❌ HB140
Authorize the refundable thriving families tax credit
Summary
The bill authorizes a refundable thriving families tax credit for individual taxpayers with dependents who are minor children, specifically targeting those with a household income not exceeding $85,000. The credit amount is $1,000 for each qualifying child under six years old and $500 for other qualifying children, with reductions based on income exceeding $65,000. Taxpayers must provide necessary information to claim the credit, and any excess credit will be refunded in monthly payments.
Rationale
The bill introduces a government tax credit aimed at specific income groups, which conflicts with Libertarian principles of minimal government intervention and taxation. It also establishes income thresholds that could be seen as government overreach into personal financial decisions.
Risks and Concerns
- Increased government dependency on tax credits
- Potential for misuse of taxpayer funds
- Encouragement of income-based discrimination