The Treasury Department’s Office of Tax Policy has published a research report of interest to families. “Tax Support for Families under Current Law” discusses major tax provisions that support typical families, the number of families that benefit from these provisions, and the degree to which they benefit from them. It also addresses recent changes to the provisions. For tax year 2019, an estimated 64.1 million families will receive $215.9 billion in benefits. And the average benefit from these tax credits will be $3,366, according to the report. Read it here. Contact the CG Team with questions via the form to the right or call 732.676.4100. © 2019
Source:
Ackerman, Deena, and Michael Cooper. Tax Support for Families under Current Law 2019 Law. U.S. Department of the Treasury Office of Tax Analysis Working Paper 119 May 2019. https://www.treasury.gov/resource-center/tax-policy/tax-analysis/Documents/WP-119.pdf.