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Maxim Shvedov

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A Look at Lower-Income Taxpayers and the Dependent Care Credit

Posted on 05/30/2014 by |AARP Blog Author | Comments

Public Policy InstituteCaring for a child or an aging parent can be costly. Caregivers working outside of the home may be able to offset some of these costs through the federal child and dependent care tax credit (CDCC). In 2010, 6.3 million taxpayers claimed the CDCC, reducing their tax liability by about $3.4 billion. In all likelihood child care is a much larger slice of this pie, particularly given the requirement that the dependent must live with the taxpayer for at least …

Americans 50+ Pay Nearly 60 Percent of All Federal Individual Income Taxes

Posted on 05/28/2014 by |AARP Blog Author | Comments

Public Policy InstituteIn recent years the issue of who pays and who does not pay taxes has been a focus of public attention. A look at IRS statistics about age distribution of the federal individual income tax can be enlightening. In 2010, taxpayers over 50 filed 44.8 million returns (a single return often represents more than one person, for example in the case of married couples) out of the total 102.9 million returns filed, paying over $600 billion in income taxes. This …