Earned Income Tax Credit

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  • The Earned Income Tax Credit

    958 Words  | 4 Pages

    The Earned Income Tax Credit (EITC) is a federal program that provides low to moderate-income workers, including many who are poor, with extra income through tax refunds. It also encourages low-income parents to go to work by lowering their tax rate and providing a financial bonus for their work effort. Congress originally approved the tax credit in 1975 partly to help offset the burden of social security taxes for families and to provide an incentive to work. When the credit exceeds the amount

  • Earned Income Tax Credit

    1560 Words  | 7 Pages

    Earned income tax credit: Who can file: EITC Income Limits, Maximum Credit Amounts and Tax Law Updates |   | Here are the 2010 tax year income limits, maximum EITC amount and the EITC-related tax law changes. You can also access the information for: * Preview of 2011 Tax Year * 2009 Tax Year  * 2008 Tax Year * 2007 Tax YearReturn to EITC Home Page2010 Tax YearEarned Income and adjusted gross income (AGI) must each be less than: * $43,352 ($48,362 married filing jointly) with three

  • Earned Income Tax Credit Evaluation Essay

    4039 Words  | 17 Pages

    Earned Income Tax Credit Evaluation Meyer (2010) states that since the birth of the EITC in 1975 it has grown dramatically in size and is now the largest antipoverty program for the non-aged in the United States. Meyer (2010) continues that “in 2007, 25 million families received EITC payments totaling $49.7 billion.” Meyer (2010) avers that “as a result, the EITC lifted at least 4.0 million individuals above the poverty line.” Meyer (2010) further continues to explain that “in addition to directly

  • The Earned Income Tax Credit (EITC) is a program that was set in place, in 1975, to improve “the

    2100 Words  | 9 Pages

    The Earned Income Tax Credit (EITC) is a program that was set in place, in 1975, to improve “the economic status of low-income persons […] granting nearly $40 billion to low-income households” (Borjas, 59). As is clear from the name of the program, The EITC is a program that provides tax credits to those who qualify, the EITC could even produce a negative tax liability for some households, in particular the type I will discuss, which would provide substantial income increases for these households

  • The And Effect Of The Earned Income Tax Credit

    1731 Words  | 7 Pages

    Introduction This report examines the provisions, purpose, and impact of the Earned Income Tax Credit (EITC). It will consider both positive and negative arguments for the program, and review suggested alternatives. Finally, it will give supporting evidence as to why the EITC is a flawed, yet overall beneficial program for the nation’s war against poverty. As one of the most heavily debated tax issues since the 90s, the EITC is an important anti-poverty program that requires attention and understanding

  • Earned Tax Credit (EITC) Means To Low-Income Families

    471 Words  | 2 Pages

    Halpern-Meekin, S. (2015). “Dignity and Dreams What the Earned Income Tax Credit (EITC) Means to Low-Income Families.” I will be comparing to Eissa, Nada and Jeffrey B. Liebman. 1996’s article “Labor Supply Response to the Earned Income Tax Credit.” In the article Sykes, J., Križ, K., Edin, K., & Halpern-Meekin, S. (2015). “Dignity and Dreams What the Earned Income Tax Credit (EITC) Means to Low-Income Families.” explore what meanings these low-income workers ascribed to this money and how these meanings

  • Effects Of The Michigan Earned Income Tax Credit On The Economy And Working Families

    2317 Words  | 10 Pages

    of the Michigan Earned Income Tax Credit on The Economy and Working Families Shereca Gordon Social Welfare and Social Justice Professor: Linda Werthman, R.S.M., PH.D., LMSW December 1, 2014   Michigan EITC 2 Abstract The state of Michigan’s Earned Income Tax Credit is a good anti-poverty mechanism for low and moderate income working families. The Michigan credit was an effective technique for achieving a reduction of the poverty rate in 2011. The Michigan Earned Income Tax Credit targets a certain

  • Self Employment Income On Your Annual Income Tax

    1615 Words  | 7 Pages

    It can be to your advantage to claim your Self-Employment income on your annual Income Tax Return than popularly believed. Claiming an Earned income may be favorable to you and your family. If your only job is your personal business, claiming the income on your tax return can compensate your family now plus in the future. Filing properly can even assist someone else by creating a paper trail for their claimed deduction. Your future retirement or even Social Security disability benefits are influenced

  • The Income Tax Credit ( Eitc ) Is A Better Policy For Lifting Households Out Of Poverty

    1952 Words  | 8 Pages

    the Earned Income Tax Credit (EITC) is a better policy for lifting households out of poverty than an increase in the current minimum wage. The EITC, Earned Income Tax Credit, is a benefit for working people who have low to moderate income. A tax credit means more money in your pocket. It reduces the amount of taxes you owe and may also give you a refund (“EITC, Earned Income Tax Credit, Questions and Answers.”). In other words, the purpose of the EITC is to lift households which are low income out

  • Arguments For Raising Minimum Wage

    1162 Words  | 5 Pages

    Many people experience working minimum wage jobs. Even I have undergone working the tedious, hard working jobs in which I felt the work and responsibility did not reflect my pay: $7.25. Me, as a teenager, thought it was hard to manage on the $7.25 minimum wage, but imagine someone who is working full time and supporting a family on minimum wage--it seems impossible. In The New York Times article, “The Case for a Higher Minimum Wage,” The Editorial Board argues that the federal minimum wage of $7