The argument that we have heard from Republicans, from the Speaker, and others that, ``Oh, you shouldn't give the tax credit to these people who don't pay any taxes,'' they forget to say income taxes or capital gains taxes, that is true. Very few of these people making 23 and $24,000 a year are paying capital gains taxes. They are paying the Social Security taxes in the most aggressive way; that is the group of people who are getting hurt by this.
Discussing tax credits and their impact on low-income earners.
Share
More from Barney Frank
We should have made it much higher, $125 billion or more, and we should have indexed it.
For example, there are key differences in product characteristics between payday, car title, and other high-cost secured loans and more traditional closed-end unsecured lending and related products, and the products are often regulated…
I urge staff to pay close attention to the differences in products offered by nonbank institutions and to be mindful of Congress's intent in financial reform that State consumer protection laws be preserved to the extent possible.
It was a great mistake to push lower income people into housing they couldn't afford and couldn't really handle once they had it.
Other voices in this conversation
