Capital Gains
Tax credits are more valuable to taxpayers than deductions because they reduce tax payments dollar for dollar; their value is not dependent on the taxpayer’s tax bracket. In the past several years, Congress has used tax credits to effectuate administration policies, such as encouraging the purchase of homes to stimulate the poor housing market, and for businesses, hiring new employees and paying for employee health care. Moreover, an ever-growing number of credits are now fully or partially refundable so that they form a “negative income tax” (payments are made to taxpayers in excess of the taxes they owe).
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