Rich Rubin
speaker
137 appearances
2 recordings
1 series
first heard Jun 2024
last heard Sep 2024
Rich Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
And then also she wants to cut some taxes even further than just the Trump tax cuts on middle and lower-income people.
The biggest of those is the expansion of the child tax credit.
She wants to go back to the child credit that was in place in 2021, which was up to $3,600 for young children as opposed to $2,000 now.
And she would add another tier where you could get up to $6,000 if you're a parent of a newborn.
Right now, if you're a small business startup, you can deduct up to $5,000 in startup costs.
She would take that $5,000 and make it $50,000.
This is an idea that some Republicans in Congress have supported for years.
It's something she's offering to small businesses, particularly new small businesses.
But on balance, a lot of the
proposals that she's got out there, raise taxes, not on those new small businesses, but on medium-sized and larger, closely held businesses.
So he ran on a big tax cut.
It was clear throughout the 2015 and the 2016 campaign that if Trump won and Republicans were in charge, there was going to be a big tax cut.
That's exactly what happened.
They cut taxes on individuals.
They cut taxes on corporations.
Some of the biggest benefits went to some higher income households, but there were tax cuts sort of across the income spectrum.
So right now, Social Security benefits, it's a little tricky.
You have to include half of them in your income when figuring out whether they're taxed, and then you either are taxed on zero, 50%, or 85% of the Social Security benefits.
And so generally, very low-income retirees don't pay any income tax on their benefits because the standard deduction is large enough to
cover their taxes, and they've got this exclusion.
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