child tax credit

Reforming the Child Tax Credit for Low-Income Workers

Congress could significantly help low-income families with children by making current eligibility rules for the Child Tax Credit (CTC) permanent. If lawmakers allow the current threshold to expire as scheduled after 2017, families with children in the lowest income quintile will lose almost $700.

December 9, 2015Elaine Maag

Individual Taxes: TaxVox

Combined Tax Rates and Creating a 21st Century Social Welfare Budget

In testimony yesterday before a joint hearing of two House subcommittees, I urged Congress to modernize the nation’s social welfare programs to focus on early childhood, quality teachers, more effective work subsidies, and improved neighborhoods. One way lawmakers can shift their gaze is by

June 26, 2015C. Eugene Steuerle

Individual Taxes: TaxVox

How Many Americans Get Government Assistance? All of Us

The other day, the Census Bureau put out a new report that concluded about one-in-five Americans received government benefits in 2012. But the study, called Dynamics of Economic Well-Being: Participation in Government Programs, 2009–2012: Who Gets Assistance, takes a far too narrow view about who

June 4, 2015Howard Gleckman

Campaigns, Proposals, and Reforms: TaxVox

Do Senators Lee and Rubio Have a Secret Plan to Help Poor Families?

In its analysis of the tax reform plan proposed recently by Senators Marco Rubio (R-FL) and Mike Lee (R-UT), the Tax Foundation assumed the proposal would make the new personal credit ($2,000 for singles and $4,000 for married couples) fully refundable. This assumption helps explain why the group

March 27, 2015Leonard E. Burman

: TaxVox

Credits, Collections and Refunds

The Department of Homeland Security didn’t shut down, but… fallout remains over the President Obama’s executive orders on immigration and their effect on low-income tax breaks. Senate Finance Committee Chair Orrin Hatch wants the Administration to say how many immigrants protected from deportation

March 11, 2015Renu Zaretsky

Federal Budget and Economy: TaxVox

Will Immigrants Get A Tax Windfall From Refundable Credits?

In the end-of-the-year congressional scramble, lawmakers scuttled an effort to permanently extend a number of tax breaks—largely because many feared it would open the door to widespread use of refundable tax credits by undocumented immigrants covered by President Obama’s recent executive order. But

December 12, 2014Elaine Maag

Individual Taxes: TaxVox

Why the More Generous Child and Earned Income Tax Credits Should Be Made Permanent

co-authored with William G. Gale While most of the tax drama these days is focused on the fate of 50+ mostly-business tax breaks that expired nearly a year ago, lawmakers are also debating two provisions that are enormously important to low- and moderate-income households-the Child Tax Credit (CTC

December 3, 2014Elaine Maag William G. Gale

: TaxVox

ACA Tax Subsidies Face Risk; IRS Enforcement Is Overtaxed

Two appeals courts deliver opposing rulings on Affordable Care Act tax subsidies. The DC Circuit Court ruled yesterday that the tax credits can only go to residents in states that run their own health exchanges. In Richmond, VA, the 4th Circuit Court said the ACA language isn’t clear, so the tax

July 23, 2014Renu Zaretsky

: TaxVox

Summer Blockbuster? Congress’ Week Is Tax-Action Packed

Another big inversion deal heads to closing. Pharmaceutical giant AbbVie agreed to purchase UK drugmaker Shire , making it the largest US company so far to move its address overseas for lower taxes. The deal, now estimated to be worth about $55 billion, will likely close despite any US action to

July 21, 2014Renu Zaretsky

: TaxVox

Congress Is Back with Much To Do and Consider

On the Hill this week: The House may vote to make bonus depreciation permanent . The Senate Finance Committee may present a transportation funding plan reflecting a compromise with the House Ways and Means Committee. The House Oversight and Government Reform Committee has scheduled a hearing on

July 7, 2014Renu Zaretsky