More ways to screw the poor and starve the government. You know who has $1,700 in federal taxes to offset each year? Rich people. (Or people who fiddle with their W4 withholdings, but most of the...
More ways to screw the poor and starve the government. You know who has $1,700 in federal taxes to offset each year? Rich people. (Or people who fiddle with their W4 withholdings, but most of the people who know how to and are comfortable with managing their taxation strategy are not poor.) This also opens up huge problems regarding public funding of religious schools which has been a goal of the Right for some time now. Just another awful, awful thing.
It's also not a refundable tax credit, so while it reduces your liability it doesn't necessarily mean you get more back at the end of the year, especially if you are eligible for other credits,...
It's also not a refundable tax credit, so while it reduces your liability it doesn't necessarily mean you get more back at the end of the year, especially if you are eligible for other credits, which poor folks are already. Plus if the state gives you a credit, you don't get this one.
Yeah, it's not really going to do more than fund private schools.
Any weighing other than shouting "stop trying to kill public education you god damn Nazis" is too much. Tell the feds to pound sand, and just without the amount that they would be giving you back...
Any weighing other than shouting "stop trying to kill public education you god damn Nazis" is too much.
Tell the feds to pound sand, and just without the amount that they would be giving you back if you bend the knee. The money is all coming from the blue states anyhow.....
Blue states have long rejected school vouchers as bad for public schools and bad for taxpayers. Now the nation’s first federal program is making an offer that Democratic governors may find hard to refuse.
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If governors opt in to the program, tax dollars will go toward private school tuition for children in their states, something many Democrats are uncomfortable with. But if they say no, their states will lose out on a new bottomless bucket of federal cash that could help public school students, too.
Twenty-eight governors have said they will opt in, including all but one Republican (who remains undecided), according to tracking from EdWeek, a news organization that covers education. Two Democratic governors have said their states will participate, and four have said they won’t, but most have ducked the question, as pressure rises from all sides.
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These tax credits, including the new federal version, incentivize taxpayers to donate money to scholarship granting organizations, or SGOs, which then give money to students.
Starting in 2027, donations up to $1,700 to SGOs will qualify for a dollar-for-dollar tax credit. That means that as long as donors owe at least $1,700 in federal taxes, they will see their tax bill reduced by the amount of their donation. In essence, taxpayers are directing money they owe in taxes to these SGOs rather than to the government. The Joint Committee on Taxation estimated that the program will cost the federal government $25.9 billion over 10 years.
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The Treasury Department has said it anticipates that states would not be able to pick and choose which SGOs they want to allow — meaning that states that want to opt in to taxpayer-funded donations for public school students would have to allow private school scholarships, too — and vice versa.
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Undecided governors say they are waiting for the Treasury Department to issue rules detailing how the program will work. Those are expected by this summer.
More ways to screw the poor and starve the government. You know who has $1,700 in federal taxes to offset each year? Rich people. (Or people who fiddle with their W4 withholdings, but most of the people who know how to and are comfortable with managing their taxation strategy are not poor.) This also opens up huge problems regarding public funding of religious schools which has been a goal of the Right for some time now. Just another awful, awful thing.
It's also not a refundable tax credit, so while it reduces your liability it doesn't necessarily mean you get more back at the end of the year, especially if you are eligible for other credits, which poor folks are already. Plus if the state gives you a credit, you don't get this one.
Yeah, it's not really going to do more than fund private schools.
Any weighing other than shouting "stop trying to kill public education you god damn Nazis" is too much.
Tell the feds to pound sand, and just without the amount that they would be giving you back if you bend the knee. The money is all coming from the blue states anyhow.....
From the article:
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