Who's that deduction/credit?
This deduction allows homeowners to reduce their taxable income based on the interest paid on their home loan
Mortgage Interest Deduction
Employees pay 6.2% and employers match it on wages up to the annual wage base — funding retirement and disability benefits
What is FICA (Social Security Tax)?
Who did Obama famously use as a poster child for tax inequity
Warren Buffet
Introduced in 1977 as the first refundable credit, this benefits low to moderate income workers with income they have earned
Earned Income Tax Credit
Employees and employers each pay 1.45% with no wage cap, and high earners pay an additional 0.9% over $200,000 — funding hospital and medical insurance.
What is the Medicare Tax?
When you die, the tax “basis” for your appreciated assets becomes the value at time of death. Columnist Michael Kinsley dubbed this what?
Angel of Death
Donors who itemize can reduce taxable income by giving cash or property to qualifying nonprofit organizations.
Charitable Contribution deductions
The TCJA changed the inflation index from the traditional Consumer Price Index (CPI) to the
What is Chained Weight
George W. H. Bush famously had a “no taxes pledge”, when did he break this?
1990