President Biden earlier this week signed the Inflation Reduction Act of 2022 (Act), which contains a number of tax and spending provisions impacting a broad range of businesses and.
[co-author: Tony Meyer Jr.]
On Wednesday, April 28
th, the White House announced the American Families Plan, the “human capital” infrastructure proposal. The American Families Plan would spend $1.8 trillion, including $800 billion in tax cuts over ten years, offset by $1.5 billion in new taxes over the same period. This blog summarizes the tax provisions of the American Families Plan.
Tax Cuts
The American Families Plan proposes extending the expanded Affordable Care Act premium tax credits and the expanded Child Tax Credit enacted under the American Rescue Act, and making the Child Tax Credit, the Child and Dependent Care Tax Credit, and the Earned Income Tax Credit fully refundable on a permanent basis.
On Wednesday, April 28
th, the White House announced
the American Families Plan, the human
capital infrastructure proposal. The American Families Plan
would spend $1.8 trillion, including $800 billion in tax cuts over
ten years, offset by $1.5 billion in new taxes over the same
period. This blog summarizes the tax provisions of the American
Families Plan.
Tax Cuts
The American Families Plan proposes extending the expanded
Affordable Care Act premium tax credits and the expanded Child Tax
Credit enacted under the American Rescue Act, and making the Child
Tax Credit, the Child and Dependent Care Tax Credit, and the Earned
Income Tax Credit fully refundable on a permanent basis.
Tax Provisions of the American Families Plan Thursday, May 6, 2021
On Wednesday, April 28
th, the White House announced the American Families Plan, the “human capital” infrastructure proposal. The American Families Plan would spend $1.8 trillion, including $800 billion in tax cuts over ten years, offset by $1.5 billion in new taxes over the same period. This blog summarizes the tax provisions of the American Families Plan.
Tax Cuts
The American Families Plan proposes extending the expanded Affordable Care Act premium tax credits and the expanded Child Tax Credit enacted under the American Rescue Act, and making the Child Tax Credit, the Child and Dependent Care Tax Credit, and the Earned Income Tax Credit fully refundable on a permanent basis.