What was the national budget in 2015?
$3.688 trillion
2015 United States federal budget
| Submitted | March 4, 2014 |
|---|---|
| Total revenue | $3.34 trillion (requested) $3.249 trillion (actual) 18.2% of GDP |
| Total expenditures | $3.90 trillion (requested) $3.688 trillion (actual) 20.6% of GDP |
| Deficit | $564 billion (requested) $438.9 billion (actual) 2.45% of GDP |
| Debt | $18.15 trillion (actual) |
What was the maximum child tax credit in 2017?
$2,000
The Tax Cuts and Jobs Act of 2017 doubled the tax credit to $2,000 and made limits to the refundable amount of up to $1,400 per child. It also introduced phase out thresholds and rates for higher-income taxpayers. The act is temporary and will expire on Dec. 31, 2025.
What are the tax changes in the 2015 budget?
The Tax Changes in President Obama’s Fiscal Year 2015 Budget Revenue Estimates for Tax Changes in Pre Increased Tobacco Taxes and Index for In $78,217 Earned Income Tax Credit Expansion Expanded EITC -$59,740 Tax Expenditure Changes for High Income
What was President Obamas budget for fiscal year 2015?
President Obama released his fiscal year 2015 budget yesterday. Overall, the president proposes to increase revenue by $1.759 trillion over ten years. This new revenue comes in the form of a couple large tax changes, numerous small tax changes, and new fees (which we don’t discuss in this post).
What’s the new EITC limit for childless taxpayers?
Obama’s proposal would double the current EITC for childless working taxpayers from $496 to $1,000 and make the credit available for taxpayers who earn $7.50 an hour and work 40 hours a week (approximately $15,600). The proposal would also reduce the minimum age a taxpayer is eligible to receive this credit from 25 years to 21 years.