The Democratic chairman and the top Republican on the Senate Finance Committee are pressing the Obama administration for information on tax credits paid to people who may not be eligible to work in the U.S.
Investors can deduct $3,000 in capital losses against ordinary income, a benefit that cushions the sting of a failed investment. It’s a tax break frozen in time, stuck at the same nominal dollar amount since 1977.
Eleven years ago, eliminating income taxes for low-income Americans was an applause line for a Republican president. Mitt Romney in 2012 sees the number of people paying nothing as a political problem.