Q&A: US $700bn bail-out plan Oct 3, 2008
In the Senate bill, these include not only an increase to depositor protection limits, but also some tax breaks to help small businesses and promote renewable energy, as well as an expansion of the child tax credit and help for the victims of the recent hurricanes. In the House, some Democrats also want more help for homeowners who are facing foreclosure - although Senate Republicans are strongly opposed to any change in bankruptcy laws. (BBC News -- Business)
Bail-out bill: Still a bitter pill? Oct 3, 2008
CHANGES TO BILL Raises government's guarantee on savings from $100,000 to $250,000 Tax breaks to help small businesses and promote renewable energy Expansion of child tax credit and help for victims of recent hurricanes. So called "Blue Dog Democrats" in the House - those who are more fiscally conservative - want to know how these tax breaks will be funded. (BBC News -- Business)
US Senate backs new bail-out bill Oct 3, 2008
CHANGES TO BILL Raises government's guarantee on savings from $100,000 to $250,000 Tax breaks to help small businesses and promote renewable energy Expansion of child tax credit and help for victims of recent hurricanes. The $700bn is designed to be used to buy up devalued assets from struggling firms to help kick-start the economy. (BBC News -- Business)
Congress Dawdles, Solar Sags Oct 3, 2008
But green energy is being held hostage to more controversial parts of the legislation, like higher taxes on oil companies and expansion of eligibility for the federal child tax credit. The Senate rejected the House version of the bill Monday morning, hours before the House voted down the $700 billion financial bailout package. (Forbes -- Business)
What's so wrong about mass hara-kiri? Oct 3, 2008
" But the prospects in the House are still up in the air, complicated by the reality that this new bill is anything but "clean" -- it is, in fact, three, or even four, bills, squashed together. What was once a three-page plan from Henry Paulson that became 110 pages long when considered by the House is now The Emergency Economic Stabilization Act of 2008 now also includes the Energy Improvement and Extension Act of 2008 and a smorgasbord of other add-ons. Among the notable features of the... (Salon)
The Refundable AMT Credit Sep 25, 2008
Unfortunately, for pre-2007 tax years, you were only allowed to use the AMT credit to reduce your regular tax liability (after reduction by certain other credits such as the child tax credit and the education tax credits) to the point where your regular tax equaled the AMT.. For instance, say your regular tax bill for a pre-2007 year was $35,000, and your AMT bill was $33,000. (SmartMoney)
Keep pushing Sep 18, 2008
Step Up and Act for Children also focused on issues such as juvenile justice, the No Child Left Behind Act and Child Tax Credit. Louisa Warren, representing the North Carolina Justice Center, called on the lawmakers to lower the household-income threshold for federal Child Tax Credits ... To provide needed support to more of North Carolina s working families and their children, Congress should act to lower the earnings threshold for the Child Tax Credit and end annual increases, reads the ACNC s... (Washington Daily News, NC)
Senate Breaks Impasse, Reaches Deal on Tax Relief... Sep 17, 2008
" He said he and Reid have basically agreed to the package extending tax breaks that have expired or are about to expire. Reid and the Democrats have made several attempts this year to advance a tax relief package, but have been thwarted by Republicans objecting to Democratic proposals to offset the costs of the relief. Complicating the issue is that House Democrats have insisted that they will reject any legislation to renew expiring tax bills that adds to the deficit. Baucus and Grassley said... (Fox News)
Senator Pryor listens to local citizens concerns Sep 13, 2008
Pryor also introduced and successfully passed the Tax Relief for Americans in Combat Act, which allows soldiers collecting combat pay to also take full advantage of other tax provisions, such as the Child Tax Credit. While speaking about the current fuel crisis, Pryor put up a chart illustrating the difference in percentages of fuel cost since 2002. (Heber Springs Sun-Times, AR)
Treasury IG finds most tax preparers make mistakes Sep 12, 2008
