TAX PROVISIONS OF STIMULUS BILL
Tax provisions of stimulus bill. The tax provisions included in the $1.9 trillion dollar stimulus bill signed into law by President Biden include a new round of economic impact payments, a tax credit for COBRA continuation coverage, and the expansion of several other tax credits. The House passed the bill, the American Rescue Plan Act […]
STATES CANNOT USE AID FOR TAX CUTS
States cannot use aid for tax cuts. After large stimulus measures were passed by Congress, several Republican Attorney General’s filed suit to try to allow those particular states to use the money to implement tax cuts. One of the arguments used was the “sovereignty” argument. This is a different form of the “sovereignty” argument. Ohio […]
BIDENS LIKELY TAX WINS PART TWO
Bidens likely tax wins part two. Family tax credits may be the biggest winner under the Biden tax agenda. Passage of family tax credits was expanded by quite a bit. This was seen as part of the broader pandemic relief bill. It featured a one year expansion of the child tax credit, dependent care credit […]
BIDENS MOST LIKELY TAX HIKES
Bidens most likely tax hikes. Democrats will likely prove successful in raising individual income tax rates and in strengthening audits of wealthy Americans as they work on overhauling the U.S. Tax Code in coming months. That’s a key takeaway from a survey of 15 current and former White House and congressional aides specializing in tax […]
STATES WANT MONEY FOR TAX CUTS
States want money for tax cuts. The Republican attorney general of 21 states recently called one aspect of the new coronavirus recovery bill “an unprecedented and unconstitutional intrusion on the separate sovereignty of the States through federal usurpation.” In fact, they said it was “the greatest attempted invasion of state sovereignty by Congress in the […]
