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SECURE Act Of 2019
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, , was signed into law by President Donald Trump on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020 (2020 United States federal budget). The SECURE Act changed the most popular retirement plans used in the United States and was the first major retirement-related legislation enacted since the 2006 Pension Protection Act. Major elements of the bill include: raising the minimum age for required minimum distributions from 70.5 years of age to 72 years of age; allowing workers to contribute to traditional IRAs after turning 70.5 years of age; allowing individuals to use 529 plan money to repay student loans; eliminating the so-called stretch IRA by requiring non-spouse beneficiaries of inherited IRAs to withdraw and pay taxes on all distributions from inherited accounts within 10 years; and making it easier for 401(k) plan administrators to offer annuities. Legislative h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure provided over a fifth of the Union's war expenses before being allowed to expire a decade later. In 1913, the Sixteenth Amendment to the U.S. Consti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
401(k)
In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodical employee contributions come directly out of their paychecks, and may be matched by the employer. This legal option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. There are two types: traditional and Roth 401(k). For Roth accounts, contributions and withdrawals have no impact on income tax. For traditional accounts, contributions may be deducted from taxable income and withdrawals are added to taxable income. There are limits to contributions, rules governing withdrawals and possible penalties. The benefit of the Roth account is from tax-free capital gains. The net benefit of the traditional account is the sum of (1) a possible bonus (or penalty) from withdrawals at tax rates lower (or higher) than at contribu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kiddie Tax
The kiddie tax rule exists in the United States of America and can be found iInternal Revenue Code § 1(g) which "taxes certain unearned income of a child at the parent's marginal rate, no matter whether the child can be claimed as a dependent on the parent's return". Background The United States federal income tax system is progressive, meaning, the higher the income the higher percentage of that income is paid to the government in the form of a tax. The progressivity of the income tax system encourages income redistribution, which is the shifting of income from individuals in high tax brackets to others in lower tax brackets. Taxpayers, however, will not likely shift the income to just any person, but may be willing to shift income to a close family member or friend. Children are usually in a lower tax bracket than their parents and grandparents, which makes them the likely receiver of the shifted income. The incentive, however, to shift income from the taxpayer to the taxpay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Cuts And Jobs Act
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, , is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), that amended the Internal Revenue Code of 1986. Major elements of the changes include reducing tax rates for businesses and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and cancelling the penalty enforcing individual mandate of the Affordable Care Act (ACA). The Act is based on tax reform advocated by congressional Republicans and the Trump administration. The nonpartisan C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ron Wyden
Ronald Lee Wyden (; born May 3, 1949) is an American politician and retired educator serving as the senior United States senator from Oregon, a seat he has held since 1996. A member of the Democratic Party, he served in the United States House of Representatives from 1981 until 1996. He is the dean of Oregon's congressional delegation and chairs the Senate Finance Committee. Early life, education, and early career Ronald Wyden was born in Wichita, Kansas, the son of Edith (née Rosenow) and Peter H. Wyden (originally Weidenreich, 1923–1998), both of whom were Jewish and had fled Nazi Germany. He grew up in Palo Alto, California, where he played basketball for Palo Alto High School. He attended the University of California, Santa Barbara, on a basketball scholarship, and later transferred to Stanford University, where he majored in political science and received his Bachelor of Arts in 1971. He received a Juris Doctor degree from the University of Oregon School of Law in 1974 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate Committee On Finance
The United States Senate Committee on Finance (or, less formally, Senate Finance Committee) is a standing committee of the United States Senate. The Committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act (notably Medicare and Medicaid) and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods. It is considered to be one of the most powerful committees in Congress. History The Committee on Finance is one of the original committees established in the Senate. First created on December 11, 1815, as a select committee and known as the Commi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chuck Grassley
