“Fully Refundable” get a new meaning:

WASHINGTON (CNN)—President Bush on Friday proposed a temporary, broad-based tax relief package aimed at spurring the nation’s slowing economy.

Right now, President Bush is said to want an income tax rebate that would be generated by eliminating the 10 percent tax bracket, which applies to roughly the first $8,000 of income for single filers and the first $16,000 of income for married couples filing jointly.

Democrats could get on board with an income tax rebate if it’s fully refundable, meaning that everyone with earned income would get the full rebate, even if they didn’t make enough money to owe income tax, said Furman.

This is just like the Earned Income Credit wealth redistrubution which already exists. If it’s not tax relief, why call it as such?

This irritates the heck out of me. Any family with as little as 250 acres risks losing their land after 2010 due to the inheritance tax relief disappearing coupled rising land values (which is worse than the AMT ever dreamed of being) and the Democrats want to expand welfare instead of providing honest tax relief.

Update:
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