Can somebody enlighten me as to why inexplicably the Earned Income Credit program was not part of the Congressional Tax Bill? After all the EIC is largely the sole tax benefit program directed toward for the working poor.
The working poor is defined as working families with annual income under $20,400.
The expansion of the Standard Deduction does little due to the fact the loss of the personal exemption largely offsets gains offered by the expanded Standard Deduction.
The very rich were rewarded with lower ordinary tax rate, as well as the elimination of the Alternative Minimum Tax for annual incomes over $1 Million. The annual tax savings gained by this sector is unprecedented.
Research indicates that families mostly use the EITC to pay for necessities, repair homes, maintain vehicles that are needed to commute to work, and in some cases, obtain additional education or training to boost their employability and earning power.