earned income tax credit
House Republicans voted last week to end the earned income tax credit as part of a $1.2 billion road-funding plan, saving at least $115 million a year.
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“This is an exercise in needs and wants,” said the creator of the package.
Most bills were approved primarily along party lines Wednesday in the Republican-controlled House.
The bills have been criticized because they would eliminate the Earned Income Tax Credit for low-income working families.
Backers say the overall package would eventually generate at least $1 billion a year for funding the roads.
Geared primarily towards low-to-middle income, working individuals and families, the Earned Income Tax Credit (EITC) is a federal benefit able to provide relief to those who meet specific criteria, by reducing the amount of tax owed and by increasing the amount of tax monies refunded, as determined after filing. Both single and married people can benefit from EITC, regardless of whether or not they have children or other dependents.
Don’t miss out on some valuable tax credits and deductions. Here are a few of the most commonly missed credits, which could end up saving you a bundle.
Mitt Romney, if you want to talk about mooches and freeloaders that take advantage of the system then grow a spine and show America your tax returns. Let’s see what you really pay as a percentage. Let’s see what deductions you take. Let’s see how addicted to federal benefits you are.
The recently released tape of Romney speaking to donors at a closed door fundraiser has exposed Mitt Romney to, in fact, be the person Democrats have portrayed him to be: a rich, out of touch, arrogant man that has no respect or connection to the American middle class and absolutely no interest in making the American middle class stronger.
A new study says Michigan is among just a handful of states raising taxes on low-income working families to finance tax cuts for other groups.