Older Workers
The Earned Income Tax Credit (EITC) – a refundable credit that rises with earnings up to a point before phasing out – is one of the federal government’s largest poverty reduction programs. The EITC’s design – which yields no benefit to non-workers – has been found to encourage employment among lower-income individuals. This rare combination…
With a positive side effect for older households. Hope springs eternal. Every time a tax cut is proposed, the promise is made: the increased economic growth will eventually result in more, not less, government revenue. For example, in 2017 we had Treasury Secretary Mnuchin exclaiming that the “Tax Cuts and Jobs Act (TCJA)” would “pay…
