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Wed Jan 31, 2018, 09:26 AM

SOTU Earned Income Credit, anyone know if it is actually doubled?

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Response to dewsgirl (Original post)

Wed Jan 31, 2018, 10:07 AM

1. the child tax credit doubled.

and they raised the threshold at which you're no longer qualified for it.

i don't think the eitc changed much, afaik.

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Response to unblock (Reply #1)

Wed Jan 31, 2018, 10:16 AM

2. I thought he said earned income credit, not that he likely knows the difference. Thank you for

Responding.

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Response to dewsgirl (Reply #2)

Wed Jan 31, 2018, 10:25 AM

3. according to the npr transcript, he actually got this one right:

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Response to unblock (Reply #3)

Wed Jan 31, 2018, 10:27 AM

4. Thank you, wow something good. They must have done it on accident.

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Response to dewsgirl (Reply #4)

Wed Jan 31, 2018, 10:34 AM

7. in isolation, it's something good; but this wasn't done in isolation

it's part of the package that got rid of exemptions and home equity interest deductions and limited state and local income tax deductions and further limited mortgage interest deductions.

doubling the standard deduction and the child tax credit was done largely to offset these, though of course this creates winners and losers.

bigger families, especially those who were previously just above the old phase-out, are the big winners of this particular change. they win overall especially if they rent rather than own.

of course, billionaires are the really huge winners, albeit because of other changes.

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Response to unblock (Reply #7)

Wed Jan 31, 2018, 10:44 AM

8. True, of course there's always a catch. If there is a positive, it will likely be followed by 10

Negatives.

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Response to dewsgirl (Original post)

Wed Jan 31, 2018, 10:28 AM

5. No - but if he said it did, it probably did not.

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Response to dewsgirl (Original post)

Wed Jan 31, 2018, 10:29 AM

6. He just babbles and reads.. no clue what he's saying.

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