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Tax credits (individual)

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Campaigns, Proposals, and Reforms

Permanently Extending the Tax Cuts and Jobs Act, President Trump Would Cut Taxes by $1.1 Trillion through 2030

October 27, 2020 –
During each presidential election, the Tax Policy Center analyzes the tax policies of the two major candidates. This year, TPC estimated the effects of Democratic...
Individual Taxes

Unemployment Benefits Are Taxable Income: That May Reduce EITC Refunds Next Spring

September 15, 2020 –
Many low- and moderate-income households no doubt were assisted greatly by enhanced federal unemployment insurance benefits that they received earlier this year and would be...
Campaigns, Proposals, and Reforms

Senator Kamala Harris Proposed A Bold Tax Credit To Help Low- And Middle-Income Workers

August 13, 2020 –
As a senator, Kamala Harris has proposed broad legislation designed to raise the incomes of low- and middle-income workers via her LIFT the Middle Class Act.
Campaigns, Proposals, and Reforms

How Would A Second Round Of COVID-19 Rebates Affect Households?

July 30, 2020 –
It may be months before a vaccine against the COVID-19 virus is available to everyone. But it may be just a month or so before...
Individual Taxes

Expanding The EITC To Include Family Caregivers

February 21, 2020 –
A handful of the remaining Democratic presidential candidates remain committed to increasing the earned income tax credit (EITC), particularly for workers without children at home...
Campaigns, Proposals, and Reforms

Are Tax Credits The Best Way To Subsidize Long-Term Care Costs?

February 3, 2020 –
Most major Democratic presidential hopefuls have proposed new government assistance for those receiving long-term supports and services and their families. Mayor Pete Buttigieg has proposed...
Campaigns, Proposals, and Reforms

"Tell me what you want, what you really, really want..."

March 6, 2019 –
I asked some parents to make a choice. Their response was perhaps not what Warren hoped for, given her proposed Universal Child Care and Early Learning Act.
Individual Taxes

Can Harris And Booker’s Plans Help Poor People Avoid Eviction?

February 7, 2019 –
Remember Evicted , Matthew Desmond’s harrowing account of the housing travails of low-income families in Milwaukee? Undoubtedly senators (and presidential hopefuls) Cory Booker and Kamala...
Individual Taxes

Political Campaigns and Tax Incentives: Do We Give to Get?

January 2, 2019 –
Can tax policy encourage more individuals to make small donations to political campaigns?
Individual Taxes

The Theological Battle Over Tax Credits Versus Tax Deductions

March 30, 2017 –
Among the ruins of the American Health Care Act, there remains an important debate over tax credits versus tax deductions . This turns out to...

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From The Briefing Book

From the Briefing Book

What is the adoption tax credit?

December 21, 2015 by tpcwebsite

Q.

What is the adoption tax credit?

A.

The tax code provides an adoption credit of up to $14,300 for qualified adoption expenses in 2020. The credit is available for each child adopted, whether via public foster care, domestic private adoption, or international adoption. The total amount of adoption credits for 2018 is estimated to reach approximately $400 million.

  • Read more about What is the adoption tax credit?

How does the tax system subsidize child care expenses?

December 21, 2015 by tpcwebsite

Q.

How does the tax system subsidize child care expenses?

A.

Working parents are eligible for two tax benefits to offset child care costs: the child and dependent care tax credit and the exclusion for employer-provided child care.

  • Read more about How does the tax system subsidize child care expenses?

What are error rates for refundable credits and what causes them?

December 21, 2015 by tpcwebsite

Q.

What are error rates for refundable credits and what causes them?

A.

The IRS estimates two types of error rates for the earned income tax credit (EITC): the improper payment rate and the over-claim rate. The former includes IRS enforcement activities while the latter does not. The IRS has estimated an EITC improper payment rate of between 22 and 26 percent of EITC payments and an over-claim rate of between 29 and 39 percent of dollars claimed.

  • Read more about What are error rates for refundable credits and what causes them?

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