Earned Income Tax Credit, according to the IRS

The Earned Income Tax Credit or Earned Income Credit is a tax credit that is available to low-income and moderate-income wage earners and families in the United States of America who meet criteria established by the Internal Revenue Service.

The US federal government conceptualized the Earned Income Tax Credit as a “work bonus plan”, intended to supplement the wages of low-income and moderate-income workers and thereby help offset the effect of Social Security taxes.

Considering its financial significance to many low-income wage earners, it is accordingly viewed as an anti-poverty tax benefit.

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