In one case, the preparer did not include a large early distribution from an individual retirement account as income and miscalculated the child tax credit. The result was that the supposed taxpayer qualified for the earned income tax credit available to lower income households and would have received a refund of $4,600 instead of having a balance due of $500. (San Diego Union-Tribune -- Business)
Why Our @*$! Tax Code Is So Confusing Sep 11, 2008
Phase-out rules that reduce or eliminate the chance for middle-income folks to claim the child tax credit and ... In the name of "fairness" Congress changed the rules to allow these nice grandparents and aunts and uncles to claim tax breaks, like dependency exemption deductions and child tax credits, for the kids they are selflessly supporting. (SmartMoney)
Dion casts Harper as '19th century' Sep 10, 2008
Restoring the Court Challenges Program cut by the Harper Conservatives, doubling the $1,200 Tory child tax credit for low-income households and panning Harper's proposal to cut diesel taxes added up to a promise-heavy agenda on a day that was supposed to be all about a Dion image makeover. The Liberals aired a new Internet campaign designed to cast their party leader as a woodsy family man, not the wimpy, bookish ditherer portrayed in Tory ad campaigns over the past 18 months. (Canoe.ca)
Liberals up the ante in face of attack ads Sep 9, 2008
phane Dion is promising to double the federal child tax credit for low-income Canadians and add $350 to the annual $1,200 credit for all families. Mr. Dion fired back today at new Conservative ads that claim he would cancel the taxable, $100-per-month benefit introduced by Conservative Leader Stephen Harper. (Globe and Mail -- National)
CongressNow: Hill Democrats See Target in McCain Tax Plan Sep 3, 2008
These include the creation of a 10 percent tax bracket, marriage penalty relief, an increase in the child tax credit, as well as lower taxes on capital gains and dividend income. McCain also seeks to permanently repeal the alternative minimum tax, a move his predecessor did not attempt. (Roll Call)
Help working poor, help the economy Aug 28, 2008
Equally important, Congress can pass legislation to expand the child tax credit provision currently in the tax extender bill. The bill could benefit more than 36,000 children in Montana. (Missoulian, MT)
LETTERS: NCT, Aug. 11, 2008 Aug 12, 2008
The $1,000 child tax credit, the marriage penalty, and a new 10 percent tax bracket for the lowest incomes. Expanding his newer pledges will further frustrate them. (North County Times)
Transcript: McCain Campaign Manager on 'FNS' Aug 11, 2008
" DAVIS: Thank you, Chris. WALLACE: According to a recent poll and let's put it up people rate Obama's ads as positive by a margin of 38 percent to 13. But they view McCain's ads as negative 31 percent to 19. Mr. Davis, why is the McCain campaign spending so much time and so much of its money attacking Obama? DAVIS: Well, first of all, I don't think that we are spending that much time and money attacking Obama. And I would say Obama is spending exactly the same amount of time attacking us and,... (Fox News)
Dems vying for Mica's post split over offshore drilling Aug 10, 2008
News - newsjournalonline. SUNDAY, AUGUST 10, 2008. (Daytona Beach News Journal)
How Texans voted in Congress Aug 3, 2008
The bill also contained a temporary fix of the Alternative Minimum Tax, renewed the research and development tax credit for businesses, temporarily expanded the child tax credit, and extended college-tuition tax credits, among its hundreds of provisions. The energy credits would promote fuel extraction from sources such as the sun, wind, earth and crops and promote the manufacture of more energy-efficient homes, buildings and appliances. (Houston Chronicle)
Tax-Cut Nation Aug 3, 2008
When those cuts sunset after 2010, the child tax credit will shrink, the marriage penalty will return and Americans will see a big bump in their tax bills. But why add more goodies. (Townhall.com)
Economists: McCain would be better for stock markets than Obama Jul 30, 2008
McCain wants to cut U.S. corporate income tax rates from 35 percent to 25 percent, double the $3,500 child tax credit, and ban Internet and new communications taxes. The Arizona Republican also backs domestic offshore drilling and free trade policies. (Jacksonville Business Journal, FL)
