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TAX CUTS….Matt Yglesias on the stimulus bill:

It strikes me as indefensible that a stimulus package featuring hundreds of billions of dollars of tax cuts doesn’t include any FICA provisions. Payroll tax cuts wouldn’t be my first choice of stimulus measures, but there’s a strong case for including some tax-side measures in the package and they’d probably be my first choice of tax cuts to include.

Agreed, but isn’t the $500/$1000 refundable tax credit in the current package essentially the same thing? Technically it’s a credit against income tax, but in practice, since it’s refundable, it’s a flat tax rebate for everyone who’s employed, which makes it roughly the same as a temporary payroll tax cut. The only real difference is that a flat tax credit is relatively more generous to the working poor than a payroll tax cut — which is a good thing — and internally it gets charged to the general fund rather than the Social Security trust fund — which doesn’t matter one way or the other. What’s not to like?

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And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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