Obama budget includes expanded tax credit intended to aid poor

Columbus Dispatch

WASHINGTON — More than 515,000 additional Ohioans would be eligible for an expanded federal tax credit for low-income working Americans under President Barack Obama’s proposed budget. 

In the $3.9 trillion spending plan unveiled yesterday, Obama wants to spend $60 billion during the next decade to expand the earned-income tax credit, which provides hundreds of additional dollars to working families every year.

In 2012, about 950,000 Ohioans got the credit, averaging $2,307. 

Obama proposed doubling the tax credit for childless workers from $500 to $1,000, lowering the age of eligibility from 25 to 21 and increasing the income level at which the credit is fully phased out to about $18,000 (about 150 percent of the federal poverty level for a single adult). 

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