Sen. Martha McSally has pitched a new bill that would give Americans a hefty financial incentive to take a vacation and revive the tourism industry that's been hard-hit by the coronavirus pandemic.
The Arizona Republican introduced the American TRIP Act Monday that would give each American a $4,000 tax credit to take a trip. The vacation credit, retroactive to Jan. 1, would increase to $8,000 for joint tax filers, plus an additional $500 for dependent children.
The travel has to be taken in the U.S.
$9,500 for a family of 5 to vacation in the U.S. !!??!!??!! That's a fortune! Stay at the Hiltons instead of the Quality Inns, folks!
A tax credit directly reduces the amount of money Americans owe to the IRS. So under the legislation, if an individual tax filer owes $15,000, for example, to the federal government in taxes next year and the person had spent $4,000 on a qualified trip, then the tax bill is reduced to $11,000.
Wonder if this'll get off the ground? It's definitely a way to pump big $$$ back into the travel/tourism industry. People gotta have the time & ability to be able to take vacations though.
Grace & Peace & Love to you all -
Matt