How Tax Decisions in 2025 Can Advance Racial Justice – ITEP

Oct 30, 2024 · In the coming 14 months, federal lawmakers should address longstanding issues of racism in the tax code. With a presidential election this fall and many provisions of 2017’s …

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FAQs about How Tax Decisions in 2025 Can Advance Racial Justice – ITEP Coupon?

Can America's tax system improve racial equity?

America’s tax system can be one of our most powerful tools to advance racial equity and create opportunity for all — but only if we are bold enough to reform it. First, we must reinstate the expanded Child Tax Credit (CTC) and Earned Income Tax Credit (EITC). ...

What can Congress do to create a more racially equitable tax code?

To create a more racially equitable tax code and build back for justice, Congress must permanently expand the Child Tax Credit and the Earned Income Tax Credit — two of the most powerful policy levers we have to increase opportunity and advance racial equity. ...

What are the revenue proposals in the 2025 budget?

The revenue proposals in the Administration’s Fiscal Year 2025 Budget (U.S. Treasury, 2024) would raise revenues, help ensure the wealthy and large corporations pay their fair share, expand tax credits for working families, and improve tax administration and compliance. ...

How much tax will be imposed in 2025?

The Administration’s Fiscal Year 2025 Budget would impose a minimum tax of 25 percent on total income, generally inclusive of unrealized capital gains, for all taxpayers with wealth (that is, the difference obtained by subtracting liabilities from assets) greater than $100 million. ...

How will November's election affect tax policy?

As we approach November’s election, voters in several states will be weighing in on tax policy changes. The outcomes will impact the equity of state and local tax systems and the adequacy of the revenue those systems are able to raise to fund public services. ...

How will the inflation reduction act of 2022 affect taxable year 2025?

The Inflation Reduction Act of 2022 extended these changes through taxable year 2025. The Administration’s Fiscal Year 2025 Budget would make these changes permanent. This would enable low-income families to better afford health insurance and allow them to use some of the savings to build wealth. ...