BIDEN TAX CHANGES
BIDEN PRESIDENTIAL TAX CHANGES
Changes in the White House can mean changes for your taxes. One key change has been the 2021 Child Tax Credit that affect families with dependents under the age of 18.
The American Rescue Plan Act expanded the Child Tax Credit to provide needed tax relief to almost all working families with children. The act authorized the IRS to pay half of your expected Child Tax Credit in advance, so you can receive it this year. You will claim the other half when you file your 2021 income tax return.
These are the changes that have been proposed:
- Expanded child tax credit thru 2025
- Make child tax credit refundable permanently
- Expended credit for child and dependent care thru 2025
- Make credit for child and dependent care refundable permanently
- Expanded earned income credit for taxpayers with no qualifying children
- Increase highest individual tax rate from 37% to 39.6%
- Increase maximum capital gains tax from 20% to 25%
- Increase highest corporate tax rate from 21% to 26.5%
For more information on the Child Tax Credit, visit this page.
Source: https://www.irs.gov/individuals/understanding-your-letter-6417
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