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Originally Posted by
Mimi's Babies
The credit was a whopping $250.00. what good does that do? Many teachers in Mississippi with a family qualify for earned income credit. A teacher is not able to do anything but survive in Mississippi. $35,000.00, 6 years teaching. Can any of you live off that. Probably not.
Not to get too technical, but it's not even a $250 credit. It's a $250 adjustment to income, which means all you really save is the tax amount on that $250 income. So for most tax filers, that's 15-25% in tax you are saving depending on your level of income. So basically about $50.
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