Warren Buffet has a better idea. An appropriate increase in the EITC would put more money into the working poor's hands without the economic impact employers. That money would come out of tax revenue, so maybe we could not build quite as many warplanes.
Dave Camp has some more ideas on improving the tax code. These include streamlined educational tax credits, a larger standard deduction, and a larger child tax credit. He also would eliminate special interest tax advantages and a great many loopholes. Since he is writing in the WSJ, he has to float the canard that lower taxes would magically create jobs, but we can forgive him for that since many of the things he lists get bipartisan support.
Update: Obama's budget has an expanded EITC and child tax credit in it.
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