Tax credits no substitute for state responsibility

 

March 27, 2024



Tax credits have long been popular, growing more so every year. Supporters push them to provide government backing for new initiatives or ongoing programs, steering money to worthy causes — some unworthy ones, too — bypassing actual appropriations by federal, state or municipal lawmakers.

With a tax credit, businesses or individuals can make donations to a program or invest in a project, such as housing, and reduce their taxes to the federal, state or municipal treasury.

Tax credits divert private money that otherwise would become public money when taxes are paid. Essentially, they are a subsi...



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