USA Finance

Earned income tax credit

admin — Fri, 23 Oct 2009 21:19:42 +0000

The United States federal Earned Income Tax Credit (EITC or EIC) is a refundable tax credit designed to encourage low-income workers and offset the burden of U.S. payroll taxes. For tax year 2009, a claimant with one qualifying child can receive a maximum credit of $3,043. A claimant with two qualifying children can receive a maximum credit of $5,028. The credit is expanded for tax year 2009 and 2010. For claimants with three or more qualifying children, the maximum credit is $5,657. Grandparents, aunts, uncles, and siblings can also claim a child as their qualifying child provided they shared residence with the child for more than six months of the tax year. However, in tie-breaker situations in which more than one filer claims the same child, priority will be given to the parent. A foster child also counts provided the child has been officially placed by an agency or court. There is a much more modest EIC for persons and couples without children that reaches a maximum of $438.
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A qualifying child can be up to and including age 18 at the end of the tax year, up to and including age 23 if classified as a full-time student for one long semester or equivalent, or any age if classified as “permanently and totally disabled” (one year or more).[2]

Enacted in 1975, the initially modest EIC has been expanded by tax legislation on a number of occasions, including the more widely-publicized Reagan EIC expansion of 1986. The EIC was further expanded in 1990, 1993, and 2001 regardless of whether the act in general raised taxes (1990, 1993), lowered taxes (2001), or eliminated other deductions and credits (1986). Today, the EITC is one of the largest anti-poverty tools in the United States (despite the fact that most income measures, including the poverty rate, do not account for the credit), and enjoys broad bipartisan support.

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Taxation in the United States

admin — Fri, 23 Oct 2009 21:18:28 +0000

Taxation in the United States is a complex system which may involve payment to at least four different levels of government and many methods of taxation. United States taxation includes local government, possibly including one or more of municipal, township, district and county governments. It also includes regional entities such as school and utility, and transit districts as well as including state and federal government.

The National Bureau of Economic Research has concluded that the combined federal, state, and local government average marginal tax rate for most workers to be about 40% of income.Tax Day, the day by which tax returns are due, is usually April 15.

United States Senate Committee on Finance

admin — Fri, 23 Oct 2009 21:17:42 +0000

The U.S. Senate Committee on Finance (or, less formally, Senate Finance Committee) is a standing committee of the United States Senate. The Committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act (notably Medicare and Medicaid) and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods. It is considered to be one of the most powerful committees in Congress.

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admin — Sat, 17 Oct 2009 12:09:07 +0000

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