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Biden’s plan to enhance tax credits could increase refunds for low and middle-income families.
Biden’s Tax Credit Plans Could Increase Refunds for Low and Middle-Income Families
The 2024 presidential election will impact tax refunds in the U.S., despite refunds averaging between $2,750 and $2,900 annually over the past decade with minimal expected variation.
Joe Biden plans to enhance tax credits, like making the Child Tax Credit fully refundable and expanding benefits for families with children. These changes could potentially boost tax refunds for low and middle-income households, according to the report of Go Banking Rates.
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(photo: CNN)
Trump’s Tax Policy Continuity vs. Biden’s Potential Reforms
Donald Trump aims to solidify the 2017 Tax Cuts and Jobs Act (TCJA), which initially lowered taxes and increased deductions. A re-election could extend these cuts, potentially resulting in higher tax refunds.
However, if Biden wins, the future of the TCJA becomes uncertain, possibly leading to increased tax liabilities and lower refunds for some taxpayers. The election’s outcome will significantly affect taxpayers’ financial outlooks.
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