earned income tax credit

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Obama Budget Looks to Expand Tax Breaks for Poor

Budget also calls for drastic shift in military footing

(Newser) - President Obama will release his annual budget blueprint today, and it's widely expected to go precisely nowhere in Congress. "It's designed primarily as an appeal to his Democratic base," writes Darren Samuelsohn at Politico . But the New York Times notes that Obama is using the opportunity... More »

IRS Gave Out $12B in Improper Refunds Last Year

Earned Income Tax Credit is the culprit

(Newser) - The Earned Income Tax Credit is that rare IRS feature popular with politicians, economists, and especially with the low-income families it helps, notes the Hill . No wonder: Turns out, the IRS is overly generous with the credit. An audit shows that it distributed between $11.6 billion and $13.6... More »

Schools Win; NASA Loses

First look at proposed 2011 budget shows sharp break between haves and have-nots

(Newser) - President Obama delivered his proposed 2011 budget to Congress today, and the Washington Post drills down to find the winners and losers. Winners first:
  • K-12 education: The Department of Education's budget will increase by 6%, or $3 billion.
  • Research: The proposal pumps up the Energy Department's budget 7%, or $2
... More »

Rangel Floats Sweeping Tax Reform Bill

Rolls back Bush cuts for wealthy; unlikely to advance soon

(Newser) - A Democratic bill unveiled today would dramatically alter the tax code, hiking taxes for those making more than $200,000 and slashing them for most others. The overhaul, which would effectively roll back Bush’s cuts for the wealthy, isn’t expected to get any traction until the White House... More »

4 Stories