The earned income tax credit, established in the tax code in 1975, provides cash assistance to lower-income working parents and individuals through the tax system. The earned income tax credit will be higher in 2012 and 2013 than it was in 2011. An increase in the size of the earned income tax credit will occur because the maximum amount of earned income used to calculate the credit and the phase-out income level and indexed for inflation. The increases reflect the inflation adjustment.
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Description
The earned income tax credit, established in the tax code in 1975, provides cash assistance to lower-income working parents and individuals through the tax system. The earned income tax credit will be higher in 2012 and 2013 than it was in 2011. An increase in the size of the earned income tax credit will occur because the maximum amount of earned income used to calculate the credit and the phase-out income level and indexed for inflation. The increases reflect the inflation adjustment.
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Scott, Christine.The Earned Income Tax Credit (EITC): Changes for 2012 and 2013,
report,
January 31, 2013;
Washington D.C..
(https://digital.library.unt.edu/ark:/67531/metadc806443/:
accessed May 14, 2024),
University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu;
crediting UNT Libraries Government Documents Department.