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 deal extends for five years some refundable tax credits that were intended as temporary stimulus in 2009 and 2010.
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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.
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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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.
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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Most film subsidies come in the form of refundable or transferable tax credits.
Republicans also provide financial assistance through new refundable and advanceable tax credits to those who need it most: low- and modest-income Americans.
Tax expenditures include the inventory of Tax-Exempt Income, Adjustments to Income, Itemized Deductions, and Tax Credits (refundable and nonrefundable).
Many tax expenditures, mostly those that take the form of refundable credits, not only cost millions of dollars in terms of a reduction in tax liability, but also generate millions of dollars of tax fraud.
Other examples of refundable credits include the additional child tax credit and, within limits, the American Opportunity Credit for students.
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The oldest and biggest of the refundable credits the earned income tax credit has been caught for years in a cycle of expansions, crackdowns and delays.
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At a time when politicians are, rhetorically at least, dialing up their criticism of tax expenditures, operating vouchers as refundable credits would create a massive new one.
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Meanwhile, refundable credits have become catnip for dishonest tax preparers and for identity thieves who steal Social Security names and numbers by the hundreds or thousands, and lob phony refund claims at the IRS electronically.
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The Senate budget would also cut taxes a bit by extending relatively generous rules for refundable credits such as the earned income and child tax credit.
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Refundable means credits that can be refunded to the extent that they exceed your income tax.
Refundable credits mean that you are entitled to a refund if the amount of the credit exceeds your own tax liability.
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At the time, much of the focus was on how refundable credits for low-income families, such as the earned income and child credits, wipe out the income tax bills of many.
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