I agree with you when it comes to "refundable" tax credits.  But, very few tax credits are refundable - most of them can't reduce your taxable income below zero.  It is too early to tell whether Obama's plan will include refundable tax credits, but I wouldn't necessarily be opposed to that if they were temporary during this economic crisis.  I think you are right, it is a form of welfare, but that seems to be appropriate right now.  I think Slade is right, getting the money in the hands of people who need it and will spend it is the right move right now.

Best,
Robert A. Franco
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