Wednesday, January 27, 2010
Pass the Senate Bill
Here is my argument in today's Raleigh, (NC) News and Observer. I have also signed a letter calling for this, which also shows that I support the Senate using reconciliation to clean up the Medicaid deals that are in the Senate bill.
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You confuse taxable income and tax credits as being equal. Unless your marginal tax rate is 100%, an increase of $7,200 in taxable income and a tax credit of $5,700 does not leave you with a tax due bill of $1,500 as you state. If you were to pay at the marginal rate of 25% then ($7,200 x 25% = $1,800 due in taxes) you would still have additional tax credit dolaar available. Seems to me you misrepresent the PCA proposal.
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