According to taxfoundation.org, the nation’s leading independent tax policy nonprofit here is an explanation of the upcoming refundable tax credit for individuals from the federal CARE Act. The Recovery Rebate for individual taxpayers bill would provide a $1,200 refundable tax credit for individuals ($2,400 for joint taxpayers). Additionally, taxpayers with children will receive a flat $500 for each child. The rebates would not be counted as taxable income for recipients, as the rebate is a credit against tax liability and is refundable for taxpayers with no tax liability to offset. The rebate phases out at $75,000 for singles, $112,500 for heads of household, and $150,000 for joint taxpayers at 5 percent per dollar of qualified income, or $50 per $1,000 earned. It phases out entirely at $99,000 for single taxpayers with no children and $198,000 for joint taxpayers with no children.2019 or 2018 tax returns will be used to calculate the rebate advanced to taxpayers, but taxpayers eligible for a larger rebate based on 2020 income will receive it in the 2020 tax season. Taxpayers with higher incomes in 2020 will see the overpayment associated with their rebate forgiven. For example, a single taxpayer with $100,000 in 2019 income would not receive an advance rebate but would receive the $1,200 credit on their 2020 return if their income for the year fell below the phaseout. On the other hand, a single taxpayer with $35,000 in income receives a $1,200 advance rebate but would not have to pay the rebate back on the 2020 return if they make $100,000 this year.This is structurally similar to the 2008 rebate design. We estimate the rebate will decrease federal revenue by about $301 billion in 2020, according to the Tax Foundation General Equilibrium Model. This credit is one-time, but policymakers may consider additional rebates if the downturn is prolonged.
Related Stories Syracuse volleyball falls to Colgate for 2nd straight loss Published on August 28, 2016 at 9:13 pm Contact Jake: email@example.com Colgate fans erupted as the ball rushed passed a stagnant Syracuse team. It appeared as if the Raiders had a 3-1 win with a serve that landed inside the line.The ball was ruled out of bounds even though it appeared to land in bounds and Syracuse gained yet another chance to comeback in a game that had quickly slipped out of its control.Colgate won two plays later.Twice the Orange had chances to tie sets at 24 points apiece. But each time, Syracuse squandered the opportunity and lost the set. Even when it tied the game at 22 points, it fell that set too. SU (0-2) overcame early-set struggles three times, but could never get an edge late in those sets and ultimately lost to Colgate (1-1), 3-1 on Sunday afternoon.“That’s what changed the momentum …,” Syracuse head coach Leonid Yelin said. “(More experienced teams) can respond much faster back. We are responding to (changes in momentum) a little bit late. It put us deep in a hole.”AdvertisementThis is placeholder textSyracuse came out hot with a flurry of blocks from Mackenzie Weaver, Jalissa Trotter and Santita Ebangwese. That and crisp passing from Belle Sand put the team on a 7-0 run early in the game to make it 8-1.The Orange won the set 25-18.Everything that went well in the first set flipped in the second. The crisp passing, timed blocks and well-placed spikes turned into double touches, long kills and miscommunications at the net.“Stunned them right there,” a Colgate fan yelled from the bleachers as Syracuse’s momentum began to wane following a drop shot that caught the Orange off guard.Despite the struggles, SU clawed within a point of tying Colgate at 24, but couldn’t complete the comeback and lost the second set 25-22.The Orange switched its defensive strategy by focusing on protecting the back of the court. Middle blocker Leah Levert was subbed in for Ebangwese at the net to change the momentum of the game.With Levert in, SU came within a point of tying Colgate at 24, but couldn’t complete the comeback and lost the third set 25-23 on a block by the Raiders.“We have to stay mentally in and we have to remain confident, but calm,” Levert said. “We have to be aggressive, but smart.”As the late-set struggles continued for the Orange, Yelin constantly looked up at the scoreboard after lost points and slumped in his chair.Syracuse’s struggles came to a tipping point in the final set after the Orange again fought through momentum changes and defensive switches.With Syracuse leading 15-14, the team lost the lead for good as it continued to fall apart at the net. SU was unable to use its greatest strength of the short season, blocking, and continued to hit shots too long, too wide and into the net.Colgate stunned Syracuse again with another drop shot to win 25-22 just as it had in the second.“We (are) painfully learning …” Yelin said. “We lose and are ready to play (the next game).” Comments Facebook Twitter Google+