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Individual Taxes Archive

Should Congress Trade Temporary Assistance for Needy Families (TANF) For A Child Allowance?

TweetShareSharePin0 Shares As Congress struggles to develop a scaled back version of President Biden’s Build Back Better (BBB) plan, some observers (including my TPC colleague Howard Gleckman) have been thinking about a different child benefit. Instead of extending the enhanced child tax credit (CTC), which cut child poverty to historic lows after it was enacted

The IRS Made Me File A Paper Return. Then Lost It

TweetShareSharePin0 Shares The IRS lost my 2020 tax return. Well, according to the notice I got yesterday, the IRS says it “never received” the return. But I’m sticking with “lost.” Let me explain: As TaxVox readers may remember, I—and at least 3.4 million other tax filers—got caught in an IRS security trap last year. In

What If Congress Made The Child Tax Credit Taxable?

TweetShareSharePin0 Shares As my colleague Elaine Maag noted the other day, Democrats are squabbling again (or is it still) over how to structure the Child Tax Credit. Some want to be sure that very low-income households get the full credit. Others want to reduce or even eliminate benefits for higher-income households.   Many solutions to

Should the Child Tax Credit Be Limited to Those with Lower Incomes, As Manchin Prefers?

TweetShareSharePin0 Shares In 2021, the Child Tax Credit (CTC), helped nearly all families with children. But this year, because American Rescue Plan (ARP) expansions have lapsed, it is concentrating benefits on middle-income families. High- and low-income parents are receiving more limited assistance. And, as Democrats try to find a path forward for their stalled Build

Should the Child Tax Credit Be Limited to Those with Lower Incomes, As Manchin Prefers?

TweetShareSharePin0 Shares In 2021, the Child Tax Credit (CTC), helped nearly all families with children. But this year, because American Rescue Plan (ARP) expansions have lapsed, it is concentrating benefits on middle-income families. High- and low-income parents are receiving more limited assistance. And, as Democrats try to find a path forward for their stalled Build

Is the TCJA Here to Stay?

TweetShareSharePin0 Shares Just based on its sheer size and scope, the Biden administration’s Build Back Better (BBB) agenda was always likely to shrink as it made its way through Congress. Two goals seemed certain on the tax side, though: Democrats would raise both the 21 percent corporate income tax rate and the 37 percent top

A $25,000 SALT Deduction Cap Would Be Only A Modest Improvement Over The House’s $80,000 Version

TweetShareSharePin0 Shares As Congress struggles to pass the Build Back Better bill, some congressional Democrats are exploring new proposals to raise the $10,000 cap on the state and local tax (SALT) deduction. These would increase the deduction limit to $25,000 for all taxpayers or, alternatively, raise the cap to $25,000 only for those making $400,000
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