Federal Tax

Table of Contents Key Findings President Joe Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations. The proposals are being considered to raise revenue for new spending
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The Family Security Act, recently proposed by Sen. Mitt Romney (R-UT), would replace the Child Tax Credit (CTC) with  a monthly child allowance administered by the Social Security Administration, making the benefit more generous and accessible to low-income households without earned income. The goal of the proposal is to reduce child poverty while simplifying existing
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Sen. Mitt Romney (R-UT) this week proposed the Family Security Act, which features a new, more generous child allowance for families with children while reforming other sources of aid for low-income individuals. Romney’s plan would replace the existing Child Tax Credit (CTC), which is subject to a minimum income requirement and other limitations, with a
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The Biden administration has made climate change one of the core challenges it plans to address over the next four years. One climate policy lawmakers have debated—and will likely continue to do—is a carbon tax. At the same time, the new Administration will have to tackle the severe, and likely continuing, economic fallout of the
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In the next few weeks, the Internal Revenue Service (IRS) will begin accepting federal tax returns for the 2020 tax year. The coronavirus pandemic and multiple pandemic-related relief packages passed last year will make the tax season unique for taxpayers and for the IRS. Congress introduced several tax policy changes in 2020 that will impact
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The mess of education-related tax breaks available to taxpayers will become a bit easier to navigate in coming years if the Consolidated Appropriations Act of 2021 is signed into law. The year-end act, which provides for regular government funding, coronavirus-related relief, and various other congressional priorities, would clean up a temporary education-related tax break that
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Monday, a bipartisan group of congressional policymakers released two compromise relief bills to address the COVID-19 pandemic, totaling about $908 billion: The Emergency Coronavirus Relief Act and the Bipartisan State and Local Support and Small Business Protection Act. Bipartisan Emergency Coronavirus Relief Act of 2020 The latter bill addresses both state and local aid and
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With fewer than 10 days until government funding runs out, congressional lawmakers are down to the wire to fund the government and provide additional pandemic-related relief to the households and businesses trying to make it through the winter. This week, both Senate Majority Leader Mitch McConnell (R-KY) and a bipartisan group of lawmakers released new
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The 116th Congress has few legislative days remaining in the lame duck session to address a relatively long list of priorities, including additional pandemic relief, expiring tax provisions, and economic stimulus. Whether this Congress will accomplish the remaining tasks is highly uncertain, leaving the next Congress and President-elect Joe Biden to likely start the new
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Last December, when Joe Biden released the details of his $3 trillion+ tax plan, The Washington Post reported that the presidential candidate rejected calls for a new “wealth” tax on millionaires and billionaires. That was then, this is now. Biden may have rejected a Bernie Sanders-style wealth tax, but as the Tax Foundation’s updated analysis
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