Federal Tax

Key Findings Currently, the home mortgage interest deduction (HMID) allows itemizing homeowners to deduct mortgage interest paid on up to $750,000 worth of principal, on either their first or second residence. This limitation was introduced by the Tax Cuts and Jobs Act (TCJA) and will revert to $1 million after 2025. In 2018, less than
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The incidence of increased vaping among teens and the resulting lung disease has captured the attention of everyone from President Trump, who Wednesday called for a ban on flavored nicotine liquids used for vapor products, to Senate Finance Committee Ranking Member Ron Wyden (D-OR), who followed by proposing legislation to levy an excise tax on
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Like individuals, businesses take advantage of tax expenditures such as exclusions, exemptions, deductions, and credits, when calculating federal tax liability. The composition of the tax expenditures taken by firms may vary depending on their size. Small firms may, for example, be less likely to take advantage of tax expenditures related to foreign profits if they
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On July 10, the Taxpayer Advocate Service (TAS) released a set of recommendations to expand and simplify the Earned Income Tax Credit (EITC). This refundable credit is praised by some for its role in decreasing poverty and encouraging work among certain groups. However, the number of improper payments associated with the EITC makes legislators hesitant
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Tomorrow, the House of Representatives will vote on H.R. 748, sponsored by Representative Joe Courtney (D-CT). This bill would repeal the excise tax on high-cost employer-sponsored health coverage, otherwise known as the “Cadillac tax,” for taxable years starting after 2019. While repealing is likely to pass the House, ideally, the tax should be implemented. It
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Earlier this year, Senator Roy Blunt (R-MO) and Senator Ben Cardin (D-MD) introduced the New Markets Tax Credit Extension Act of 2019, which would permanently extend the New Markets Tax Credit (NMTC) and increase NMTC allocations, among other changes. The NMTC was originally established by the Community Renewal Tax Relief Act of 2000. It was
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