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Fri Nov 3, 2017, 02:06 AM

Does the new Republican Tax Plan eliminate the Earned Income Tax Credit for low income?

I haven't heard anything about this.

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Reply Does the new Republican Tax Plan eliminate the Earned Income Tax Credit for low income? (Original post)
KWR65 Nov 2017 OP
Demtexan Nov 2017 #1
ProudProgressiveNow Nov 2017 #2
Cicada Nov 2017 #3

Response to KWR65 (Original post)

Fri Nov 3, 2017, 02:50 AM

1. Hope not.

But the rich need the tax cuts.

Working families be damned.

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Response to KWR65 (Original post)

Fri Nov 3, 2017, 03:27 AM

2. No....

What about the Earned Income Tax Credit?

The bill would make no changes to the Earned Income Tax Credit, a provision that gives low- and moderate-income working families a tax credit equal to a percentage of their earnings. The tax credit extends up to a certain income threshold, beyond which the value of the credit phases out.

The credit is intended to give low-income parents an additional financial incentive to work. Because the EITC is a tax credit, rather than a deduction, even low-income parents who take the new, larger standard deduction of their tax returns would still benefit.


https://www.washingtonpost.com/graphics/2017/business/tax-bill-q-and-a/?utm_term=.9f39d076982a

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Response to KWR65 (Original post)

Fri Nov 3, 2017, 05:49 AM

3. That would force employers to raise wages, so unlikely.

The EIC is a subsidy for low wage employers. Without it employers would have to pay more to keep their employees from being homeless and careless. So Repubs will keep it.

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