Tax — Federal

Obama’s Education Tax Proposals Would Help Middle-Class Families, Not Hurt Them as Opponents Inaccurately Claim

Some critics claim that President Obama’s proposal to streamline and better target tax credits for higher education represents an attack on middle-class families, particularly because of the limits it would impose on so-called “529” accounts. That’s backward: the plan overall would do more to help both middle-class and lower-income families afford college.

Related:

 

2015 EITC Awareness Day

Each year millions of eligible workers risk missing out on receiving the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) because they do not know they qualify, do not know how to claim the credits, or do not know where to find free tax filing assistance. Outreach efforts can help ensure that eligible workers can receive the tax credits they’ve earned. January 30, 2015 is EITC Awareness Day.

 

House “Dynamic Scoring” Rule Likely Will Mean More Tax Cuts — Not More Information

House Republicans have amended House rules to require the use of “dynamic scoring” for official cost estimates of tax reform and other major legislation.

Related: Brief: Why Budget and Tax Plans Shouldn’t Use Dynamic Scoring

 

 

 

Basics

The income tax on individuals and the payroll tax, which is deducted from workers’ wages and used to help finance Social Security and Medicare, each made up about 40 percent of federal revenues in 2010. The federal government also collects revenue from corporate taxes, excise taxes, and other sources.

Policy Basics:
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The Child Tax Credit
- The 2001 and 2003 Tax Cuts
- Where Do Our Federal Tax Dollars Go?
- The Estate Tax
- The Earned Income Tax Credit
- Deficits, Debt, and Interest

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The Center analyzes major tax proposals, examining their likely effects on the economy and on the government’s ability to address critical national needs, especially over the long term.  We place particular emphasis on the effects of tax proposals on households at different income levels.  In addition, we analyze trends in the level of federal revenues, income distribution, and tax burdens.

By the Numbers

Spending Through the Tax Code Skews Towards the Top
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