I am author of the book 'Caring for Our Parents' and senior fellow at The Urban Institute, where I am affiliated with the Tax Policy Center and the Program on Retirement Policy. I also write a tax and budget policy blog, TaxVox, which you may read at Forbes.com or at http://taxvox.taxpolicycenter.org/ Before joining Urban, I was a senior correspondent in the Washington bureau of Business Week.
Payments to Alaska residents from the state’s Permanent Fund Dividend program are subject to federal income tax. In New York, the Tax Court ruled in 2015 that the refundable portion of New York state business tax credits should be treated as taxable income,Similarly, some versions of a universal basic income make those payments taxable.
Taxing child credits is not ideal. It would set a precedent for refundable tax credits that could trouble many advocates for government assistance programs. At the same time, it would result in a tax cut for very high-income households with children. Lawmakers also might want to distinguish credits as income for tax purposes from income used to determine eligibility for other government assistance such as Medicaid.
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