So ghastly – and politically grotesque – are the outcomes of this tax hike that it’s reasonable to give Congress the benefit of the doubt and assume it will fix the mistake. To put a stop to that scheme, Congress passed a law requiring children to pay taxes on their “unearned income” as the same rate that applied to their parent’s income. According to the Times, higher education leaders are imploring Congress to fix these “unintended consequences” as quickly as possible. Congress can get on the stick and fix what it claims was a mistake. Or it can defend a regressive tax provision that punishes youngsters and rewards the wealthy.

Source: Forbes May 17, 2019 22:18 UTC