Eliminating Income Taxes for Seniors Making Under $50,000
What he said: “I’ll make retirement more secure for America’s seniors by eliminating income taxes for any retiree making less than $50,000 per year.” —Speech on Nov. 7, 2007, in Bettendorf, Iowa
Why it’s a bad idea: Most seniors already pay no income taxes. That’s because they already get preferential treatment in the tax code. Plus, why are seniors more deserving of tax relief than struggling young families? The Tax Policy Center—run by the Brookings Institution and the Urban Institute—criticized the idea in a recent report, saying that because government spending on seniors is already set to balloon due to retiring baby boomers, “it seems inappropriate to target special income tax breaks to this group.”
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