earned income tax credit Archive

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

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 One year after the expanded child tax credit originally enacted as part of the American

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

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

TweetShareSharePin0 Shares As the deadline for the 2022 tax filing season nears, the IRS faces scrutiny for its backlog of returns, inaccessible taxpayer service, and delays in issuing certain refunds. As of January 28th, the Internal Revenue Service (IRS) had 23.7 million returns awaiting action, compared to a typical backlog at that point of roughly

TweetShareSharePin0 Shares Key Findings The waning pandemic and robust economic recovery have come with many benefits—plentiful jobs and fast-growing (nominal) incomes—but also serious challenges such as high and rising inflation. Rather than pushing for more fiscal stimulus or leaving it to the Federal Reserve to handle inflation through higher interest rates, policymakers should focus on

TweetShareSharePin0 Shares It’s that time of year when we review which items of the tax code are scheduled to expire or otherwise change in just a few days. An eclectic group of temporary tax policies approach their expiration dates, but at the last minute typically hitchhike onto must-pass legislation for another temporary extension. Not so