The earned income tax credit is a federal tax credit specifically for low-income workers. It was approved by Congress to help offset the burden of social security taxes and to provide an incentive for people to work.
According to the IRS, the credit provides an important financial boost to the economy since many families use it to pay living expenses and to save for future needs. Last year, four out of five people eligible for the credit filed for it.
Millions of workers will qualify for EITC for the first time this year, according to the IRS. Workers move into and out of eligibility based on changes in their marital, parental and financial status.
The amount of the credit is based on several factors, including the amount of an individual’s earnings from wages, self-employment or farming.
Last year, over 26 million workers received nearly $59 billion in EITC.
Attention: Mitt Romney!!
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Holla!! I didn’t...last year. #thatwasaSadtime
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Attention: Mitt Romney!!
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