Pretty much, although the 20k would get added to your taxable income so a high earner would have to pay a signification portion of it back in taxes.
“Pretty much, although the 20k would get added to your taxable income so a high earner would have to pay a signification portion of it back in taxes.”
Then why bother? What’s the point of handing out $20K only to be handed back much of it?
Actually, I doubt it increases the taxes of a high earner at all. The tax difference between $200K and $220K is probably not much. $40K to $60K would be more noticeable.