@andyortlieb@lemmy.sdf.org to You Should Know@lemmy.world • edit-27 months agoYSK: In economics, a negative income tax (NIT) is a system which reverses the direction in which tax is paid for incomes below a certain level.en.m.wikipedia.orgexternal-linkmessage-square70arrow-up1327
arrow-up1327external-linkYSK: In economics, a negative income tax (NIT) is a system which reverses the direction in which tax is paid for incomes below a certain level.en.m.wikipedia.org@andyortlieb@lemmy.sdf.org to You Should Know@lemmy.world • edit-27 months agomessage-square70
minus-square@humanspiral@lemmy.calinkfedilink3•7 months agoIt is not. EITC is a tax reduction for the first few $1000s of employment income. NIT is a tax refund even if you pay no taxes.
minus-square@candybrie@lemmy.worldlinkfedilink3•7 months agoEIT is a refundable tax credit. Meaning if your total tax burden is less than the credit, federal government will pay you the difference. A part of the child tax credit is the same.
It is not. EITC is a tax reduction for the first few $1000s of employment income. NIT is a tax refund even if you pay no taxes.
EIT is a refundable tax credit. Meaning if your total tax burden is less than the credit, federal government will pay you the difference. A part of the child tax credit is the same.