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<blockquote data-quote="MWBATL" data-source="post: 565225" data-attributes="member: 944"><p>Pretty sure we have been doing this already for a number of years. You get paid back by the government if your income is below a certain level (not refunded, but given money). That's a negative income tax.</p><p><span style="font-size: 12px"><strong><em>Refundable Tax Credits</em></strong></span></p><p><em></em></p><p><em>Refundable tax credits are the most beneficial credit, as they are entirely refundable. This means that—regardless of a taxpayer’s income or tax liability—they are entitled to the entire amount of the credit. This is true even if the refundable tax credit reduces the tax liability below $0. In that situation, the taxpayer is due a <a href="https://www.investopedia.com/terms/r/refund.asp" target="_blank">refund</a>. As of tax year 2018, probably the most popular refundable tax credit is the <a href="https://www.investopedia.com/terms/e/earnedincomecredit.asp" target="_blank">Earned Income Tax Credit (EITC)</a>. The <a href="https://www.investopedia.com/terms/c/childtaxcredit.asp" target="_blank">Child Tax Credit</a>became refundable (up to $1,400 per qualifying child) in 2018. Other refundable tax credits are available for education and healthcare coverage. </em></p><p></p><p>Soooo, not sure of your point on that one....</p></blockquote><p></p>
[QUOTE="MWBATL, post: 565225, member: 944"] Pretty sure we have been doing this already for a number of years. You get paid back by the government if your income is below a certain level (not refunded, but given money). That's a negative income tax. [SIZE=3][B][I]Refundable Tax Credits[/I][/B][/SIZE] [I] Refundable tax credits are the most beneficial credit, as they are entirely refundable. This means that—regardless of a taxpayer’s income or tax liability—they are entitled to the entire amount of the credit. This is true even if the refundable tax credit reduces the tax liability below $0. In that situation, the taxpayer is due a [URL='https://www.investopedia.com/terms/r/refund.asp']refund[/URL]. As of tax year 2018, probably the most popular refundable tax credit is the [URL='https://www.investopedia.com/terms/e/earnedincomecredit.asp']Earned Income Tax Credit (EITC)[/URL]. The [URL='https://www.investopedia.com/terms/c/childtaxcredit.asp']Child Tax Credit[/URL]became refundable (up to $1,400 per qualifying child) in 2018. Other refundable tax credits are available for education and healthcare coverage. [/I] Soooo, not sure of your point on that one.... [/QUOTE]
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