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:
“The theory [before the twentieth century] ... was that all the jobs in the world belonged by right to men, and that only men were by nature entitled to wages. If a woman earned money, outside domestic service, it was because some misfortune had deprived her of masculine protection.”
—Rheta Childe Dorr (1866–1948)
“Italy is such a delightful place to live in if you happen to be a man. There one may enjoy that exquisite luxury of Socialism—that true Socialism which is based not on equality of income or character, but on the equality of manners. In the democracy of the caffè or the street the great question of our life has been solved, and the brotherhood of man is a reality. But it is accomplished at the expense of the sisterhood of women.”
—E.M. (Edward Morgan)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“Most of the money given by rich people in “charity” is made up of conscience money, “ransom,” political bribery, and bids for titles.... One buys moral credit by signing a cheque, which is easier than turning a prayer wheel.”
—George Bernard Shaw (1856–1950)