An example is the earned income credit, which is a tax rebate for lower-income workers.
At lower incomes the Earned Income Credit will often more than wipe out the income tax.
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Additionally, your available credits are limited to the earned income credit or the nontaxable combat pay election.
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The only exception is the lowest-earners, whose effective tax rate is nearly zero, thanks to the earned income credit.
For example, the Government Accountability Office estimates that 25% of all Earned Income Credit claims for 2010 were erroneous.
The earned income credit actually works as an arbitrary ceiling on earning power.
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It is probably no surprise that the biggest beneficiaries of the Earned Income Credit and the Child Tax Credit are low-income households.
The Earned Income Credit, though less common for senior citizens, may apply depending on living situations as there is no age restrictions.
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No more Earned Income Credit, no Minimum Alternative Tax, Child Tax Credit, Marriage Tax Penalty, Employer Plan Covered restrictions, and other pointless regulations that make the system a complete mess.
This proposal would eliminate all deductions, credits and exclusions except for the earned income credit and child credit, sharply reduce income tax rates, and continue to exclude employee benefits from payroll tax.
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Take dependency exemptions, personal exemption, the earned income credit, the child credit and a few other things and roll them, on a revenue neutral basis, into one single freely transferable credit for each person.
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You may not itemize deductions on a form 1040-A. You may claim some credits using the form 1040-A, including the child tax credit, education credits, earned income credit, credit for child and dependent care expenses, credit for the elderly or the disabled and the American Opportunity Credit.
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The Child Tax Credit, Earned Income Tax Credit, and the new American Opportunity Tax Credit will stay in effect for at least the next five years.
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The GOP proposal would deny the credit to most lower-income families who already get the Earned Income Tax Credit and who do not pay income tax because they don't earn enough.
This bill was intended to clarify that families of kidnapped children (but only those abducted by strangers) could continue to claim the dependency exemption, child tax credit and the earned income tax credit (EITC).
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Those include, for example, expansions of existing credits such as the child tax credit, the earned income tax credit (EITC) and the American Opportunity Credit (the souped up version of the Hope Credit).
Millions of Americans -- including more than 2 million African American families -- are better off thanks to our extension of the child care tax credit and the earned income tax credit -- (applause) -- because nobody who works hard in America should be poor in America.
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You might also be able to claim a refundable credit such as the earned income tax credit (EITC).
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Also extended for five years (not permanently) are number of individual tax credits including the child tax credit, the controversial earned income tax credit (EITC), and the American Opportunity Tax credit (the souped up version of the Hope Credit).
So an ID thief in possession of a valid name and Social Security number can create phony W-2s and apply for a refund of make-believe withholding, or for a refundable credit, such as the earned income tax credit, worth thousands of dollars.
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These include, for example, the expansion of the refundability of the child tax credit and the expansion of the Earned Income Tax Credit.
My earned income tax credit is just that: EARNED.
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Parents must wade through page after page of rules for the dependent exemption, head of household filing status, the Child Tax Credit (CTC), the Earned Income Tax Credit (EITC), college subsidies, and more.
Additionally, millions of folks continue to be able to take advantage of things like the American Opportunity Tax Credit, and the expansions to the Earned Income Tax Credit and the Child Tax Credit.
Among them are tax credits for families of modest means, including one for college tuition, and an expanded earned income tax credit, which provides cash to working poor families who don't earn enough to pay income taxes.
And again, that's why we might have things like the Earned Income tax credit.
Repeal tax credits, such as the Earned Income Tax Credit and the Child Tax Credit.
You might have also been eligible for the Earned Income Tax Credit (EITC).
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The federal Earned Income Tax Credit (EITC) also provides a crucial boost to low-income families.
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