News for hackers. Stuff that matters.

A comment on Show HN: Effects of House and Senate Bill on California Residents. Parent comment

Re:Show HN: Effects of House and Senate Bill on California R... by vonmoltke on Wednesday December 06, 2017 @06:47PM (#15866232)
> 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.

[ Parent | on HN ]
Re:Show HN: Effects of House and Senate Bill on California R... by int_19h on Wednesday December 06, 2017 @07:10PM (#15866372)
https://en.wikipedia.org/wiki/Earned_income_tax_credit
[ Parent | on HN ]
Re:Show HN: Effects of House and Senate Bill on California R... by dragonwriter on Thursday December 07, 2017 @08:17AM (#15869705)
Nope, 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-ta...

[ Parent | on HN ]