Three Reasons Expanding Credits Aren’t the Best Pandemic Response for the Vulnerable
While reforming certain tax credits may make sense, there are far better ways to provide individuals and families with more liquidity during this crisis.
6 min read
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HEROES Act Dependent Expansions Come with Major Drawbacks
The HEROES Act adds to the confusion and instability already inherent in the tax code with multiple expiring provisions and reduced filing guidelines.
4 min read
HEROES Act Temporarily Increases Dependent Credit Generosity
The HEROES Act would make notable expansions to all three dependent-related credits, increasing maximum credit amounts, refundability, and income eligibility phaseouts. Practically, this means that certain filers could expect to receive a larger refund for each additional hour of work, eligible dependent, and dependent care expenses if the bill became law.
5 min read
HEROES Act First Bid to Provide Phase 4 Relief for Businesses and Individuals
The HEROES Act, the $3 trillion relief package proposed by House Democrats, is the first bid to provide additional phase 4 aid for businesses and individuals amid the coronavirus pandemic.
7 min read
Weighing the Value of Tax Credits During an Economic Crisis
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
Reviewing the Tax Changes in Senator Bennet’s Real Deal
The “Real Deal” would increase the tax burden on saving, investing, and working in the United States, and reduce the global competitiveness of the U.S. economy.
3 min read
2020 Tax Brackets
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
Senator Bennet’s Plan to Expand the EITC
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Improper Payments and EITC Reform
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State Tax Changes as of July 1, 2019
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Analysis of the Cost-of-Living Refund Act of 2019
We estimate that a new proposal to expand the EITC would reduce federal revenue by $1.8 trillion and decrease long-run GDP by 0.29 percent, while boosting labor force participation for low-income tax filers by 822,788 full-time equivalent jobs.
10 min read
2019 Tax Brackets
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
Family Provisions in the New Tax Code
22 min read
A Tax Compromise Offered in Illinois
2 min read