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Working Tax Credit (WTC) is a state benefit in the UK for low-income workers. It is paid by HMRC and will be replaced by Universal Credit by 2024. Learn how it works, its history, elements and withdrawal rates.
Learn about the federal tax credit for low- to moderate-income working individuals and couples in the US, especially those with children. Find out the eligibility requirements, benefit amount, history, and controversies of the EITC.
A tax credit is a tax incentive that allows certain taxpayers to reduce their tax liability or get a refund. Learn about different types of tax credits, such as refundable, non-refundable, income, low income, and others, and how they work in various countries.
Universal Credit is a means-tested benefit that replaces and combines six existing benefits for low-income households. It is designed to incentivise work, simplify administration, and reduce costs, but has faced delays, problems, and criticism.
Learn about the different types and levels of taxes imposed by the federal, state, and local governments in the U.S. Find out how taxes affect income, spending, and inequality in the country.
A negative income tax (NIT) is a system that pays money to the poor when their income falls below a threshold, while taxing them on income above that threshold. Learn about the history, theory, and benefits of NIT, as well as its relation to universal basic income and optimal taxation.
The Tax Cuts and Jobs Act (TCJA) is a 2017 U.S. tax reform law that reduced rates for businesses and individuals, increased standard deduction and family tax credits, and limited some deductions. The law was enacted by the 115th Congress and signed by President Trump, and most of its changes went into effect in 2018.
Working for Families is a package of tax credits and payments for families with dependent children in New Zealand. It aims to make work pay, ensure income adequacy and support people into work.
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