Tag: EITC
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…
Making the change permanent would improve the return to work for older workers. Among many other things, the $1.9 trillion American Rescue Plan Act increased eligibility and the amount of the earned income tax credit (EITC) for taxpayers with no qualifying children for 2021. In particular, the legislation lowered the minimum age to claim t…
