Proposed Earned Income Tax Credit Expansion for Individuals

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President Barack Obama proposed an expansion of the Earned Income Tax Credit (EITC) in his budget last week. The amendment would double the maximum credit for taxpayers with no qualifying children, raise the qualifying income amount, and lower the eligible age from 25 to 21 years old.

The recommendation targets low-income students and encourages more single adults to enter the workforce. An approximate 5.8 million people would be newly qualified for the EITC, and 7.7 million people would benefit from the increased maximum credit. The proposal intends to help those caught in poverty on a larger scale than current legislation.

Obama also …read more

Read more here: Nonprofit

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