This is actually a case where major media's general policy illiteracy and indifference comes through. Refundable child tax credits started as D policy a generation ago. Continues to be. Some Rs have supported. But Rs repeatedly oppose. Some understanding of this history helps. https://t.co/vqs3TV9zhT
— Josh Marshall (@joshtpm) August 17, 2024
Trump's tax proposal was going to allow doctors and stock brokers and people who don't draw a salary, to declare their income as tips and so evade taxes. Harris' proposal eliminates that loophole, though unless it is also refundable (as the term is used above, anyway), it hardly matters.3/ these policies help most is with families who don't have a lot of money. The GOP versions generally are just extra tax deductions for families making a nice living already. The "refundable" part means you actually get money back even if you're paying little or no income...
— Josh Marshall (@joshtpm) August 17, 2024
When I had a 10% mortgage, I took the mortgage deduction. But then the personal deduction changed, and my next house had a lower mortgage (but a larger house payment), and I couldn't deduct my mortgage. Or much of anything. Not that it hurt me; it all came out pretty much the same, in the end. But the idea that home ownership nets you a big tax break was abandoned decades ago. Something else I'm pretty sure Trump is not even vaguely aware of.
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