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Enlarge this image President Joe Biden's finances took hit over 2020 according to income tax filings released by the White House on Monday. Evan Vucci/AP Evan Vucci/AP What in other years would likely not be huge news is this year making headlines: President Joe Biden has released his tax returns. The release of his financial records, as well as those of Vice President Kamala Harris, marks the return of a White House tradition defied by former President Donald Trump during the 45th president's term in office. "Today, the President released his 2020 federal income tax return, continuing an almost uninterrupted tradition," the White House said on Monday, the deadline to file 2020 income tax returns. According to filings released by the White House, Biden and First Lady Jill Biden, jointly earned $607,336 in 2020. The couple gave a little less than $31,000 — about 5% of their income — to charity. Together, they owed $157,414 in federal income tax. Their combined income for last year, as Biden was on the campaign trail, was significantly lower than for 2019. The couple reported an adjusted gross income of about $985,000 for that year. Harris and her husband, Doug Emhoff, appeared to have a more financially successful year, though they too earned less money than in the previous year. The California couple had an adjusted gross income of $1,695,300 in 2020, according to their tax returns. That is a 45% decrease over their 2019 earnings of $3,095,590. Harris earned about $346,000 from her work as an author and the couple donated a little more than $27,000 to charity. In all, they owed a total of $621,893 in tax. In contrast, tax returns obtained by The New York Times showed Trump paid $750 a year in taxes his first two years in office. Throughout his presidency, Trump maintained that he was unable to release his returns because he was being audited by the Internal Revenue Service. The move broke decades of presidential precedent. But the IRS has routinely audited the personal tax returns of every sitting president and vice president since the early 1970s, when President Richard Nixon and Vice President Spiro Agnew were both embroiled in tax scandals during the Watergate era. Adblock test (Why?) [...]
Tue, May 18, 2021
Source: Headlines -NPR Category: TOP NEWS
Enlarge this image The advance child tax credit program is part of the Biden administration's $1.9 trillion economic aid package called the American Rescue Plan that was passed in March. Andrew Harnik/AP Andrew Harnik/AP Roughly 39 million American families are eligible for monthly payments of up to $300 through the newly expanded child tax credit starting on July 15, the IRS and U.S. Treasury Department announced on Monday. The advance child tax credit program is part of the Biden administration's $1.9 trillion economic aid package called the American Rescue Plan that was passed in March. It increases the existing tax benefit from $2,000 up to $3,600 for younger kids and $3,000 for older ones, for the 2021 tax year. "For working families with children, this tax cut sends a clear message: Help is here," said President Biden in a Monday statement. How does it work? Instead of forcing parents to wait until the following year — after filing annual income taxes — the relief checks are an advance on half what they'd typically be entitled to get. In this case, eligible families qualify for up to $300 per month for each child under 6 years old and up to $250 for each child from 6 to 17. So a family with three children ages 5, 7 and 16 could see an extra $800 per month in their bank account through the latter half of the year. The credit goes away once a child reaches 18. The amounts could be smaller depending on the parents' income and the IRS said final payment amounts will be determined by 2020 tax returns (or 2019 filings if the 2020 documents have not been processed in time) and it urges those who have yet to file to do it as soon as possible to make sure they're eligible for the appropriate amount. Deposits will be made from July through December. The payments that represent the first half of 2020 will be provided later in a lump sum. Payments will be automatically deposited into accounts on file with the IRS, without any additional action required. But the boost is temporary. "Congress must pass the American Families Plan to ensure that working families will be able to count on this relief for years to come," Biden said. Who is eligible? Biden estimates that "about 90% of families with children will get this new tax relief automatically." The IRS offered more concrete guidelines: Married parents filing joint returns, as well as qualifying widows or widowers with incomes under $150,000 are eligible for the full refunds. The increased amounts will be reduced for couples with incomes above that, according to the IRS. Parents who don't come under the married or widowed categories can make up to $112,500 if they are heads of households and $75,000 for all other individual taxpayers before the benefit is reduced. People who don't make enough money to pay income taxes can also expect to see more money this year. Under the new tax credit low-income parents will no longer be docked for part of the credit as they currently are and the poorest families, who typically don't benefit from it at all, will also qualify for the full amount. Can I opt out? Yes. The IRS said eligible taxpayers who don't want the advance payments and instead would like to save the full child tax credit until next year will be able to decline the checks. .@IRSNews is setting up an online portal where people can opt out of receiving the monthly payments & a portal where people who don't typically file tax returns can give the IRS info to start getting CTC payments. Updates will be posted to https://t.co/qKWfws2tPQ before July 15.— Treasury Department (@USTreasury) May 17, 2021 "Taxpayers will also have the opportunity to update information about changes in their income, filing status or the number of qualifying children," the agency said, adding an online portal will become available sometime before July 15. Adblock test [...]
Tue, May 18, 2021
Source: Headlines -NPR Category: TOP NEWS
Enlarge this image Left to right: Miss Universe Uruguay Lola de los Santos, Miss Universe Myanmar Ma Thuzar Wint Lwin and Miss Universe Bernadette Belle Ong during the National Costume segment of Miss Universe 2021 Rodrigo Varela/Getty Images Rodrigo Varela/Getty Images Thuzar Wint Lwin strode down the runway at the Miss Universe pageant, in a costume that represented her Chin people in northwestern Myanmar. When she got to the end, she took a bow and unfurled a scroll she'd been carrying. "Pray for Myanmar," it read.It was a powerful message from Myanmar's Miss Universe contestant — and a reference to the ongoing bloodshed in her country since the military junta seized power in February. Miss Myanmar Thuzar Wint Lwin appears onstage at the Miss Universe 2021 - National Costume Show at Seminole Hard Rock Hotel & Casino on May 13, 2021 in Hollywood, Florida. Rodrigo Varela/Getty Images Rodrigo Varela/Getty Images There was a time when pageants were dismissed in some quarters for superficiality peppered with some mealymouthed appeals for world peace. But in recent years, participants have openly embraced the platform that such contests offer – and in turn have used them to bring attention to issues dear to them. At the Seminole Hard Rock Hotel and Casino in Holly wood, Florida, on Sunday night, Thuzar Wint Lwin wasn't the only one whose costume sent a colorful social message. Miss Universe Singapore Bernadette Belle Ong appears onstage at the Miss Universe 2021. Rodrigo Varela/Getty Images [...]
Mon, May 17, 2021
Source: Headlines -NPR Category: TOP NEWS