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☆ Treasury chief Yellen defends Biden budget against Republican senators' fears of tax increases
▼ + stars: | 2024-03-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Provisions of the TCJA — a landmark tax law proposed by the Trump administration and passed by Congress in 2017 — that are set to expire in 2025 include the child tax credit. An additional "other dependent credit" offers a tax credit of $500 to people with less than $400,000 in income who have qualified dependents who are ineligible for the child tax credit. Biden's budget will restore the expanded child tax credit, the White House has said. "Would you agree that if the TCJA child tax credit provisions are not extended, this would also result in a tax hike for Americans making under $400,000?" The budget would impose a minimum 25% tax rate on the unrealized income of the very wealthiest households and raise the IRA's corporate alternative minimum tax for billion-dollar companies from 15% to 21%, while increasing the larger corporate tax rate to 28%.

Persons: Janet Yellen, Joe Biden's, Biden, Sen, Steve Daines, Yellen, Daines, Trump, Mike Crapo, pare Organizations: Treasury, Capitol, WASHINGTON —, Congress, White, Child Tax, Rescue, National Conference of State Legislatures, . Census, House Republicans, Lawmakers, Department of Homeland Security Locations: Washington , U.S, Idaho

As long as my child is under 17, with just a few criteria, I'm eligible for the child tax credit. You're eligible for the child tax credit until your child is 17I didn't know much about the current child tax credit and asked Miller if I was eligible. "If you have a child under the age of 17, you could qualify to receive a child tax credit on your tax return," he said. But since the deadline to file 2023 taxes is April 15, some people have already filed their taxes. "This is similar to what they have done in the past, so there's no need to wait on filing your 2023 taxes."

Persons: hasn't, —, I'm, Paul Miller, Miller Organizations: Service, IRS, Relief, American Families and Workers, Senate

☆ A W-2 employee who used real estate to reduce federal taxes on his $300,000 salary by 99% explains how to pick the right property to qualify for the tax loophole and maximize deductions
▼ + stars: | 2024-03-02 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

By then, he had sold his short-term rental property for a profit, but he still owned other long-term rentals. Therefore, they used the real-estate professional status and bonus depreciation to reduce their taxable income. The main one is through the short-term rental tax loophole (STR loophole). For example, Eileen pointed to Henderson, Nevada, which won't allow a short-term rental permit for a house if there is a permit for an existing short-term rental within 1,000 feet. Deductions would cancel out the taxes owed from the property's revenue, and what is left will reduce your W2 taxable income.

Persons: Michael Hyun, Joshua, Hyun, Eileen Kim, Eileen's, Michael, Brandon Ford, Eileen, Ford, Michael said, you'll Organizations: Business, CPA, IRS, Tax Relief, American Families and Workers Locations: Joshua Tree , California, New York City, San Francisco, Santa Monica , California, Henderson , Nevada, San Jose , California, Alameda County

Minnesota introduced a new child tax credit that could reduce child poverty by 33%. There is still hope, meanwhile, for an expanded national child tax credit. AdvertisementMinnesota's top officials are celebrating a new child tax credit they say could curtail child poverty by as much as 33%. Qualifying Minnesotans can now claim up to $1,750 per child with the new tax credit thanks to legislation passed in the state's 2023 session. Not all hope is lost for an expanded federal child tax credit, however.

Persons: —, Tim Walz's, Walz, filer, Peggy Flanagan, Flanagan Organizations: Service, Democratic Gov, Gov, Lawmakers, Tax Relief, American Families and Workers, Senate, White Locations: Minnesota

Read previewThe House just passed a bill to expand the child tax credit , bringing the relief one step closer to parents. On Wednesday night, the House passed the Tax Relief for American Families and Workers Act of 2024 by a vote 357-70, which aims to boost the child tax credit, implement low-income housing credits and disaster relief, and give businesses an R&D tax break, among other things. AdvertisementThe legislation — a rare bipartisan feat — would both boost the child tax credit and offer GOP-friendly tax relief for businesses that invest in research and development, among other measures. The refundable child tax credit would be increased from $1,600 a child to $1,800 in 2023 and would rise to $2,000 by 2025. Some GOP lawmakers were upset with the expansion of the child tax credit, along with the advancement of the tax package while other conservative priorities remained stalled.

Persons: —, Mike Johnson, Karine Jean, Pierre, Jean, Pierre said, Chip Roy, Jimmy Failla Organizations: Service, Relief, American Families and Workers, Business, GOP, Budget, Tax, White House Press, Fox, Senate Locations: Washington

☆ Tax Bill Moves Forward, but Election-Year Politics Threaten Its Chances
▼ + stars: | 2024-01-31 | by ( Kayla Guo | ) www.nytimes.com time to read: +1 min

The House is expected to give broad bipartisan approval on Wednesday to a $78 billion bill that would expand the child tax credit and restore a set of corporate tax breaks, a rare feat in an election year by a Congress that has labored to legislate. But the measure still faces a fraught path to enactment amid political divides over who should benefit the most. “The Tax Relief for American Families and Workers Act is important bipartisan legislation to revive conservative pro-growth tax reform,” Speaker Mike Johnson said in a statement Wednesday. “This bottom-up process is a good example of how Congress is supposed to make law.”The package would expand the child tax credit — though a version substantially scaled back from its pandemic-era level — and restore a set of business tax breaks related to research and development and capital expenses. It also would bolster the low-income housing tax credit and extend tax benefits to disaster victims and Taiwanese companies and individuals.

Persons: Mike Johnson Organizations: Senate Republicans, Republican, Tax Relief, American Families and Workers

☆ A bipartisan group of lawmakers' plan to boost the child tax credit for parents would help 'hundreds of thousands of kids get out of poverty,' a top economic official says
▼ + stars: | 2024-01-17 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

A bipartisan group of lawmakers proposed boosting the child tax credit for parents. The White House told BI that Biden is committed to fighting "for the full expanded Child Tax Credit." AdvertisementA bipartisan proposal to boost the child tax credit for parents appears like it might be on track to get the White House's stamp of approval. "We're very supportive of expanding the child tax credit," Bernstein said. "So, helping hundreds of thousands of kids get out of poverty, reaching 16 million kids with a more fair child tax credit, that sounds like a really smart idea to us."

Persons: Jared Bernstein, Biden, —, Ron Wyden, Jason Smith, Poppy Harlow, White, Bernstein, Joe Biden, hasn't, it's, Michael Kikukawa, Wyden, Smith's, Kikukawa, Democratic Sen, Sherrod Brown, GOP Sen, Mike Crapo Organizations: White House, Service, Democratic, Republican, Tax Relief, American Families and Workers, White House Council, Economic Advisers, American, Budget, Child, GOP

☆ Biden Has the Economy Back on Track
▼ + stars: | 2022-12-15 | by ( Janet L. Yellen | ) www.wsj.com time to read: +1 min

The global economic storm unleashed by a once-in-a-century pandemic and a brutal land war in Europe has caused three years of economic disruptions in the U.S. and around the world. These are turbulent times, but the policies of the Biden administration have propelled the American economy to one of the fastest recoveries in modern history. Since his first day in office, Mr. Biden’s goal has been to get the U.S. economy back on its feet and invest for the long term. In January 2021, the nation was facing some of the darkest days in its modern history. With the vaccines’ effectiveness untested, the country faced the tail risk of an economic downturn that matched the Great Depression.

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