Federal Budget and Economy Archive

TweetShareSharePin0 Shares The COVID-19 pandemic and accompanying recession laid bare many of the needs of working families and children, as well as federal, state, and local governments’ historic inattention to public health needs and preventative health care. In 2020, Congress responded by enacting approximately $3.5 trillion in economic relief bills. So far this year, it

TweetShareSharePin0 Shares IRS Commissioner Charles Rettig told the Senate Finance Committee on April 13 that the agency could begin delivering monthly 2021 Child Tax Credit (CTC) payments starting in July. Rettig was responding to provisions of the American Rescue Plan (ARP) that increased the CTC and directed the IRS to deliver half of a family’s

TweetShareSharePin0 Shares Change can be good, right? Maybe or maybe not. But if you are the Internal Revenue Service, “no change” audits never are good. And, for big corporations, they are becoming more frequent. A “no change” audit happens when taxpayers substantiate the income, deductions, and credits they claimed on their tax returns. Since the

TweetShareSharePin0 Shares By approving a third round of economic impact payments (EIPs) and expanding refundability of the Child Tax Credit, Congress has made refundable tax credits a more important pillar of income support than ever. But using tax credits as a way to provide income security to low-income households creates a significant challenge: How can