Expanding the Earned Income Tax Credit in 2016

** See this article for the latest Earned Income Tax Credit adjustments released by the IRS ____________________________ [Updated following SOTU speech] Following President Obama’s state of the union speech and in addition to the items below, he had some good news on expanding the Earned Income Tax Credit (EITC)  for …

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Payroll Tax Credit and Unemployment Insurance Benefits Extension

See updated details on the potential 2020 payroll tax cut [Updated- 2012 Payroll Tax Credit Holiday, Unemployment Benefits and Medicare Doctor Payments Extended to Dec 31st] With House Republican support Congress has passed legislation extending the federal payroll tax holiday through the end of the year without demanding spending cuts …

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Deficit Reduction Plan: Solve America’s Debt Problem By Cutting Taxes, Social Security, Medicare and Federal Retirement Benefits

To tackle America’s growing national debt problem, President Obama put together a task force earlier this year to look at options on how to cut government spending, implement tax reform and improve the effectiveness of federal entitlement programs. The deficit reduction commission co-chairs (Erskine Bowles and Alan Simpson) put forward a $3.8 trillion deficit-cutting draft plan that calls for discretionary spending to be cut by $1.4 trillion over 10 years, while mandatory spending – including Social Security, Medicare and Medicaid – would be reduced by $733 billion. Taxes would be raised by $751 billion. More specifically:

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