Monthly Archives: December 2010

IRS Releases Inflationary Increases for EITC, LLC Limits

IRS

Annual IRS adjustments to several credits for the coming tax filing season will be higher.

Annual adjustments for several key credits, exemptions and deductions have been released for the upcoming 2011 tax filing season. Full details are available on the IRS website (IRS.gov).

Annual IRS adjustments to several credits for the coming tax filing season will push amounts slightly higher this year. For low- and moderate-income families, many will see small increases of approximately 1.5 percent in their maximum EITC claims. Read the rest of this entry

Fiscal Commission Report Released, Rejected

Holden Weisman

Holden Weisman serves as NCTC's Policy Analyst

The release of “The Moment of Truth,” the report of the National Commission on Fiscal Responsibility and Reform, sheds light on the future direction of the tax reform debate.

The Fiscal Commission’s much anticipated report (available on the Commission’s website or through the link below) will not be sent to Congress after the panel failed to receive the necessary 14 member votes to bring the proposal to the floor. However, despite this rejection, there is still talk in Washington of the plan serving as a base on which to build future tax reform and deficit reduction debates. Read the rest of this entry