EITC Archive
RSC Budget for FY 2023
June 9, 2022
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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
Tax Filing Season: Options for Improvement
April 27, 2022
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TweetShareSharePin0 Shares Tax Day came and went on April 18th with the regular tax filing deadline, and the Internal Revenue Service (IRS) is facing difficulties. It struggled to manage a deluge of 282 million calls made in fiscal year 2021, only answering 11 percent, and a backlog of several million returns from 2021 were left
Personal Income Tax Adjusts for Inflation, But It Could Do Better
April 13, 2022
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TweetShareSharePin0 Shares In times of inflation, like we are experiencing now, a review of the tax code shows that some provisions are automatically indexed, or adjusted, to match inflation, while others are not. And that creates unfair burdens for taxpayers. But it’s not always as simple as just “adjusting for inflation.” That works for some
Chaotic 2022 IRS Filing Season Shows Flaws in IRS Benefits Distribution
March 24, 2022
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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
10 Tax Reforms for Economic Growth and Opportunity
February 22, 2022
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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
Michigan Income Tax Reform Would Put State in Top 10
February 9, 2022
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TweetShareSharePin0 Shares Amid record surpluses, Michigan lawmakers are looking to give relief to taxpayers and enhance the state’s competitive standing. Senate Bill 786, which recently reported from committee, would reduce both the corporate and individual income tax rates to 3.9 percent as of January 1, 2022. It would also create a tax credit of $500
