* Some interesting news about what had been the infamous “47%” from Bloomberg at MSN.COM – “U.S. Households Paying No Income Tax Hit 61% of Total Last Year” –
“Nearly 61% of U.S households paid no federal income taxes during pandemic-stricken year of 2020, because of declines in income and boosts to government subsidies that wiped away tax liabilities, according to data from the Urban-Brookings Tax Policy Center.
The number of households owing nothing came in at 106.8 million, up from 75.9 million in 2019, the study, released Wednesday, showed. The 60.6% proportion for last year compares with 43.3% over the five years before the pandemic struck.”
I would be interested to know how many Americans actually “made a profit” by filing a tax return due to refundable credits.
* Kay Bell provides “6 Advance Child Tax Credit questions still being asked … and the answers!” at DON’T MESS WITH TAXES.
* And Kay identifies “Tax-smart ways grandparents can help pay for college”.
* Ian Berger tries “Making Sense of the 401(k) Multiple Plan Limits” at THE SLOTT REPORT.
* From Alexis Leondis at ACCOUNTING TODAY – “Working from home? The New York State taxman doesn’t care” (highlight is mine) -
“New York, famed for its aggressive tax policies, is targeting those who were employed by companies based in the state but worked remotely during the pandemic. According to the state, nonresidents who telecommuted are still on the hook for New York state income taxes even if New York offices were closed due to COVID-19.”
THE LAST WORD
Today the difference between the Democratic Party and the Republican Party is not ideological - liberal vs conservative.
Today the difference is intelligence (Democrats) vs ignorance (Republicans).
Today's Republican Party has truly become the Party of morons and racists.
Today’s Republican Party stands for Donald T Rump. It stands for ignorance, racism, treason and lies. Nothing else.
TTFN
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