Fix the Tax Code Friday: Extending The Making Work Pay Credit
Although the Bush tax cuts are making the most news these days (a logical focus considering the size and scope of the cuts), Congress is considering a number of other tax-related proposals. Among the concerns is what to do about the Making Work Pay Credit. The credit was only made law for two years (2009 and 2010) and looks likely to not be extended through 2011. This, of course, brings us to today’s Fix the Tax Code Friday question:
Should Congress extend the Making Work Pay Credit? And if so, for how long? One year? Five years? Ten years? Permanently?
Kelly,
Let the MWPC expire. The deficit is too big to keep giving money away.
No it should not be extended. Keep extending temporary measures damages credibility.
Yes, let this confusing credit quietly expire! There is nothing this credit can accomplish that cannot be done easier and more clearly with changes to the underlying tax rates. And, right about now, we cannot afford to keep stimulating the economy with broad tax cuts. Targeted infrastructire spending, yes; targeted small business breaks, yes; throwing money out the window and hoping it lands somewhere useful, no.
That credit is the stupidest one that has come along in quite a while. Have there been any other “credits” that actually make some people owe at the end of the year because as a direct result of the credit they’ve been under withheld? None that I can remember.