Quantcast
Get breaking news alerts via email

Click here to manage your alerts
House and Senate sit on tax bills the other passed


< Previous Page


Child Tax Credit

Join the Discussion
Post a Comment

Both bills extend the $1,000-per-child tax credit through 2013. If Congress does not act, the tax credit is scheduled to revert to $500 per child next year.

Senate • Extends a 2009 provision that makes the child tax credit available to more families that don’t make enough money to owe federal income taxes.

Earned Income Tax Credit:

Both bills extend a more generous credit first enacted under Bush. The EITC provides tax credits to low-income families based on their income and number of children. The credits are available as payments to many families that don’t make enough money to owe federal income taxes.

Senate • Extends a 2009 provision that makes the credit more generous for families with three or more children.

Education tax breaks


story continues below
story continues below

Both bills extend more generous tax deductions for interest on student loans and exemptions for employer-provided educational assistance.

Senate • Extends a tax credit of up to $2,500 a year for college costs, first enacted in 2009.

Alternative Minimum Tax

Both bills spare millions of middle-income families from paying the alternative minimum tax for 2012. The tax was first enacted in 1969 to make sure higher-income taxpayers could not use tax breaks to avoid paying any federal income tax. The income limits, however, were not adjusted for inflation, so Congress routinely fixes the law to spare middle-income families.

Congress has yet to patch the law for 2012. So if lawmakers don’t act, about 28 million middle-income families will face unexpected tax increases averaging more $3,000 when they file their 2012 tax returns next spring.



Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Top Reader Comments Read All Comments Post a Comment
Click here to read all comments   Click here to post a comment


About Reader Comments


Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account.
See more about comments here.
Staying Connected
Videos
Jobs
Contests and Promotions
  • Search Obituaries
  • Place an Obituary

  • Search Cars
  • Search Homes
  • Search Jobs
  • Search Marketplace
  • Search Legal Notices

  • Other Services
  • Advertise With Us
  • Subscribe to the Newspaper
  • Access your e-Edition
  • Frequently Asked Questions
  • Contact a newsroom staff member
  • Access the Trib Archives
  • Privacy Policy
  • Missing your paper? Need to place your paper on vacation hold? For this and any other subscription related needs, click here or call 801.204.6100.