It’s Fix the Tax Code Friday!
On many of the taxgirl.com threads about the possibility of a second economic stimulus package, there have been discussions about age – and whether a second package should benefit the young or old more. The undercurrent of age has also rippled through online discussions about child care credits, retirement plan benefits – and even who should pay most as a result of budget cuts in cities like Philadelphia.
This made me wonder: should taxes be age neutral? Or does it make sense to sway towards the young or old when it comes to exemptions and deductions? Some folks cried foul that the child credit for purposes of the rebate only applied to those under the age of 17 – even if those who were older would otherwise qualify as dependents. Others feel that retirees shouldn’t get a break based on age, that income should control your tax burden.
So today’s Fix the Tax Code Friday question is:
Should age matter when it comes to paying – or not paying – taxes?
If you think it shouldn’t, why not? If you think it should, who should get a break: younger taxpayers or older taxpayers? Should there be an age limit on dependents? Sound off!
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