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Today, we’re exploring the intricacies of the latest congressional act stirring up Washington—The TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
Relief for American Families and Workers Act of 2024.
Erica York, Senior Economist and Research Director at the Tax Foundation, joins Kyle Hulehan to dissect its key features, including the restoration of crucial business investment provisions, an expansion of the Child Tax CreditA tax credit is a provision that reduces a taxpayer’s final tax bill, dollar-for-dollar. A tax credit differs from deductions and exemptions, which reduce taxable income, rather than the taxpayer’s tax bill directly.
, and changes to pandemic-era tax credits.
The conversation also sheds a light on the act’s temporary and retroactive dimensions, which could leave taxpayers in uncertain, and confusing, territory.
Links:
- Details and Analysis of the Tax Relief for American Families and Workers Act of 2024 See more
- Permanent Bipartisan Tax Deal Would Grow Economy but Create Revenue Challenges See more
- Details and Analysis of Making the 2017 Tax Reforms Permanent See more
- The Short Form: Parts of the TCJA Are Expiring Soon—Here’s What That Means for You See more
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