Richard Rubin
speaker
1,496 appearances
29 recordings
1 series
first heard Oct 2017
last heard Jan 2024
Richard Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
So for the moment, although President Biden and Democrats, many Democrats in Congress want to extend the 2021 rules and resume those monthly payments and the larger amounts, we're right back to the way the credit was in 2020.
$2,000 maximum per child, 17-year-olds not eligible, not fully refundable.
So low-income households will get up to $1,400 of the $2,000, not the full $2,000, and not that extra bonus payment for young children.
So it basically looks like the way it was.
Congress can, of course, come in at any time and change that.
But at the moment, that doesn't look likely.
Things change, and when things change, that creates difficulty for taxpayers and confusion for taxpayers.
People are used to the old system where, you know, there weren't these additional payments over the course of the year, and where you just claimed the entire child tax credit on your tax return.
One thing that will change is likely things like the standard deduction, because that also grows with inflation each year.
Oh, sure.
No problem.
So yes, absolutely.
Inflation is part of how a lot of numbers in the tax code get set.
So Congress specifies which pieces of the tax code get adjusted for inflation and when and how.
And then the IRS's job is to implement that.
Well, for each year in the fall of 2020, they announced the 2021 tax brackets.
In the fall of 2021, they announced the 2022 tax brackets.
And those are based on
A formula.
They have a set of formulas they use to take the existing income thresholds for tax brackets and adjust them upward based on actual inflation in the economy.
Showing 241–260 of 1,496 · page 13 of 75
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