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> That's, of course, completely untrue in a world where refundable credits are a thing. Tax bills are not limited to non-negative numbers. I'm pretty sure that
by vonmoltke 9y ago
> That's, of course, completely untrue in a world where refundable credits are a thing. Tax bills are not limited to non-negative numbers.
I'm pretty sure that is actually the case in the US tax system. A US taxpayer's tax burden cannot be less than 0. It doesn't have to be that way, but to make it so requires a more fundamental change to the US tax system.
- int_19h 9y agohttps://en.wikipedia.org/wiki/Earned_income_tax_credit https://en.wikipedia.org/wiki/Earned_income_tax_credit
- dragonwriter 9y agoNope, there are several refundable tax credits which can take total income liability below $0; the Earned Income Tax Credit is the best known , but there are several others. https://www.irs.com/articles/refundable-vs-non-refundable-tax-credits https://www.irs.com/articles/refundable-vs-non-refundable-ta...