New president must decide who will bear tax burden Jul 29, 2008
His spokeswoman said Baucus wants to see the 2001 rate cuts and other tax breaks such as the child tax credit extended. A Baucus critic, left-leaning syndicated columnist and author David Sirota, said I dont expect Baucus to play a very progressive role in the tax debate next year. (MSNBC -- Politics)
Gov't moves to restore Celil's wife's benefits Jul 29, 2008
MaryTThe child tax credit is paid to the mother based on income of both parents. Did the mother file a tax return. (CTV.ca)
Bush Switching Priority From Social Security to Taxes (Update1) Jul 29, 2008
They have proposed a plan that makes it easier for lower- income Americans to claim a child tax credit and ends tax breaks on the international income of U.S. companies. Mitchell, the Heritage Foundation analyst, said Bush may have to be bolder to appease his conservative base, members of whom have been disappointed by record levels of government spending during his administration. (Yahoo News -- Social Security)
Walz unveils tax-cut proposal Jul 29, 2008
The proposal would enact further tax cuts by allowing more taxpayers to deduct local property taxes without itemizing them, and and by expanding access to the federal child tax credit. Here's a link to a video that shows Walz unveiling the proposal in the U.S. House. (Winona Daily News, MN)
Tax changes ahead, no matter who wins Jul 27, 2008
John McCain and Barack Obama say they would extend the Bush tax cuts for those making less than $250,000 a year -- mainly the $1,000-per-child tax credit, lower income tax rates and elimination of the marriage penalty ... McCain and Obama both want to extend the Bush tax cuts for those making less than $250,000 -- mainly the $1,000 per child tax credit, lower income tax rates and elimination of the marriage penalty. (News & Observer)
McCain's, Obama's tax plans would hike debt, study says Jul 25, 2008
"He said the report wrongly made it look as though the two candidates were similar in both proposing big increases in the national debt. He said that Obama would reduce annual budget deficits and the national debt, but he wouldn't specify how that would happen.Doug Holtz-Eakin, the senior policy adviser to the McCain campaign, countered that McCain would be able to eliminate the annual deficit by 2013 because his tax cuts would create more jobs and stir economic growth. "This is the first step... (Anchorage Daily News)
House candidate campaigning for change Jul 22, 2008
Articles receiving the most comments in the past 72 hours. Where does your Pioneer Day celebration/observance rank compared to the Fourth of July. (Logan Herald Journal, UT)
John McCain's radical tax plan Jul 13, 2008
In addition to permanently extending Bush's tax cuts, the major features of McCain's plan include slashing the corporate tax, reducing the estate tax, giving companies a deduction on new equipment and increasing the child tax credit. McCain also wants to extend relief from the gas tax this summer and the alternative minimum tax (AMT), which has been hitting upper-middle-class families with higher tax rates in recent years. (Salon)
Economics only thing shifting Jun 28, 2008
Nobody will score many political points going after the lower-income tax cuts or the classic Liberal redistribution schemes -- a $3-billion child tax credit and credits for rural residents and aid for green corporate investment. That's the easy stuff, the winning part of the $15-billion carbon tax equation that tells us where the money will go. (National Post)
Corporate Voices for Working Families Endorses Proposed Legislation to Expand EITC Education Jun 26, 2008
The guide provides detailed information about the Earned Income Tax Credit, Child Tax Credit, SCHIP and other federal and state supports ... "The information in this reference guide helps employers inform employees and shows them how to keep more of what they earn. And by helping employees claim tax credits and federal benefits, companies build trust by making employees aware of valuable resources." The Employer Guide includes the following tools: -- Information on the Earned Income Tax Credit... (PR Newswire)
Remarks by the President at the 2008 President's Dinner Jun 19, 2008
The child tax credit will be cut in half. Taxes on capital gains and dividends will increase significantly. (White House News Releases)
