Topic: Earned Income Tax Credit
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Briefing
Who are the '47 percent'?
Half don't earn enough to pay federal income taxes; many pay other ways.
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Income tax refund: five tips for maximizing it
People are always looking for ways to get every dollar back they deserve at tax time. Fortunately, there are some smart moves you can make before April 17 to help maximize your income tax refund. Spending a few minutes now will save you time preparing your taxes and can help you get big savings. Here are five tips to get you started:
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Tax filing for the jobless: Five ways to trim your tax bill
Tax filing is never fun, especially for the unemployed, whose income plunged but who still owe taxes. The Internal Revenue Service tried to ease things a bit last year by not fully taxing the unemployment benefits. That offer has expired. Still, there are ways that the unemployed, and newly employed, can lower their taxes this tax-filing season. Here are five of them:
All Content
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'Fiscal cliff' deal: What will it mean for you?
Some aspects of the fiscal cliff deal are well-known – such as rising tax rates on the rich. But, actually, everyone will be paying more taxes. Here's a look at the deal's details.
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Tax VOX
Fiscal cliff could impact low-income families the mostThe fiscal cliff debate thus far leaves the most vulnerable families quite close to the edge, Maag writes.
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Opinion: Beyond the 'fiscal cliff,' America's kids need more – not less – government spending
As the 'fiscal cliff' approaches, John Boehner and other lawmakers should beware of another kind of deficit – the growing opportunity deficit for low-income US children, already present by the time they enter kindergarten. Government can help with universal childcare and preschool.
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Robert Reich
Obama's grand bargain: broaden the base or tax the rich?If Republicans won’t budge on raising tax rates but insist on broadening the base, Reich writes, Democrats should take aim at the biggest tax loophole of all for America’s wealthy: the preference for capital gains.
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Robert Reich
Obama's next economy: the danger of the fiscal cliffPresident Obama's reelection victory and the pending fiscal cliff give him an opportunity to recast the economic debate, Reich writes.
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Robert Reich
Election 2012: Three lessons for DemocratsReich offers three takeaways for Democrats as the 2012 presidential election comes to a close.
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Tax VOX
What is Mitt Romney’s tax plan?Howard Gleckman offers a breakdown of Republican presidential candidate Mitt Romney's proposed tax plan.
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Tax VOX
What is President Obama's tax plan?Gleckman offers a description of what President Barack Obama has pledged to do on tax policy if he is reelected president in November.
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Tax VOX
What happens if Congress goes over the fiscal cliff? Taxes rise.Americans could face an average tax hike of almost $3,500 in 2013 if Congress goes over the fiscal cliff, Gleckman writes. The looming fiscal cliff poses a major threat for the US economy.
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Tax VOX
Five ways to tax the 47 percentGleckman offers five suggestions for reducing the portion of Americans who do not pay federal income tax.
- Briefing
Who are the '47 percent'?
Half don't earn enough to pay federal income taxes; many pay other ways.
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Tax VOX
The 47 percent: a case studyGleckman profiles a single mom who likely owes no income tax thanks largely to the Earned Income Tax Credit and the Child Tax Credit.
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Decoder Wire
Mitt Romney video and the 47 percent: Who doesn't pay income taxes?In a video of a May fundraiser, Mitt Romney says his message can't connect with the 47 percent of Americans who don't pay income tax. Mostly, these people are poor or elderly.
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US incomes fall to 1989 levels. How did that happen?
A Census report signals that for much of America, the economic downturn has produced not one lost decade but two. But the data also show that federal safety-net programs helped keep people out of poverty.
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Robert Reich
The 'heart of our economic dilemma': getting American consumers to spend againThe middle class isn't spending because the values of their homes have plummeted, they've lost much of their savings, and their wages are dropping. Reich argues that Obama has a way to correct this, or at least not make it worse.
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Robert Reich
Ryan budget is reforming entitlement? No. Destroying it.Entitlement reform? Forget it. In an era of rampant economic insecurity, Ryan’s destruction of Medicaid, food stamps, social security, and other safety nets would cause American families even greater hardship.
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Tax VOX
New plan expands EITC benefits for families with childrenThe Earned Income Tax Credit (EITC) is getting an overhaul. The plan can be a huge boost to low-income single parent families, but carries a severe penalty if that parent gets married. A new plan in place of the EITC would address the problem while expanding the benefits.
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Tax VOX
Dueling tax bills: What each Senate proposal means for youSoon, the Senate will vote on the first of two competing efforts to temporarily extend tax cuts passed between 2001 and 2010. Neither the Democratic nor Republican measures will pass in the hyper-partisan Senate, but it is instructive to see how the measures stack up.
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More worries for the wealthy? Inheritance tax to jump unless Congress acts
The federal inheritance tax rate will jump to 55 percent in 2013 unless Congress acts. Republicans and Democrats disagree on the best plan. But a stalemate will result in higher inheritance taxes than either party wants.
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Tax VOX
How the government hinders the American Dream of upward mobilityWith a budget that encourages consumption rather than savings, the gap between the American Dream and reality will only widen, some at the Tax Policy Center fear. One solution: Rethink those tax subsidies that too often hinder mobility in the name of enhancing it.
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Tax VOX
Obamacare's 'tax' is mostly bark, not biteThe Affordable Care Act’s tax was the essential final piece of the Supreme Court’s decision to uphold the law’s constitutionality. But in reality, the tax itself is modest, at least to start. It will affect relatively few people be hard to enforce.
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Opinion: How to close the budget deficit without raising tax rates
Tax credits and deductions are projected to cost the US Treasury around $1.3 trillion this fiscal year. Meanwhile, the budget deficit is projected at $1.2 trillion. Without all those tax breaks, the deficit would turn into a surplus. Polls suggest Americans may be willing to see them go, too.
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Robert Reich
Mitt Romney's skewed praise of Bill ClintonMitt Romney has been praising Bill Clinton even as he heaps scorn on Obama, trying to associate himself with someone more popular and court the white male vote. It might backfire.
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Tax day horror story: taking your money ... and your identity
The IRS is making it a top priority to crack down on the burgeoning tax day scam of identity fraud. In 2011 the agency thwarted $1.4 billion in fraudulent refunds.
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Tax VOX
The federal government spends a lot more money than you think'Federal spending' figures are not reliable markers. In reality, the federal government spends about 30 percent more than it admits.
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