Thread: Payroll Tax; EITC Change

[Editor: I presume the EITC continues. Advanced EITC separates payments into installments
for persons with "special needs", like eating. The aforementioned is lacks an objective
observation standard, similar to the Wall Street Journal's temperament. Remarking, a semiannual
distribution to a homeless person enables recipient to purchase an auto or rent an apartment.]



WASHINGTON (Reuters) - President Barack Obama will propose cutting or changing some 120 items in his budget
for fiscal 2011 that will help save $20 billion this year, the White House said on Saturday.


Obama, who on Monday presents his budget proposals for the fiscal year starting
October 1, has promised to tackle record deficits by initiating a spending freeze on
some domestic programs and eliminating programs that are redundant.

The White House gave a preview of some of those cuts in a statement published on
its blog on Saturday.

One of the proposals would eliminate the "Advanced Earned Income Tax Credit," which
allows eligible taxpayers with children to get a portion of the a tax credit paid out in
their paychecks throughout the year.

http://www.reuters.com/article/idUST...e=politicsNews