Pelosi: Senate Republicans Block Bill That Invests in Renewable Energy, Creates Jobs and Cuts Taxes Jun 18, 2008
The House already passed similar legislation this Congress: "Today, Senate Republicans blocked legislation that invests in the clean renewable energy that will put our nation on a path toward energy independence. It would also create hundreds of thousands of good-paying green jobs, spur American innovation, and cut taxes for millions of Americans. "The number of people this legislation would help is significant: for example, 30 million homeowners would receive property tax relief; 13 million... (PR Newswire)
Sask. not the most tax-friendly province, says think tank Jun 14, 2008
"You can increase the child tax credit, you can do some adjustments to the actual rates and the rate levels, so there's lots of different ways you can approach it to achieve a desired result," Gantefoer said. The government could potentially make "adjustments" this fall, around the mid-way point of the province's fiscal year, while major changes wouldn't likely occur until the next budget, Gantefoer said. (Canada.com)
Congress Adopts Mixed-Bag Budget Resolution Jun 11, 2008
To address these, the budget resolution adds funds for critical programs like Women, Infants and Children (WIC) and the Low Income Home Energy Assistance Program (LIHEAP), as well as the refundable Child Tax Credit and unemployment insurance ... The budget resolution also allows for partial extension of the 2001 and 2003 tax cuts, including preserving the ten-percent tax bracket, maintaining the child tax credit, eliminating the "marriage penalty," and cutting the estate tax. (OMB Watch)
Democratic Radio Address by Congressman John Spratt (SC-5) Jun 8, 2008
We also support renewal of the extension of the middle-income tax cuts, such as the child tax credit, the marriage penalty relief provisions, and the 10 percent tax bracket. "In the all-important realm of national security, we match the President's request, but we call for better stewardship and new priorities, including more to stop the spread of nuclear weapons and materials, which may be the most menacing threat we face. We actually do more than the President to safeguard the homeland and... (PR Newswire)
Bogus budget Jun 8, 2008
Almost certainly because their focus groups and polls show the public does think the problem is overspending and that voters oppose higher car taxes or income taxes, and don't think the child tax credit used by millions of parents amounts to a loophole. Yet Bass has the gall to assert her budget shows there is no need for constitutional limits on spending growth. (San Diego Union-Tribune -- Opinion)
Taxes: Keep the Cuts Jun 3, 2008
Doubled the child tax credit to $1,000 per child. Fixed the marriage penalty -- that quirk of the tax code that forced couples filing jointly to pay more that singles filing separately. (Townhall.com)
Remarks by Vice President Cheney at the New York Republican State Committee Dinner May 30, 2008
And the child tax credit would drop from $1,000 to $500 per child. The overall effect would be average tax increases of $1,800 a year in the tax bill of some 116 million Americans. (PR Newswire)
Fact Sheet: the Largest Tax Increase in History Is Looming May 29, 2008
Six million American households will be added to the income tax rolls, and low-income families with one or two children wouldn't be eligible for the refundable child tax credit. The President's tax relief has shifted a larger share of the individual income tax burden to higher income Americans. (White House News Releases)
Pelosi: Legislation Will Cut Taxes, Grow Our Economy and Create Green Jobs of the Future May 22, 2008
"Secondly, it helps 13 million children by expanding the child tax credit. "Third, it benefits 11 million families through the state and local sales tax deduction. "It helps 4.5 million families better afford college with tuition deductions. "Next it saves 3. (PR Newswire)
Double-check your check. IRS might have forgotten about your kids May 22, 2008
