Thursday, July 2, 2020

Larry Kudlow Endorses Plan to Give $4,000 in Tax Credits for People Who Go On Vacation

Larry Kudlow
U.S. Senator Martha McSally (R-AZ) has introduced legislation, called the American TRIP Act, that would provide tax credits to Americans who spend money on lodging, entertainment, and other expenses related to travel in the United States and its territories.

Additionally, the bill provides funding for Destination Marketing Organizations to promote the travel and tourism industry across the nation.

The American TRIP Act provides a $4,000 travel credit for individuals, and $8,000 for joint filers (plus an additional $500 credit for dependent children), for 2020, 2021, and 2022. 
This credit applies to all travel within the United States and its territories, so long as the travel and expenses and final destination is 50 miles from the principal residence of the filer(s).

On Fox's  "Mornings with Maria," top Trump adviser Larry Kudlow endorsed the plan
I am all for tax cuts but two things:

1. This is micromanaging the economy in favor of the travel industry, what needs to be done is the unsupported by science lockdowns need to be taken off.

2. Broad-based tax credits like these are but government spending must be cut to match the tax credits. Otherwise, the taxes will be taken out of the hides of Americans in some other way.


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