August 25, 2009 |
It wasn't the Devil that made M. Night Shyamalan do it. It was the Harrisburg budget impasse. With uncertainty about whether Pennsylvania's film tax credit will be authorized in the state budget - now in Day 56 of limbo - the supernatural thriller (which Shyamalan wrote and is producing) has relocated production to Toronto. Though the filmmaker has shot eight of his nine features in the Philadelphia region - for an estimated economic impact of $375 million, according to the local film office - his backers couldn't wait any longer for legislators to approve the incentive that brings filmmaking and jobs to the state.
February 17, 2004
IN HIS LETTER ("Unearned tax credit"), Vincent P.A. Benedict of Collegeville says he is dreading April 15 because he will be sending a check to the IRS. I am a single mother who has put herself through almost 10 years of college while working and supporting her family. I am so looking forward to the day when I will be making enough money that I actually "owe" money to the IRS. I will never forget the lean years when that Earned Income Tax Credit was there to help pay my gas and electric bills and help me to take my children to the Jersey shore for the weekend.
November 21, 2003 |
City Council yesterday called on state congressional leaders to help increase the number of working families benefiting from the federal Earned Income Tax Credit so they can climb out of poverty. In a resolution sponsored by Councilwoman Marian B. Tasco and unanimously approved by Council, city officials request that the IRS require employers to include tax-credit information when mailing federal W-2 tax forms to their employees. The tax credit offsets income taxes and provides refunds to families with two or more children who earn less than $34,692 a year.
October 11, 2000
George W. Bush and Al Gore are offering both tax credits and tax deductions. What's the difference, and how do they work? Tax credits directly lower your tax bill. Broadly speaking, if you have $10,000 in taxable income, you're in the 15 percent federal tax bracket and owe $1,500 in taxes. For every child you have, you're entitled to a $500 tax credit. Let's say you have one kid: That $1,500 tax bill would be lowered to $1,000. Tax credits come in two varieties, refundable and nonrefundable.
February 27, 2008 |
City Council signaled yesterday that Mayor Nutter would have a difficult time deep-sixing already approved wage-tax cuts for the working poor to help pay for his proposed business-tax cuts. At least five Council members said in a budget hearing yesterday that they flat-out opposed or were deeply skeptical of calls to eliminate the so-called David Cohen tax credit, which was championed by the former city councilman, who died two years ago. "With an acknowledged rate of 25 percent of our citizens in poverty, I'm not satisfied that we're presenting a budget where we are more aggressive on our business-tax cuts," said Councilwoman Maria Qui?ones Sanchez.
October 5, 1995
For 20 years now, Republicans and Democrats alike have supported the earned-income tax credit as a way to benefit Americans who "work hard and play by the rules. " By allowing working, poor Americans to keep more of what they earn, the tax credit provided an incentive for people to get off welfare - and to work at the low-paying jobs that are easiest for them to get. The tax credit program recognized and tried to alleviate an economic reality: Minimum wage jobs without benefits simply do not provide enough money to keep a family out of poverty.
March 13, 1995 |
It was meant to be a different kind of federal program - one that would help struggling families without fostering dependency and inviting abuse. Called the Earned Income Tax Credit (EITC), the program uses the tax system to pay low-income families up to $2,528 a year to supplement their earnings. The goal: Reward the working poor and encourage them to stay off welfare. But with one in five American families now getting EITC payments, fraud is costing taxpayers $1 billion a year.
January 3, 2013 |
The extension of the federal wind-power tax credit as part of the fiscal cliff package was hailed as a victory Wednesday by renewable power advocates. But a Bucks County wind-turbine manufacturer, where much of the workforce was furloughed in September because of a slowdown in orders, is unlikely to ramp up production any time soon because of the last-minute Congressional rescue of the tax credit. "I think it will take a little while for this to work its way to the manufacturing sector, but it will be a stimulus," said David J. Rosenberg, the vice president of marketing for Gamesa USA, the Spanish wind-turbine manufacturer with U.S. headquarters in Langhorne.
July 23, 2003 |
With child-tax-credit checks to be sent within days to millions of middle- and upper-income taxpayers, Senate Republicans urged GOP leaders in the House yesterday to compromise this week on an expanded child tax credit that would benefit low-income families as well. House leaders expressed little hope of acting on the $50 billion proposal before they recess this weekend for a month. At stake are checks of up to $400 per child for about 6.5 million families with incomes from $10,500 to $26,625, not enough to pay income taxes.
September 25, 1995 |
Congressional Republicans are moving to scale back a major tax benefit for the working poor, even as they strive to expand tax breaks for wealthy investors, businesses and middle-class parents. Called the Earned Income Tax Credit, the $20 billion-a-year program uses the tax system to pay low-income working families with children up to $2,528 a year. Under current law, the maximum benefit for a family with two or more children is scheduled to rise to $4,320 by 2002. A Senate plan released Friday would roll that back to $3,888.