Some of the errors occurred, Lemons said, because taxpayers filling out paper returns didn't check the child tax credit box. "You could be in the situation where you make too much money to qualify for a child tax credit," Lemons said, "but you would still be eligible for the $300 stimulus payment for each child." ... On a 1040 federal tax form, for instance, if a taxpayer whose income was too high didn't check the box for a child tax credit, the IRS would not know they had a child eligible for a... (GoErie.com)
House passes $54 billion in tax breaks May 22, 2008
The measure renews dozens of targeted tax breaks that have expired or will expire soon and provides new tax relief by expanding for a year the refundable child tax credit available to lower income families. It allows, for one year, a new deduction of property taxes for non-itemizers, worth up to $700 for a couple. (USA Today)
IRS says up to 350,000 didn't get child credit May 16, 2008
jipsi wrote on May 15, 2008 10:20 PM:" I know WE didn't get our child tax credit... Reading it carefully now, I see the $300 tax credit is supposed to be in ADDITION to the $600 per "individual" (myself as a single parent), not "part of" the $600 total my tax preparer led ME to believe (grrr)...We'll SEE if anything happens, but I'm not holding my breath... ". poster wrote on May 15, 2008 8:23 PM:" Another problem...college kids that are working and could really use the money are not getting... (The Pantagraph newspaper)
Preparing for baby May 16, 2008
Plus, you may qualify for a child tax credit. Spouses Gail Liberman and Alan Lavine are syndicated columnists. (Pittsburgh Post-Gazette, PA)
House panel votes to extend child credit, energy tax breaks May 16, 2008
WASHINGTON The House's tax-writing committee on Thursday approved a multifaceted tax package it said would save people almost $10 billion through expansion of the child tax credit and creation of a new deduction for property taxes ... That's the credit that becomes available when the child tax credit, worth up to $1,000 per child, exceeds a person's tax liability. (San Diego Union-Tribune -- Business)
By the way, Mr. President, we're broke May 15, 2008
The Congress did agree to keep certain middle-class tax cuts -- the $1,000 per child tax credit, a reduction in the marriage penalty and the 10 percent tax bracket. The budget plan also comes with hidden costs. (Scripps Howard News Wire)
What Would George Bailey Do? May 13, 2008
And he would probably redistribute tax benefits to families according to their number of dependent children, raising either the child tax credit or the per-capita deduction for children or both. As his father had noted, These families have children. (The American Conservative)
One week 'til deadline - KPMG expert talks taxes Apr 23, 2008
Child Tax Credit If you have any children under the age of 18 at the end of 2007, you can claim the new, non-refundable Child Tax Credit based on the amount of $2,000 for each eligible child. In 2007, the credit is worth about $300 per child. (Globe and Mail)
Life And Taxes Apr 22, 2008
Your taxes are overdue, if you're just reading this now. But the fact is that every day is April 15 for Jane and John Smith, America s most tax-savvy couple. (Forbes)
President Bush Attends America's Small Business Summit 2008 Apr 19, 2008
If Congress were to let this happen, tax rates will rise across the board, the marriage penalty will return in full force, the child tax credit will be cut in half, and every income payer -- income taxpayer in America will receive a tax hike. What I don't think a lot of people in Washington fully understand is that small business owners are going to bear a heavy burden if the tax rates go back up. (White House News Releases)
Let's Get the Economy Moving Again Apr 16, 2008
The child tax credit will be slashed 50 percent, raising taxes by $500 per child ... The child tax credit will be slashed 50 percent, raising taxes by $500 per child. (Townhall.com)
McCain: Suspend gas taxes, double child tax credit Apr 16, 2008
John McCain wants to suspend federal gasoline taxes for the summer and raise the child tax credit from $3,500 to $7,000 per kid. McCain, the presumptive Republican presidential nominee, unveiled his economic plans Tuesday in Pennsylvania. (Phoenix Business Journal, AZ)
Gingrey calls on House to make tax cuts permanent Apr 16, 2008
