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For example, starting in January, electric vehicle tax credits of up to $7,500 for new clean vehicles and up to $4,000 for used EVs can be applied at the point of sale. You can receive full ...
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The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession. [1]
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
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Trump signed the tax legislation on December 22, 2017, after it passed Congress on party-line votes. [234] [235] [236] The tax bill was the first major legislation signed by Trump. [237] The $1.5 trillion bill reduced the corporate federal tax rate from 35% to 21%, [235] its lowest point since 1939. [236]
The amount of the tax credit applies only to minimum wage earners with full-time jobs. An individual who works part-time at $20 an hour but only earns $20,000 a year, would not be eligible. [92] Economist Sheila Block said that a $15 minimum wage would represent about $1,100 more a year for low income earners than Ford's tax credit. [92]