Who bears the burden of the corporate income tax? Who bears the burden of federal excise taxes? How do financing methods affect the distributional analyses of tax cuts? How do taxes affect income inequality? Tax Expenditures What are tax expenditures and how are they structured?
What is the tax expenditure budget? Why are tax expenditures controversial? What are the largest tax expenditures? How did the TCJA affect tax expenditures? Tax Gap and Tax Shelters What is the tax gap? What does the IRS do and how can it be improved? What is a tax shelter? Recent History of the Tax Code What did the —10 tax stimulus acts do? What did the American Taxpayer Relief Act of do? How did the Tax Cuts and Jobs Act change personal taxes?
How did the Tax Cuts and Jobs Act change business taxes? Key Elements of the U. What are itemized deductions and who claims them? How did the TCJA change the standard deduction and itemized deductions? What are personal exemptions? How do federal income tax rates work? What are tax credits and how do they differ from tax deductions?
How do phaseouts of tax provisions affect taxpayers? Capital Gains and Dividends How are capital gains taxed? What is the effect of a lower tax rate for capital gains? What is carried interest, and how is it taxed? How might the taxation of capital gains be improved? Who pays the AMT?
How much revenue does the AMT raise? Taxes and the Family What is the child tax credit? What is the adoption tax credit? What is the earned income tax credit? Do all people eligible for the EITC participate? How does the tax system subsidize child care expenses? What are marriage penalties and bonuses? How did the TCJA change taxes of families with children? Taxes and the Poor How does the federal tax system affect low-income households?
What is the difference between refundable and nonrefundable credits? Can poor families benefit from the child tax credit? Why do low-income families use tax preparers? How does the earned income tax credit affect poor families?
What are error rates for refundable credits and what causes them? How do IRS audits affect low-income families? Taxes and Retirement Saving What kinds of tax-favored retirement arrangements are there?
How large are the tax expenditures for retirement saving? What are defined benefit retirement plans? What are defined contribution retirement plans? What types of nonemployer-sponsored retirement savings accounts are available? What are Roth individual retirement accounts? Who uses individual retirement accounts?
How does the availability of tax-favored retirement saving affect national saving? What is an automatic k? How might low- and middle-income households be encouraged to save?
Taxes and Charitable Giving What is the tax treatment of charitable contributions? What entities are tax-exempt? Who benefits from the deduction for charitable contributions? How would various proposals affect incentives for charitable giving? How large are individual income tax incentives for charitable giving?
How did the TCJA affect incentives for charitable giving? Taxes and Health Care How much does the federal government spend on health care?
Who has health insurance coverage? Which tax provisions subsidize the cost of health care? How does the tax exclusion for employer-sponsored health insurance work? What are premium tax credits? What tax changes did the Affordable Care Act make? How do health savings accounts work?
How do flexible spending accounts for health care expenses work? What are health reimbursement arrangements and how do they work? How might the tax exclusion for employer-sponsored health insurance ESI be reformed? Taxes and Homeownership What are the tax benefits of homeownership?
Do existing tax incentives increase homeownership? Taxes and Education What tax incentives exist for higher education? All income sources are not taxed equally.
You can't escape taxes, so the best thing you can do is learn how to better manage your taxes and understand how the tax code can work in your favor. Fortunately, the IRS has increased income limits for all tax brackets , giving you an opportunity to earn more income without the fear of stepping into another tax bracket.
Since income plays a large role in your taxes, create a strategy that allows you to diversify your income. You can never go wrong when you earn an extra stream of income in the stock market, allowing you to take advantage of favorable capital gains rates if you hold your investments over a year.
There's even a chance you'll pay no taxes on your gains if your income is under certain limits. Discounted offers are only available to new members. Stock Advisor will renew at the then current list price. Investing Best Accounts.
Stock Market Basics. Stock Market. Industries to Invest In. Each province also has additional credits and incentives. Although not technically an income tax, Canadians pay Employment Insurance EI premiums based on their employment income.
EI premiums for employees are 1. When looking at the extra tax on employees in Canada, it's important to note that Canada offers more robust unemployment benefits including extended pregnancy and other parental leave and paid time off for compassionate care. In the United States, Social Security benefits that kick in at retirement are paid out based on what individuals have paid into the system throughout their working lives.
In , American employees pay 7. Medicare premiums have no cap. In Canada, employees pay 4. Medicare-style benefits are included as part of the country's healthcare plan. The OAS pension is the non-taxable income available to people age 65 and older who meet Canada's legal status and residence requirements and don't exceed maximum income caps.
No discussion of U. The income taxes that Canadians pay partially fund the country's socialized health plan. Under this plan, everyone has equal access to medical facilities, practitioners, and procedures at no additional cost. Monthly premiums for these plans vary based on a number of factors, including which state you live in, your age, and whether you have employer coverage. Comparing income taxes in the United States and Canada requires an analysis of the benefits received for those taxes and any other out-of-pocket costs outside of taxes.
Along with many other factors, each taxpayer's individual situation can help determine whether they would be financially better off in one country or the other. Internal Revenue Service. Canadian government. Tax Laws.
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