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Taxes

“In 1950 median-income couples with two kids sent Washington two cents for every dollar of income. Now, it’s 25 cents. If the federal tax exemption that taxpayers receive for each child had been adjusted for both inflation and real growth in income since 1948, it would have risen to $8,652 in 1993, instead of the actual $2,350, and proposals for new tax credits would be unnecessary.”

California Unemployment Insurance Appeals Board member Louis W. Barnett, in the March 2 Orange County Register, World, April 1, 1995, p. 9