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After you file
Yes, I understand how much the EIC counts to the annual income for those in the most need however the credits were not always around and when they started they were no where near as large and people still seemed to make ends meet somehow.
Sadly these credits that were originally intended to help the working poor pay no federal, SS & medicare taxes has morphed into a annual "lottery" winning that supplements 20% - 40% of their annual income ... again basically a welfare program that has no right to be written into the income tax code. The IRS has been tasked with administering this non tax program which they have struggled to do with less and less funding each year. We will have to see what the new administration will do about these issues in the coming years.
Sadly these credits that were originally intended to help the working poor pay no federal, SS & medicare taxes has morphed into a annual "lottery" winning that supplements 20% - 40% of their annual income ... again basically a welfare program that has no right to be written into the income tax code. The IRS has been tasked with administering this non tax program which they have struggled to do with less and less funding each year. We will have to see what the new administration will do about these issues in the coming years.
‎June 3, 2019
4:49 PM