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Friday, May 7, 2021

Would a tax break for a terrorist attack help ease the cost of responding to one?

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One of the issues of greatest importance to the general public in recent years has been what should the government do to alleviate economic burdens caused by the attacks of terrorism. The natural counter-response has been to give more money to help those suffering from the consequences of the tragedy.

As a former Vice President of the United States, Joe Biden is in a unique position to provide recommendations about tax policies that would relieve some of the burdens of responding to terror.

In 2014, Biden supported raising the federal minimum wage and creating a new tax credit that would be refundable to help those with low or middle incomes. He also wants to broaden the base of the federal income tax to include more individuals and joint filers, make small business and dividend taxes fairer, and also lower corporate income taxes.

If there were to be a major terrorist attack, which was Biden’s point, a middle class income tax cut or a tax credit for relief from income taxes would help ease the costs of an evacuation and the costs of physical defense.

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