One idea under consideration is adjusting existing tax credits, such as the Child Tax Credit (CTC) or Earned Income Tax Credit (EITC), to provide financial relief during the crisis.
5 min read
The IRS recently released the new 2020 tax brackets and rates. Explore updated credits, deductions, and exemptions, including the standard deduction & personal exemption, Alternative Minimum Tax (AMT), Earned Income Tax Credit (EITC), Child Tax Credit (CTC), capital gains brackets, qualified business income deduction (199A), and the annual exclusion for gifts.
5 min read
Initial 2018 IRS tax return data shows that the TCJA expanded the use of several credits and deductions, made the standard deduction more favorable than itemizing, reduced tax refunds, and lowered taxes for most Americans.
4 min read
States incorporate provisions of the federal tax code into their own codes in varying degrees, meaning that federal tax reform has implications for state revenue beyond any broader economic effects of tax reform.
73 min read
The IRS recently released its 2019 individual income tax brackets and rates. Check out the new standard deduction, child tax credit, earned income tax credit, rates and brackets, and more.
5 min read
The newly expanded standard deduction will reduce the time taxpayers spend working on Form 1040 by 4 to 7 percent, translating into $3.1 to $5.4 billion saved annually.
15 min read
The broad conclusion here is that, in drafting the Republican Framework, lawmakers have left themselves with at least one significant lever for delivering middle class tax relief: the child tax credit.
7 min read