posted on Apr, 14 2014 @ 02:56 PM
We already have something close to that - Earned Income Tax Credit and Additional Child Tax Credit. Both are refundable credits, which means the
federal government will give you way more money than you had withheld. Now you do have to have some earned income - the credit maximizes at the
amount (federal hourly minimum wage) x (2080 hours).
Tax Year 2013 maximum credit: (from the IRS.gov site - 2013 information)
$6,044 with three or more qualifying children
$5,372 with two qualifying children
$3,250 with one qualifying child
$487 with no qualifying children
Additional Child Tax Credit is up to $1,000 per child, dependent on income for refundable portion.
EITC is one of, if not THE, biggest source of income tax fraud in the nation.
I prepared taxes for 10 years, most of that time near San Bernardino, CA. I can tell you that by the time mid-February came around, I was ready to
slap the next person who sat at my desk looking at a $6-7k refund (tax giveaway) and whined "Is that ALL?".