Earned Income Tax Credit Presentation

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Presented By::

Presented By: Kelsey Pizana , Steven Ventimiglia , Corey Minor Earned Income Tax Credit

What is Earned Income Tax Credit?:

What is Earned Income Tax Credit?

Who has earned E.I.T.C?:

Who has earned E.I.T.C? Only 21 states have enacted refundable E.I.T.C, they are highlighted in blue below. While 3 states have non-refundable tax credits.

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Who qualifies for E.I.T.C? Those qualifying for E.I.T.C must have each of the following:

How does E.I.T.C work?:

How does E.I.T.C work?

What exactly is earned income?:

What exactly is earned income? Earned income includes all the taxable income and wages you get from working. -There are two ways to get earned income: You work for someone who pays you, or; You work in a business you own . *Taxable earned income also includes :* Wages, salaries, and tips; Union strike benefits; Long-term disability benefits received prior to minimum retirement age; Net earnings from self-employment.

E.I.T.C and qualifying children…:

E.I.T.C and qualifying children… For individuals filing with qualifying children, the E.I.T.C they receive can drastically increase… For tax year 2010, the maximum EITC for a person or couple without qualifying children is $457, with one qualifying child is $3,050, with two qualifying children is $5,036, and with three or more qualifying children is $5,666 .

Democratic View :

Democratic View Democrats support EITC as one of the governments most successful programs, they claim: -E.I.T.C gives tax credits to low and moderate income families -The program supports single parents to find jobs. -E.I.T.C not only helps the low income families, but also the neighborhoods by having EITC dollars spent locally. -Democrats would like to increase EITC to further support families.

Republican View :

Republican View Many Republicans and conservatives argue it is both unfair and politically dangerous to give such big tax credits to a large number of Americans. Republicans want to either keep EITC levels the same or decrease them because it is estimated that between 22% and 30% of taxpayers claiming the EITC on their tax returns do not actually qualify for it. They argue the program is error-ridden and is too much of an expense to the government.

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