earned income tax credit (eitc)
The earned income tax credit (EITC) is a tax benefit for low to moderate-income workers that provides a refundable credit based on their earned income and number of qualifying dependents. It is designed to provide financial assistance and incentives for individuals and families with lower incomes, helping them reduce their tax liability and potentially receive a refund even if they have no tax liability.
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Related Concepts (26)
- aid to families with dependent children (afdc)
- economic stimulus
- eligibility criteria
- federal tax returns
- financial support
- government assistance
- government transfers
- income eligibility
- income tax
- individual income tax reforms
- irs
- low-income households
- poverty alleviation
- social assistance programs
- social welfare programs
- tax benefits
- tax brackets
- tax breaks
- tax credits
- tax deductions
- tax filers
- tax policy
- tax refunds
- welfare programs
- welfare system reform
- working families
Similar Concepts
- child tax credit
- earned income tax credit
- earned income tax credit reforms
- education tax credits
- electric vehicle tax credit
- employment taxes
- estate tax deductions and credits
- foreign tax credit
- foreign tax credits
- housing tax credits
- income support
- low-income housing tax credit
- personal income taxes
- property tax credits
- tax sparing credits