MonacoMike
Well-Known Member
- Sep 15, 2009
- 14,721
- Boat Info
- 2000 Cruisers 3870
8.2 Mercs
- Engines
- 85 Sea Ray Monaco 197
260hp Alpha 1
The EIC is nothing Obama started, from what I've read, things like this, it's been around near 40yrs. http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?DocID=36&Topic2id=40&Topic3id=42
My understanding also is that 'earned income' is one of the qualifying criteria. Plenty of details on the internet as to how it works for those that want some accurate info, but here's a picture that might help http://www.cbpp.org/cms/index.cfm?fa=view&id=2505
There is no requirement to work minimum hours or earn a minimum income to qualify. One would work a few weeks a year and get the "refund".
"The EITC is "refundable," which means that if it exceeds a low-wage worker's income tax liability, the IRS will refund the balance."