Just wait until illegal aliens can claim it for their children…
Via CNS News:
(CNSNews.com) The “refundable portion” of Earned Income Tax Credit (EITC) payments hit a record $56,189,578,000 in 2012, the latest year for which the Internal Revenue Service has made data available.
A total of $64,128,627,000 in Earned Income Tax Credits was claimed in 2012. Of that, $56,189,578,000 was the “refundable portion”–paid out if the Treasury in excess of the net taxes the recipient owed. That means that only $7,939,049,000–or 12.4 percent–of the total Earned Income Tax Credit amount in 2012 was used for a tax reduction.
“The EITC is a refundable tax credit available to eligible workers with relatively low earnings,” the Congressional Research Service explains. “Under current law there are two categories of EITC recipients: childless adults and families with children. Because the credit is refundable, an EITC recipient need not owe taxes to receive the benefits. Eligibility for, and the size of, the EITC is based on earned income; age; residence, citizenship, and identification requirements; and the presence of qualifying children.”