Tax Break Plan Advances in Ways and Means
The Ways and Means Committee approved a 305 million tax break for retirees and moved to expand deductions for child care expenses. Proposals curb several tax advantages favored by higher income groups, including foreign conventions and vacation home deductions, as part of a broader tax revision.
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Te House Ways and Means
Retirement tax credit expansion moves through committee
The committee advanced a proposal to extend and raise the retirement tax credit for people over 65. It would cover earned income and pension, increase the maximum credit to 15 percent of income up to 2500 for singles and one over 65 on joint returns, or 3750 if both over 65. A decision on child care and dependent care deductions was postponed until Wednesday.
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