Download or read book The Earned Income Tax Credit and the Need to Synchronize Public Assistance Benefits written by Oren M. Levin-Waldman and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1993 President Clinton expanded the earned income tax credit (EITC), a refundable credit allowed to households with children aimed at reducing the tax burden of employment for the working poor. In this working paper, Levy Institute Research Associate Oren M. Levin-Waldman examines why the EITC was implemented, who its intended beneficiaries are, who benefits most from the program, and whether the program serves those most in need. Levin-Waldman concludes that the EITC, as it is currently structured, fails to meet its intended goals. If the program were restructured and its benefits synchronized with those of other existing programs, however, he feels that the EITC could serve as the core of a meaningful welfare reform program. Levin-Waldman presents a proposal for a restructuring of the EITC and existing welfare programs that would eliminate the disincentives to work present in the current system and would focus on the goals of a just welfare system.
Download or read book The Earned Income Tax Credit and the Need to Synchronize Public Assistance Benefits written by Oren M. Levin-Waldman and published by . This book was released on 1994 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Helping Working Families written by Saul D. Hoffman and published by W.E. Upjohn Institute. This book was released on 2003 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gives an overview of the EITC and makes recommendations for changes.
Download or read book The Earned Income Tax Credit Eitc written by Congressional Research Congressional Research Service and published by CreateSpace. This book was released on 2014-12-03 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Earned Income Tax Credit (EITC) is a refundable tax credit available to eligible workers earning relatively low wages. Because the credit is refundable, an EITC recipient need not owe taxes to receive the benefit. Eligibility for and the amount of the EITC are based on a variety of factors, including residence and taxpayer ID requirements, the presence of qualifying children, age requirements for childless recipients, and the recipient's investment income and earned income. Tax filers with income above certain thresholds-these thresholds are based on marital status and number of qualifying children-are ineligible for the credit. The EITC varies based on a recipient's earnings. Specifically, the EITC equals a fixed percentage (the "credit rate") of earned income until the credit amount reaches its maximum level. The EITC then remains at its maximum level over a subsequent range of earned income, between the "earned income amount" and the "phase-out amount threshold." Finally, the credit gradually decreases to zero at a fixed rate (the "phase-out rate") for each additional dollar of adjusted gross income (AGI) (or earnings, whichever is greater) above the phase-out amount threshold. The specific values of these EITC parameters (e.g., credit rate, earned income amount) vary depending on several factors, including the number of qualifying children a tax filer has and his or her marital status. For 2014, the maximum EITC for a tax filer without children is $496 per year. In contrast, the 2014 maximum EITC for a tax filer with one child is $3,305 per year; for two children, $5,460 per year; and for three or more children, $6,143 per year. The EITC is provided to individuals and families once a year, in a lump sum payment after individuals and families file their federal income tax return. The credit may be received in one of three ways: (1) a reduction in federal tax liability; (2) a refund from the Treasury if the tax filer has no income tax liability; or (3) a combination of a reduced federal tax liability and a refund. The amount of the credit a tax filer receives is based on the prior year's income, earnings, and family composition (marital status and number of qualifying children). That is, the EITC paid in 2015 will be based on factors from 2014. The EITC cannot be counted as income in determining eligibility for or the amount of any federally funded public benefit program. An EITC refund that is saved by a tax filer does not count against the resource limits of any federally funded public benefit program for 12 months after the refund is received. In 2012, a total of $64.1 billion was claimed by 27.8 million tax filers (19% of all tax filers), making the EITC the largest need-tested anti-poverty cash assistance program. In that year, 97% of all EITC dollars were claimed by families with children. However, there was considerable variation in the share of returns claiming the EITC by state, with a greater share filed in certain southern states compared to other regions of the country.