Charles Ernest Grassley (born September 17, 1933) is an American politician serving as the president pro tempore emeritus of the United States Senate, and the senior United States senator from Iowa, having held the seat since 1981. In 2022, he was reelected to his eighth Senate term, having first been elected in 1980. A member of the Republican Party, Grassley served eight terms in the Iowa House of Representatives (1959–1975) and three terms in the United States House of Representatives (1975–1981). He has served three stints as Senate Finance Committee chairman during periods of Republican Senate majority. When Orrin Hatch's Senate term ended on January 3, 2019 following his retirement, Grassley became the most senior Republican in the Senate and its president pro tempore. During his four decades in the Senate, Grassley has chaired the Senate Finance Committee, the Senate Narcotics Committee, the Senate Judiciary Committee, and the Senate Aging Committee. Ea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senator
The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and powers of the Senate are established by Article One of the United States Constitution. The Senate is composed of senators, each of whom represents a single state in its entirety. Each of the 50 states is equally represented by two senators who serve staggered terms of six years, for a total of 100 senators. The vice president of the United States serves as presiding officer and president of the Senate by virtue of that office, despite not being a senator, and has a vote only if the Senate is equally divided. In the vice president's absence, the president pro tempore, who is traditionally the senior member of the party holding a majority of seats, presides over the Senate. As the upper chamber of Congress, the Senate has several powers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retirement Enhancement And Savings Act
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are elderly or incapable of doing their job due to health reasons. People may also retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions. In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries. Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death. Germany was the first country to introduce retirement benefits in 1889. Nowadays, most developed countries have systems to provide pensions on retirement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mike Kelly (Pennsylvania Politician)
George Joseph "Mike" Kelly Jr. (born May 10, 1948) is an American politician and businessman who has been a U.S. representative since 2011, currently representing . The district, numbered as the 3rd district from 2011 to 2019, is based in Erie and stretches from the northwest corner of the state to the outer northern suburbs of Pittsburgh. A member of the Republican Party, Kelly is known for his support of Donald Trump, characterizing the 2019 effort to impeach Trump as akin to Pearl Harbor and filing a lawsuit in state court to invalidate all mail-in ballots cast in Pennsylvania during the 2020 United States presidential election. On October 22, 2021, it was reported that a congressional ethics watchdog had recommended subpoenaing Kelly for an ethics violation after it was revealed that his wife had purchased stock in an Ohio-based steel company in April 2020 after Kelly had received confidential information about the company. In June 2022, Senator Ron Johnson revealed that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ron Kind
Ronald James Kind (born March 16, 1963) is an American lawyer and politician serving as the U.S. representative for , since 1997. He is a member of the Democratic Party. The district is in the western part of the state and is anchored by La Crosse, Eau Claire, Platteville, Stevens Point, Wisconsin Rapids, Prescott, and River Falls. Kind is the dean of Wisconsin's congressional delegation. In August 2021, Kind announced that he would not seek reelection in 2022. Early life, education, and career Kind was born and raised in La Crosse, the third of five children born to Greta and Elroy Kind. His is the fifth generation of his family to live in the area. Kind's mother formerly worked as the assistant director of personnel in the La Crosse School District. His father had a 35-year career as a telephone repairman and union leader at the La Crosse Telephone Company. Kind attended La Crosse schools and was a student athlete at Logan High School in both football and basketball. He ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kevin Brady
Kevin Patrick Brady (born April 11, 1955) is an American politician and the U.S. representative for , serving since 1997. He is a member of the Republican Party. The district includes northern Houston, including The Woodlands. On April 14, 2021, Brady announced that he would not run for a 14th term and would retire after the 2022 election cycle. Early life, education, and early political career Brady was born in Vermillion, South Dakota, one of five children of William F. and Nancy A. Brady. His father, a lawyer, was killed in 1967 in a courtroom shooting in Rapid City when Brady was 12 years old and his mother was in her early 30s.Holt, VanessaU.S. Rep. Kevin Brady stays close to his roots in The Woodlands area ''Community Impact'', December 14, 2020. Retrieved December 16, 2020. He graduated from Central High School in 1973. Brady has a degree in mass communications from the University of South Dakota in Vermillion. Brady worked for the Rapid City area Chamber of Comm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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