President Obama released his budget proposal for fiscal year 2015Tuesday, and among the many reforms, cuts and expansions, he’s calling for an expansion of the Earned Income Tax Credit (EITC), a program benefiting low-income Americans.
The EITC is an anti-poverty credit that was available to a parent of three making less than $46,227 a year in tax year 2013. The credit’s most generous benefits go to working parents, but there are also refunds available for some individuals with an income around $14,000 or less. The president’s budget would raise those income limits to include more single working adults, and give back more money.
The EITC was originally passed by Republicans in 1975 and signed into law by Gerald Ford, and it has generally enjoyed bipartisan support. The EITC was expanded in 2009 in response to the Recession, and the expansion lasts until 2017; the president’s proposal would lock in the broader version of the program in place today.
To read the full article, please click the source link below:Expanded Earned Income Tax Credit Could Affect Hundreds Of Thousands In Ohio »