8 Ekim 2012 Pazartesi

Some cred

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The practicality of a liberal arts degree comes into play: those who aced a political science course on U.S. Public Policy and Poverty, and now find themselves to be subjects-at-large, know to file for their Earned Income Tax Credit. Skipped the course but find the topic personally relevant? The IRS is here to help. "If you’re like millions of Americans, you work hard but you don’t earn a high income, and want to keep more of what you earn," reads its introduction to the EITC. The refundable credit that is based on amount of earned income can be worth up to $4,800. Yet public unawareness and lack of understanding or filing competency -- no, not zombie attacks -- means that a quarter of all taxpayers who qualify don't claim the credit. States such as Michigan are supplementing the federal program by adding a percentage refund of their own. What's the geography on this? Interestingly, in tax year 2005, according to Brookings, the greatest number of filers (8 million) lived in the suburbs of large metropolitan areas; however, big-city and rural taxpayers were more likely to receive the credit. The number of filers will likely rise due to stimulus bill expansion of the EITC for families with children and married couples. Sorry, childfree singletons. Noted: Expanding the EITC was a goal identified during President Obama's campaign. Other new or revised tax credits will benefit qualifying working childfree singletons. Some change has cometh, yes, but we'll wait to hail until unemployment "benefits" are federally stimulated into irresistable radical reform.

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