More Details on the “Protecting Americans From Tax Hikes Act of 2015”

December 16, 2015 — Press Releases   

The “Protecting Americans from Tax Hikes” act will grow our economy and help American taxpayers keep more of their hard earned dollars  For a one page summary of the entire bill, please click here.

To view one page summaries regarding the following topics, please click on the links below:

Setting the Record Straight on the “Costs” of Tax Extenders

This bill is an important step forward on the path to fundamental tax reform. Supporting permanent tax policies promotes certainty for American businesses and families—generating economic growth and jobs. These provisions do not increase tax spending; they simply protect American families and American job creators from a tax hike.

Program Integrity Provisions

The tax extenders bill includes a dozen new “program integrity” provisions affecting refundable tax credits. These program integrity provisions are projected to save roughly $7 billion over ten years by reducing fraud, abuse, and improper payments in refundable credit programs.

Refundable Credit Enhancements

Conservative think tanks such as AEI have concluded that Earned Income Tax Credit (EITC) is effective as a work incentive that encourages low-income individuals to enter the workforce and work more hours.

The Child Tax Credit (CTC) has long been a conservative priority, and most Republican tax plans, from Chairman Camp to the current Presidential candidates, have proposed expanding it.

The American Opportunity Tax Credit (AOTC) replaces the Hope Credit and provides education-related tax relief to far more middle-income families.

Health Tax Provisions

Tax provisions on the floor this week in two separate bills – the “Protecting Americans from Tax Hikes (PATH) Act of 2015” and the Omnibus Appropriations legislation – mark an important step forward on the path to fundamental tax reform that will make our tax code simpler, fairer and flatter. These bills also contain several important provisions that will protect Americans from the failures of the President’s health care law as well as provide the next Republican president with room to replace these policies with patient-centered reforms.

Overview of the Tax Provisions Included in Omnibus Appropriations Act

The Omnibus contains several important provisions that will protect Americans from the failures of the President’s health care law. The bill also contains natural resource and renewable energy tax provisions.

Overview of the provisions in the “Protecting Americans from Tax Hikes Act of 2015”

The bill makes over 20 tax relief provisions permanent, including provisions from 11 different bills marked up by the Ways and Means Committee in 2015.