tax credit

Definitions

A tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe.

Equivalents

Examples

“A tax credit—it just doesn’t feel⟳ like⟳ a benefit in the same way that getting your Social Security check does. It doesn’t register⟳ with people in the same way, and that has a real impact on support⟳ for the program⟳.”

“The bill extends Trump’s 2017 tax cuts and includes new spending for border⟳ security and the military. Republicans aimed to offset these costs with cuts to programmmes^([sic]) such as Medicaid, food stamps and green-energy tax credits.”

CEFR level