New Tax Law: 7 Big Changes You Should Know About

This past month, around mid-July, millions of Americans received a tax credit deposit to their bank accounts. This was a surprise for many, yet part of the pandemic relief program that slated billions to eligible families with children. In March of this year, Congress expanded the child tax credit to $3,600 per child for the year, from $2,000. The increased credit was in response to the financial fallout of the pandemic in order to assist families nationwide across all income

This past month, around mid-July, millions of Americans received a tax credit deposit to their bank accounts. This was a surprise for many, yet part of the pandemic relief program that slated billions to eligible families with children. In March of this year, Congress expanded the child tax credit to $3,600 per child for the year, from $2,000. The increased credit was in response to the financial fallout of the pandemic in order to assist families nationwide across all income

While the three stimulus programs amount to over $4.5 trillion were mostly funded by government debt, the recently introduced $2.25 trillion infrastructure plan will be primarily funded by tax increases. Preliminary indications are that the anticipated tax hikes will target both corporations and high earning individuals. The tax increases may be the largest since 1993. The following are among the proposals currently being considered: Raising the corporate tax rate to 28% from