Tax Credit’s Essay

398 words - 2 pages

Tax Credit’s

When filing their income taxes each year, taxpayers may have different goals in mind. Some may want to lower the amount of taxes they owe, seek the largest refund possible or avoid paying more in taxes than they are legally required to pay. Tax credits can help you meet all of those goals. There are two types of credits available for taxpayers: refundable and nonrefundable. Both types of credits offer you the chance to lower the amount of taxes you owe, but refundable tax credits can also get you a tax refund when you don’t ...view middle of the document...

According to the web site: The U.S. system grants the following low income tax credits: Earned income individual. The credit is calculated and capped based on the number of qualifying children, if any. This credit is indexed for inflation and phased out for incomes above a certain amount.
Another on and probably one of the most common one is the Child Tax Credit {CTC}.You can claim the Child Tax Credit when you have a qualifying child under the age of 17 years old and has lived with you 6 months or more during the calendar year. The Child Tax Credit was part of the taxpayer relief of 1997 as a $400.00 per Child Credit. This amount has increased over the years and is now at $1,000.00 per qualifying child under the age of 17.
How can a credit be used to promote a certain behavior from taxpayers? I think that the health insurance is one that promotes a behavior from taxpayers. I think they think that they get part of their money back from there premium so that way it don’t cost as much.
Do I think that the federal government should be allowed to use tax credits? Yes I believe it should all be equal opportunity. Whatever one class or group can do I also believe the others should as well. Everyone believes in equal opportunities then it should go for everything including taxes.

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