What to Know
President Joe Biden s tax plan would raise taxes for the wealthiest Americans, especially those making more than $400,000 a year.
Former President Donald Trump s signature tax law, the Tax Cuts and Jobs Act, cut taxes for most Americans. Its benefits went mostly to the rich.
Biden s agenda faces headwinds in a divided Senate. Democrats may be able to use a budget rule to pass a bill with a mere 50 votes.
Presidents Joe Biden and Donald Trump were far apart on many issues tax policy among them.
The Biden administration is seeking to dismantle or reverse many aspects of his predecessor s signature tax law. The law cut taxes for businesses and a broad swath of Americans, with benefits accruing mostly to the wealthy.
8 million nonfilers could have to file taxes this year if they want their stimulus checks cnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnet.com Daily Mail and Mail on Sunday newspapers.
Millions of second stimulus payments have been sent out in recent weeks after Congress approved the payments in late December.
The checks include $600 per person, plus $600 per child under 17, provided they fall under certain income thresholds. Generally, full payments go to individuals earning up to $75,000 and married couples filing jointly up to $150,000, and gradually phase out for income above those levels.
The IRS has an online tool Get My Payment through which individuals can check on the status of their checks. Provided you are eligible for the money, the status should show the date of the payment and method direct deposit, check or debit card.
Even if you re normally not required to file taxes because you re part of the SSI or SSDI programs, you re retired or you don t meet the IRS income threshold, that could change this year if you need to claim missing stimulus money. Here s what to know and do.
Child tax credit: How it could bring you more money this 2020 tax season (and beyond) cnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnet.com Daily Mail and Mail on Sunday newspapers.