Eligibility for the EITC has been expanded from the credit's inception in 1975. In 2021, the EITC was claimed on 31 million federal income tax returns.
Last month, my husband ran the Detroit Free Press Marathon. During the race , runners left Detroit and crossed the Ambassador Bridge into Windsor in...
Although the US tax code does not explicitly reference race or ethnicity, the federal individual income tax can create racial disparities when factors that affect tax liability are associated with race. This paper provides new evidence on racial differences in marriage tax penalties and bonuses,
Although the US tax code does not explicitly reference race or ethnicity, the federal individual income tax can create racial disparities when factors that affect tax liability are associated with race. This paper provides new evidence on racial differences in marriage tax penalties and bonuses,
In the US Supreme Court case Moore v United States, shareholders in a “controlled” foreign corporation challenge a tax on income they had not yet received. But a ruling in their favor could upend decades of rules to curb tax avoidance in international and capital markets. As a matter of fiscal
Lifetime Social Security and Medicare taxes are scheduled to be significantly lower than lifetime Social Security and Medicare benefits for most workers in future decades, based on the latest data. This report compares the benefits and taxes paid by beneficiaries at the age of 65 from 1960 to 2060
What scares come to mind when purchasing Halloween candy: ghosts, witches, or taxes? Yes, taxes should be on the list because Halloween reminds us how...
State and local governments spent $143 per capita on parks and recreation in 2021. Spending has seen ups and downs in recent decades, and has generally grown from under $100 per capita in the 1970s and 1980s.
For children to thrive, they need to have their basic needs met. When needs go unmet, children’s opportunities are compromised. The Census Bureau estimates that 12.4 percent of children were living below the poverty line in 2022, a tremendous jump from the 5.2 percent of children living in poverty
House Ways & Means Committee Chair Jason Smith (R-MO) has questioned the tax-exempt status of universities that, in his opinion, are anti-Israel. Whatever your views...
Residential energy credits tend to benefit higher income groups. In 2020, taxpayers with adjusted gross income (AGI) over $100,000 reported 48% of total AGI and claimed 54% of the credit amount, while those with AGI under $25,000 reported 5% of AGI and claimed 1% of the credit.
While most of the political world looks ahead to 2024, voters are making important choices on property taxes, wealth taxes, cannabis taxes, and more this...