In the midst of a searching, detailed criticism of President Obama’s economic policies that is worth reading on its own, the Wall Street Journal mentions one policy change that could be the most dangerous of them all:
New and expanded refundable tax credits would raise the fraction of taxpayers paying no income taxes to almost 50% from 38%. This is potentially the most pernicious feature of the president’s budget, because it would cement a permanent voting majority with no stake in controlling the cost of general government.
What would be wrong with the majority in a democracy paying no taxes?
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