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
That's somewhat countered, of course, if the housing market starts turning because of high interest rates.
But in general, those provisions that are fixed in nominal terms are going to cause more problems in periods like we're seeing right now.
Well, sometimes it's intentional.
So let's take another example that people have written me about, which is the thresholds where Social Security income benefits start becoming taxable.
Those, you know, there are key numbers in there about $32,000, $25,000.
Those have been intentionally frozen in place for 40 years because what Congress did 40 years ago is say, hey, we want to make Social Security more solvent in the long run.
And to do that, we'll just sort of freeze these in place.
And over time, it will gradually generate more income taxes and Social Security benefits.
So it was a very clear choice by Congress to go ahead and have something that at the time didn't affect quite as many people and gradually, gradually expands to affect people.
So for lower-income people, there are some adjustments.
The maximum amount of refundable child tax credit goes up to $1,600.
The earned income tax credit maximums go up.
The standard deductions are really important to lower-income people.
And the tax brackets, too.
So the bottom tax bracket...
you know, how much income is taxed at 10% before some income is taxed at 12%, that all slides up 7% as well.
What you basically have to do is figure out this year the amount of the entire credit you're eligible for and then subtract from that what you got already in those monthly payments last year.
So the child tax credit is a break that most households with children get for just having those children.
It's a set amount of a reduction of your total tax bill.
So it's not a deduction, which reduces the amount of income subject to tax.
Showing 141–160 of 1,496 · page 8 of 75
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