Tag: Earned Income Tax Credit
Single mothers receive three-fourths of the tax refunds the IRS pays out every year through the Earned Income Tax Credit (EITC) for low-income workers. The EITC’s big plus is that it’s fully refundable. In contrast to nonrefundable tax credits that reduce the taxes a worker already owes, the EITC gives refunds even if they don’t…
The Savers Tax Credit sounds great on paper. Low-income people get a federal tax credit for saving money for retirement. But this part of the tax code always seems to disappoint. The House recently overwhelmingly passed a bill, the Secure Act 2.0, that – along with numerous other retirement provisions – makes the savers credit…
