $500 million credit that affects only a few people. You can't solve a 99% problem with a 1% solution is all.