"With our economy slowing, the last thing struggling families need is Washington taking more money from them. Instead, we should give Tax Day back to the taxpayer and ensure that hard-working Americans never face these massive tax increases. Totaling over $689 billion dollars, the budget resolution put forward by the Democratic majority raises taxes on nearly every American taxpayer: Reinstitutes the marriage penalty, meaning that some married couples will once again pay more in taxes than if... (Calhoun Times, GA)
Tax filers cram into IRS office Apr 15, 2008
Nicol said she and her husband, who can no longer get the Child Tax Credit for their 17-year-old daughter, make too much to qualify for the IRS's FreeFile electronic tax filing program. The program allows filers with an adjusted annual gross income of $54,000 or less to file their taxes electronically for free, said IRS spokesman Bill Brunson. (AZCentral -- Business)
Avoid common errors when filing your return Apr 14, 2008
Claiming the wrong filing status: Your filing status determines a number of tax benefits, such as the child tax credit, earned income tax credit and dependent exemptions. Filing status choices are single, married filing jointly, married filing separately, head of household, and qualified widow with dependent child. (Pittsburgh Post-Gazette, PA)
Study: Taxpayers plan to use refund for bills, basics Apr 8, 2008
Credits such as the Earned Income Tax Credit and the Child Tax Credit are commonly available to Americans who aren t required to file because they don t owe any tax. Because these credits are refundable, meaning they can reduce a person s tax liability below $0, the credits also are a source of income. (Georgetown Record, MA)
Despite earmark reforms, 'pork' spending rises Apr 3, 2008
Savings from a moratorium could pay to "permanently repeal the marriage penalty and extend the child tax credit," says Rep. Paul Ryan (R) of Wisconsin, the ranking Republican on the Budget Committee. (Christian Science Monitor -- USA)
Guest Column (4) Mar 26, 2008
A married couple with two children, AGI of $160,000 and federal income tax liability exceeding $1,200 (before the child tax credit) initially qualifies for a basic rebate of $1,200 and an additional qualifying child credit of $600 for a total rebate of $1,800. But because the couple s AGI exceeds $150,000, their rebate is reduced by $500 (the amount of AGI over $150,000 multiplied by 5%). (Leitchfield Grayson County, KY)
Conservative headquarters scripting calls to radio shows Mar 26, 2008
The Conservative talking points on taxation, for instance, list details on the GST cut, the child tax credit, and tax cuts to seniors. The same talking points contrast Conservative achievements with the Liberal sponsorship scandal, gun-registry boondoggle, and failure to cut the GST. They also suggest the Bloc Quebecois could never achieve real tax relief because it's perpetually in opposition and describe the NDP as tax-hikers. (Globe and Mail -- National)
Rebate, Redux, Reflux Mar 24, 2008
The second of the three credits is also refundable--it's a $300 per child tax credit, which goes to parents who qualify for the $300 refundable adult check. Note that the child must be younger than 17 for all of the year. (Forbes)
Congress' $3,000 per Household Tax Increase Mar 24, 2008
That baseline also assumes the child tax credit would be halved, the marriage penalty reimposed, and the 10 percent tax bracket raised to 15 percent. Investment taxes would likely rise, and the 55 percent death tax would be reinstated as well. (Human Events Online)
Taxes: True or False? Mar 20, 2008
For example, the child tax credit offers up to $1,000 per qualifying child. Also, you can get back more than $10,000 in qualifying expenses to adopt a child. (MSNBC -- Business)
Paulson upbeat despite economy woes Mar 17, 2008
There is also a $300 per child tax credit. The rebates will put the money in the hands of individuals in the hope that they will spend it and boost the faltering economy. (CNN -- US)
Congress Says Yes to Tax Hikes Mar 17, 2008
"The time is now to start reforming and protecting Social Security and Medicare for future generations of seniors.Early Friday, the Senate passed a budget plan that also raises taxes on most Americans and rejects a moratorium on earmarks. The three presidential hopefuls -- Republican Sen. John McCain and Democratic Sens. Hillary Clinton and Barack Obama -- were among those who voted in favor of the one-year earmark moratorium. But the measure died on a 71-29 vote.McCain said he was "encouraged"... (CNSnews.com)
