Question

Discuss two or three individual taxation issues being debated or discussed in the news today.

United States of American

Answer 1

ANSWER

Individual taxation issues being debated or discussed in the news

Due to the ongoing scenario of the Covid-19 pandemic and U.S elections doing the rounds , there have been a lot of news, debates , innovation of new ideas and reforms regarding the Individual taxation rates , new slab rates , new reforms e.t.c some of which are listed below

- Relief to non-resident taxpayers was provided who were impacted by various issues due to the emergence of Covid -19 , the absence of which would have affected the non-resident taxpayers with heavy duties of individual income tax

- Even during the presidential campaign of Joe Biden and Donald Trump certain individual taxation issues are there which are brought up which raised an emphasis on that wealthier people should pay more taxes ( anybody making over $4,00,000) should be subject to higher slab rates of individual taxes

- The issue of child and dependent credits also did the rounds where it was proposed that the limit of $2,000 credit for each under - age qualifying child should now be raised to $4,000

- Issue about threshold of deductible medical and dental expenses , as the threshold is seen to be returning to 10% again as from 7.5% which was laid down by the tax and job cuts act of 2017 & 2018

- Debate about raising the individual tax rate on ordinary income and on the net (short - term capital gains ) to 39.6% , which was the highest rate back then before the (tax and job cuts act ) came into implementation and lowered it to 37% for the time period of 2018 till 2025