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Who Benefits from Itemized Deductions? High income taxpayers tax breaks

Who Benefits from Itemized Deductions?

While some tax preferences like the earned income tax credit (EITC) and child tax credit benefit lower- and middle-income households, others, like itemized deductions, benefit high-income households.

4 min read
Analysis of the Cost-of-Living Refund Act of 2019 Sherrod Brown Ro Khanna EITC expansion low-income tax credit

Analysis of the Cost-of-Living Refund Act of 2019

We estimate that a new proposal to expand the EITC would reduce federal revenue by $1.8 trillion and decrease long-run GDP by 0.29 percent, while boosting labor force participation for low-income tax filers by 822,788 full-time equivalent jobs.

10 min read