Download or read book The Intergenerational Transmission of Poverty and Public Assistance written by Nicardo S. McInnis and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the intergenerational effects of the Earned Income Tax Credit (EITC) on poverty and public assistance use. Using data from the PSID, we find that increased exposure to the EITC in childhood reduces the use of public assistance in adulthood (WIC and other public assistance) and reduces the likelihood of being in poverty (
Download or read book The Earned Income Tax Credit written by Lynn M. Olson and published by . This book was released on 1994 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Advanced Earned Income Tax Credit written by Michael Brostek and published by DIANE Publishing. This book was released on 2008-10 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Advance Earned Income Tax Credit (AEITC) allows individuals to receive a portion of the Earned Income Tax Credit (EITC) in their paychecks, instead of receiving all of it when filing their year-end tax return. Limited research has been conducted on the AEITC since it was last examined it in the early 1990s. This report determines: (1) how many individuals received the AEITC compared with the EITC in tax years 2002 through 2004, what actions, if any, have been taken to increase use, and the potential for increases in use in the future; (2) the extent of noncompliance, if any, associated with the AEITC; and (3) how well the IRS¿s procedures address the areas of noncompliance. Includes recommendations. Charts and tables.
Download or read book The Impact of the Expanded Earned Income Tax Credit on Work Incentives for Welfare Recipients in North Carolina written by Michael Leonard Walden and published by . This book was released on 1994 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Earned Income Credit written by Colin Dearborn Campbell and published by . This book was released on 1980 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: USA. Monograph commenting on taxation legislation (Tax Reduction Act of 1975), with particular reference to the Earned Income Credit (EIC) awarded to families having low income - studies also implications for welfare and the social security system. References.
Download or read book Earned Income Tax Credit written by United States. Congress. Senate. Committee on Governmental Affairs and published by . This book was released on 1996 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Earned Income Tax Credit written by United States. General Accounting Office and published by . This book was released on 1992 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Earned Income Tax Credit written by United States. Government Accountability Office and published by . This book was released on 2004 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Earned Income Tax Credit written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight and published by . This book was released on 1996 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Earned Income Tax Credit written by Judith L. Collins and published by . This book was released on 2016 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Earned Income Tax Credit (EITC) is a refundable tax credit available to eligible workers with relatively low earnings. Because the credit is refundable, an EITC recipient need not owe taxes to receive the benefit. The credit is authorized by Section 32 of the Internal Revenue Code (IRC) and administered as part of the federal income tax system. In 2013, a total of $68.1 billion was claimed by 28.8 million tax filers, making the EITC the largest need-tested anti-poverty cash assistance program. This book provides an overview of the EITC, first discussing eligibility requirements for the credit, followed by how the credit is computed and paid; provides data on the growth of the EITC since it was first enacted in 1975; and includes data on the EITC claimed on 2013 tax returns, examining EITC claims by number of qualifying children, income level, tax filing status, and location of residence. Moreover, this book summarizes findings from the 2014 IRS study detailing the factors that can lead to erroneous claims of the credit, and describes the challenges the IRS may face in their efforts to reduce each type of error. It also examines the role of paid tax preparers on EITC error.
Download or read book The Earned Income Tax Credit written by John Karl Scholz and published by . This book was released on 1993 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Paid in Full written by Ehi Oviasu-Kahn and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper will discuss the creation of a system-wide quality service agenda for tax preparation for low-income families, with the chief focus on the Earned Income Tax Credit (“EITC”). The EITC is an important anti-poverty measure for low-income families. Therefore its administration will have a significant impact on the financial security of these families. The EITC provides not only immediate anti-poverty relief but also capital for long-term asset planning. However, these benefits are only accessed through a complicated filing process. They often require access to sophisticated legal services that are beyond the economic reach of the intended beneficiaries. Legal services within the reach of low-income clients typically lack resources to meet the needs of their clients and lack the expertise to provide effective service. This paper proposes a model that enhances available services. This model improves the access that low-income families have to effective tax preparation and financial planning. This model supports the framework already provided by the IRS, the Volunteer Income Tax Assistance program and local community development corporations. The ultimate purpose of the model is to empower low-income families to control their own wealth planning, gain financial savvy and meet the policy objectives of the EITC.
Download or read book Making Work Pay written by and published by . This book was released on 2002 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt:
