LogFAQs > #931703783

LurkerFAQs, Active DB, DB1, DB2, DB3, DB4, Database 5 ( 01.01.2019-12.31.2019 ), DB6, DB7, DB8, DB9, DB10, DB11, DB12, Clear

Topic List	Page List: 1
Topic	Bipartisan bill to slash child poverty
Balrog0 12/17/19 9:44:46 AM #1:	https://www.vox.com/future-perfect/2019/12/16/21024222/mitt-romney-michael-bennet-basic-income-kids-child-allowance On Sunday, Sens. Mitt Romney (R-UT) and Michael Bennet (D-CO) announced a bipartisan plan to do something pretty extraordinary: establish a basic income for children in the United States. The plan is relatively modest. Parents would get a guaranteed $1,500 in cash every year per child under the age of 6, no matter their income, and $1,000 per child aged 6 to 17. Another $1,000 in benefits per child, regardless of age, would phase in with income, as occurs under the Child Tax Credit already in the federal tax code. Right now the Child Tax Credit is only refundable for people earning at least $2,500 per year, and even then, phases in gradually with earnings and is limited to only some of the credit. The result is that the poorest Americans like disabled parents, or parents who dont have any cash income are cut off from the benefit, and parents working for low wages or low hours dont get the full benefit. Under Bennet/Romney, the full benefit would still be reserved for working parents. But for the first time in American history, the poorest parents would be guaranteed a benefit whether or not they are employed... Romney and Bennet would pay for the change in part by repealing stepped-up basis. Thats a federal tax rule that greatly reduces the taxability of inherited property. It says that if, say, wealthy art collector Milburn Pennybags Sr. buys a painting for $10 that is worth $1 million when he dies years later, then Milburn Pennybags Jr. can sell it for $1.1 million and only pay capital gains tax on the $100,000 its appreciated between inheriting it and selling it. Under Romney and Bennets proposed change, the younger Pennybags would have to pay tax on the nearly $1.1 million in value the painting gained since his father bought it. --- But to you who are listening I say: Love your enemies, do good to those who hate you, bless those who curse you, pray for those who mistreat you. <cite>Balrog0 posted [p:931703783] in Bipartisan... [t:78261779]...</cite> <quote>https://www.vox.com/future-perfect/2019/12/16/21024222/mitt-romney-michael-bennet-basic-income-kids-child-allowance On Sunday, Sens. Mitt Romney (R-UT) and Michael Bennet (D-CO) announced a bipartisan plan to do something pretty extraordinary: establish a basic income for children in the United States. The plan is relatively modest. Parents would get a guaranteed $1,500 in cash every year per child under the age of 6, no matter their income, and $1,000 per child aged 6 to 17. Another $1,000 in benefits per child, regardless of age, would phase in with income, as occurs under the Child Tax Credit already in the federal tax code. Right now the Child Tax Credit is only refundable for people earning at least $2,500 per year, and even then, phases in gradually with earnings and is limited to only some of the credit. The result is that the poorest Americans like disabled parents, or parents who dont have any cash income are cut off from the benefit, and parents working for low wages or low hours dont get the full benefit. Under Bennet/Romney, the full benefit would still be reserved for working parents. But for the first time in American history, the poorest parents would be guaranteed a benefit whether or not they are employed... Romney and Bennet would pay for the change in part by repealing stepped-up basis. Thats a federal tax rule that greatly reduces the taxability of inherited property. It says that if, say, wealthy art collector Milburn Pennybags Sr. buys a painting for $10 that is worth $1 million when he dies years later, then Milburn Pennybags Jr. can sell it for $1.1 million and only pay capital gains tax on the $100,000 its appreciated between inheriting it and selling it. Under Romney and Bennets proposed change, the younger Pennybags would have to pay tax on the nearly $1.1 million in value the painting gained since his father bought it. --- But to you who are listening I say: Love your enemies, do good to those who hate you, bless those who curse you, pray for those who mistreat you.</quote> ... Copied to Clipboard!
Topic List	Page List: 1