2016 Postmortem
Related: About this forumObama Pushes To Expand Tax Breaks For Workers Without Children
SAHIL KAPUR JANUARY 28, 2014, 9:18 PM EST
President Barack Obama on Tuesday night will announce his support for expanding the tax advantages available to workers without children.
As sketched out by senior administration officials before his State of the Union speech, the president has decided to support an expansion of the Earned Income Tax Credit for Americans without kids, including non-custodial parents.
"There are other steps we can take to help families make ends meet, and few are more effective at reducing inequality and helping families pull themselves up through hard work than the Earned Income Tax Credit," Obama will say, according to prepared remarks. "Right now, it helps about half of all parents at some point. But I agree with Republicans like Senator Rubio that it doesnt do enough for single workers who dont have kids. So lets work together to strengthen the credit, reward work, and help more Americans get ahead."
The EITC -- a refundable tax credit available to workers with low to middle incomes -- is significantly more generous to those with children. The maximum benefit for the childless is $500, while the benefit for families with children can exceed $6,000, according to the nonpartisan Tax Policy Center. The president's proposal is an effort to level that playing field, the officials said, pitching it as an effort to combat poverty and reward hard work.
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tridim
(45,358 posts)Single people usually have to pay all of the rent and all of the utility bills.
AC_Mem
(1,979 posts)I live with my daughter and grandkids and pay most of the expenses, but i'm at a point where I'm going to get dinged on taxes because I do not own a house and do not have children or anything I can use for a deduction. It would be VERY helpful to me financially.
Thank you President Obama!
AC_Orlando
BuelahWitch
(9,083 posts)you are the one who should be getting the Head of Household tax deduction, not your daughter.
AC_Mem
(1,979 posts)She needs the money and my grandson needs braces.
tabbycat31
(6,336 posts)Single and childless people are always given the short end of the stick on the tax code.