Refundable tax credits would offset the regressivity of the VAT for those with low incomes.
Indeed, because of refundable tax credits, members of the bottom 40 percent actually collect more than they pay.
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The only exceptions are refundable tax credits for health insurance and retirement savings.
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The GOP would also allow individuals to buy policies across state lines and provide refundable tax credits to buy insurance.
The Earned Income Tax Credit (EITC) is a refundable tax credit for low to moderate income working individuals and families.
Replace the charitable contribution deduction with a 12% non-refundable tax credit, subject to a 2% of adjusted gross income floor.
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The deal extends for five years some refundable tax credits that were intended as temporary stimulus in 2009 and 2010.
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If a refundable tax credit exceeds the tax bill generated by the production, the producers get a check for the overage.
This refundable tax credit, which in effect tops up the earnings of low-wage workers, is already America's single biggest anti-poverty programme.
Such low pay means that government must step in with substantial support such as housing subsidies, health care and refundable tax credits to working families.
The proposed change would make the combat pay a refundable tax credit that service members would file for at the end of the tax year.
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Replace the mortgage interest deduction with a 12% non-refundable tax credit.
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The PCA proposed changing the tax treatment of private health insurance and providing everyone with a refundable tax credit with which to purchase insurance in exchanges.
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Tax credits, especially refundable tax credits as he has preferred, are just tax welfare, and do nothing to increase incentives for greater production, economic growth, and prosperity.
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Giving the IRS "broad authority would be especially valuable for addressing compliance with newly-created refundable tax credits, " Michael Brostek, GAO's director of strategic issues, said at Wednesday's hearing.
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The primary benefits of contributing to an IRA are the tax deductions, the tax-deferred or tax-free growth on earnings and, if you are eligible, the non-refundable tax credits.
Instead, could subsidize health insurance another way through refundable tax credits.
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It would provide a refundable tax credit for the purchase of health care, but it would also set up a voucher system for the purchase of Medicare down the road.
The mandate could be replaced with a refundable tax credit for the purchase of health insurance, though you would need significant new tax revenues to offset the cost of the credit.
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Under the health care law, beginning in 2014, refundable tax credits (okay, you already know how I feel about these) are available for certain taxpayers to buy health insurance through state-based exchanges.
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Their plan would scrap most deductions or offer 12.5% non-refundable tax credits for big items like mortgage interest and charitable deductions while lowering rates, expanding brackets and expanding the base of tax revenue.
Burman, a Treasury tax official during the Clinton administration, cautioned the Obama administration against using the stimulus as a pretext to make either middle-class tax cuts or its proposed new refundable tax credits permanent.
The plan replaces the current tax exemptions for employer-provided health insurance with a refundable tax credit, while Medicare benefits would ultimately be set aside in favour of a system of vouchers for private insurance.
Subsidize lower-income people in some way, like refundable tax credits, to ensure people have money to buy good basic coverage, but then they'd have to add their own money if they wanted something more extravagant.
It would convert the current deductions for mortgage interest and charitable gifts into 12 percent non-refundable tax credits (with limits) and permit workers to continue to make tax-advantaged contributions to retirement plans, though under tighter caps than exist today.
While it's called a grant, the biotech credit is a variation of what Congress has been doing with individuals: Using the tax code and the Internal Revenue Service to deliver benefits it considers socially desirable in the form of refundable tax credits.
The researchers, who sampled one in every 5, 000 returns filed with the Internal Revenue Service, found that the tax system, with its progressive rates and refundable tax credits the earned income credit for the working poor and the child tax credit does reduce income inequality.
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This is especially useful if there is Child Tax Credit that becomes Refundable Child Tax Credit when you add the Retirement Savers Credit.
Another sticking point was the issue of a refundable child tax credit, which the Senate passed but the House did not.
Olympia Snowe, R-Maine, signed a letter saying they would not support a bill that does not include at least a partially refundable child tax credit -- something conservatives, including Thomas, opposed.
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