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- Introduced by Rep. Joseph Haveman (R) on September 29, 2009, to eliminate an increase in the earned income tax credit authorized in 2006, which under current statute will have gone from 10 percent to 20 percent of the federal EITC for the 2009 tax year. The EITC is a refundable credit (or “reverse income tax”) for low income workers. It is estimated last year that the increase will cause $293 million to be distributed to low income working families in Fiscal Year 2009-10 vs. and $132 million the previous year.
- Referred to the House Tax Policy Committee on September 29, 2009.
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1) Re: 2009 House Bill 5480 (Eliminate EITC increase ) by Minnie on October 5, 2009With the Michigan budget in the deplorable condition it's in right now, eliminating large increases in welfare (which is what the EITC is) would seem to be an excellent idea. Paraphrasing Senator Dirkson, "A hundred-million dollars here, a hundred million dollars there...." He said "A million dollars," and HE was talking about the federal budget; most state budgets aren't quite so flush (plus states can't print money!). My congratulations to Rep. Haveman.
Now, shouldn't we take another look at that $100,000,000 refundable tax credit for a joint venture to build solar panels in Michigan? Is that really a project that will pay for itself, even in the long run?
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Introduced in the House on September 29, 2009
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