Describe at least three government programs supported by revenue from specific taxes.

Assignment 2: lasa i—tax seminar

1. Federal Earned income tax credit (EITC), a government program, provides a refundable tax credit for low- and medium-income taxpayers based on family size and their income.

2. Social Security taxes are used to fund federal programs for disability, old age and survivors insurance (OASDI). It generates income that can be used for benefits to disabled or retired workers and their children or spouses in case they die.

3. Medicare taxes can be used to finance the Hospital Insurance Trust Fund. This fund pays for senior care and for those who have certain disabilities. This revenue helps cover some of the costs associated with medical treatments such as hospital stays, emergency room visits and doctor’s office visits.

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