Tag: taxation

Congress Reaches Deal to Increase Child Tax Credit, Negotiate Tax Treaty with Taiwan

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Family Learning

Congressional negotiators from the Senate and House of Representatives announced a deal on Tuesday to increase the child tax credit and negotiate a new bilateral tax treaty with Taiwan, among other matters.

The child tax credit was first enacted in 1997 to provide parents with greater funds to care for children under the age of 17 and was expanded in 2021 under the American Rescue Plan Act, though that expansion expired in 2022 and has not been reauthorized. The new deal — known as the “The Tax Relief for American Families and Workers Act of 2024” — reached between Democrats and Republicans in Congress will change the way the tax credit is calculated, increase the credit every year until 2025 and index it to inflation, according to a technical summary of the plan published by the House Ways and Means Committee.

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Exclusive: Wisconsin Institute for Law & Liberty Report Urges Ending ‘Taxation Without Representation’ in Funding Badger State Tech Colleges

M.D. Kittle

A new report finds Badger State homeowners pay nearly a half-billion dollars annually in property taxes to fund Wisconsin’s technical colleges, a figure expected to grow in the next biennial budget. 

But in Wisconsin there are no directly elected members to authorize these taxes, creating a system of “taxation without representation,” according to the study from the Wisconsin Institute for Law & Liberty (WILL). 

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Connecticut No Longer First in Personal Income Per Capita

Bradley Vasoli

New data from the federal Bureau of Economic Analysis (BEA) reveals that Connecticut is no longer first place among states in terms of per-capita personal income.

The Constitution State’s per-capita individual income exceeded every other states’ since 1987. Last year, however, Massachusetts outranked Connecticut regarding individuals’ mean income. The latter state’s residents averaged a yearly income of $82,475 each, whereas the former’s average earner got $82,082 annually. (The national average was $63,444.)

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Analysis: Biden’s Spending Could Become A Hidden Tax On Everything

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As the U.S. climbs out of a once-in-a-century pandemic, rising prices have led to increasing worry that rapid inflation could be just over the horizon.

Americans have already witnessed higher prices in the past few months, with everything from gasoline to lumber to basic home items jumping in cost. The increases, partially fueled by non-existent interest rates and record government spending, could lead to inflation that the U.S. has not seen in decades, experts say.

“In the short term, consumers can expect to see rising prices across the board,” Henry Olsen, a senior fellow at the Ethics and Public Policy Center and a columnist at The Washington Post, told the Daily Caller News Foundation. “I expect in the next few months people will be getting sticker shocked in virtually all aspects of their life.”

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