Earned Income Tax Credit (US)
The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- and medium-income individuals and couples, primarily for those who have qualifying children. When the credit exceeds the amount of taxes owed, it results in a tax refund to those who qualify and claim the credit. That is, this credit is refundable. This tax credit is provided, in part, to offset the burden of social security taxes and to maintain an incentive to work.
Read more about Earned Income Tax Credit (US): Overview, Earned Income, Qualifying Children, Other Requirements, 2 Year Disallowance For 'reckless' EIC Claim, 10 Year Disallowance For Fraudulent Claim, EIC Table, 2010, Impact, Cost, Uncollected Tax Credits, Storefront "RALs" (Refund Anticipation Loans)
Famous quotes containing the words earned, income, tax and/or credit:
“I want you to consider this distinction as you go forward in life. Being male is not enough; being a man is a right to be earned and an honor to be cherished. I cannot tell you how to earn that right or deserve that honor. . . but I can tell you that the formation of your manhood must be a conscious act governed by the highest vision of the man you want to be.”
—Kent Nerburn (20th century)
“A sociosphere of contact, control, persuasion and dissuasion, of exhibitions of inhibitions in massive or homeopathic doses...: this is obscenity. All structures turned inside out and exhibited, all operations rendered visible. In America this goes all the way from the bewildering network of aerial telephone and electric wires ... to the concrete multiplication of all the bodily functions in the home, the litany of ingredients on the tiniest can of food, the exhibition of income or IQ.”
—Jean Baudrillard (b. 1929)
“But the tax collector, standing far off, would not even look up to heaven, but was beating his breast and saying, ‘God, be merciful to me, a sinner!’”
—Bible: New Testament, Luke 18:13.
““What are the characteristics of today’s world so that one may recognize it by them?” It pays pensions and borrows money: credit and monuments.”
—Franz Grillparzer (1791–1872)