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earned income tax credit Archive

Biden Budget Tax Proposals: Details & Analysis

TweetShareSharePin0 Shares Topline Preliminary Estimates Net Deficit Impact Long-run GDP Wages FTE Jobs Note: *On a conventional basis. Source: Tax Foundation General Equilibrium Model, March 2023. President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would add up to nearly $4.8 trillion in new taxes targeted at businesses and high-income individuals. After $833 billion

Biden Budget Taxes: Details & Analysis

TweetShareSharePin0 Shares President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would bring U.S. tax rates far out of step with international norms. Some of the proposals may be familiar, recycled from prior budgets and failed legislative attempts, but some are new, like the proposed tax hikes for Medicare funding. In total,

US Tax Reform Plan: Federal Flat Tax

TweetShareSharePin0 Shares Key Findings The federal tax code remains a major source of frustration and controversy for Americans, and a hindrance to economic growth and opportunity. Other countries, such as Estonia, have proven that sufficient tax revenue can be collected in a less frustrating and more efficient way. This report provides an analysis of the

2022 Tax Extenders: Details & Analysis

TweetShareSharePin0 Shares At the end of each year, policymakers face a series of expiring tax provisions that are typically extended on a temporary basis, setting up a recurring and almost ritualistic tax extenders season. At a time of heightened concerns about the economy, high deficits, and inflation, policymakers should prioritize stability and economic growth by

Child Tax Credit Reform Options: Details & Analysis

TweetShareSharePin0 Shares November 10, 2022 Garrett Watson Alex Durante Garrett Watson, Alex Durante As we near this year’s “lame duck” session of Congress, there has been renewed interest in child tax credit reform as part of a broader tax deal. One year after the expanded child tax credit originally enacted as part of the American

2023 Tax Brackets and Federal Income Tax Rates

TweetShareSharePin0 Shares On a yearly basis the Internal Revenue Service (IRS) adjusts more than 60 tax provisions for inflation to prevent what is called “bracket creep.” Bracket creep occurs when people are pushed into higher income tax brackets or have reduced value from credits and deductions due to inflation, instead of any increase in real income. The IRS

Marginal Tax Rates and Economic Opportunity

TweetShareSharePin0 Shares Note: This analysis was published in conjunction with the Archbridge Institute. Below is an excerpt of the full analysis. Click the link above to access the full report in PDF format. Key Findings The marginal tax wedge is relevant for understanding how workers might benefit (or not) from an increase in pay once

RSC Budget for FY 2023

TweetShareSharePin0 Shares The Republican Study Committee (RSC) released its FY 2023 budget today, led by Budget and Spending Task Force Chair Rep. Kevin Hern (R-OK) and RSC Chairman Jim Banks (R-IN), and prescribes several pro-growth tax reforms that would simplify the tax code and encourage business investment. Among the most impactful reforms are permanence for

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