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The maximum child tax credit is getting a $200 boost, but millions of families still won’t benefit.
Supporters of a new income tax credit for middle-class households with children couldn’t overcome Gov. Ned Lamont’s objections this spring, despite strong grassroots support and broad backing ...
Advocates say new reports will help make their case for a CT child tax credit by emphasizing hefty tax burdens and a high cost of living.
And, again, the child tax credit is essentially a giveaway to people who don't pay taxes in the first place, like the earned income tax credit.
Republicans are trying to create tax deductions for tips, car loan interest and overtime pay. Experts say they wouldn’t benefit low earners much.
Senators also removed a provision that would have created a new income tax credit for some people who earned a Purple Heart – the decoration for service members who were wounded or killed in action.
How It Could Affect Servers Under current law, every tip — cash, credit, debit or via the business’s electronic payment system — must be reported as income no matter the amount.
This tax proposal would do more than make tips income tax-exempt for servers. While this tax proposal promises to benefit servers, it's more complex than that.
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