The Independence Academy has partnered with the Scholarships for Education Choice program at Sagamore Institute as its state-approved SGO. By giving to IA’s scholarship fund through Sagamore, individuals and corporations can receive a 50% deduction against their state tax liability, and may also qualify for a federal deduction. Donors who take advantage of this tax savings opportunity—whereby Sagamore will designate the donation to The Independence Academy—may do so by giving by cash or...| The Independence Academy
On average, the effective marginal tax rate on capital income is 18 percent, but that rate varies significantly by sector. In this report, CBO estimates effective rates under current law and eight policy options.| Congressional Budget Office
The U.S. House Ways & Means Committee has advanced a new school voucher bill. H.R. 9462—the Educational Choice for Children Act of 2024—would create an unprecedented tax incentive designed to fund private, mostly religious, K-12 schools.| ITEP
Today the Internal Revenue Service (IRS) released its final regulations cracking down on a tax shelter long favored by private…| ITEP
Read as PDF Re: Recommendation for Inclusion of Section 1001 Regulation in 2023-2024 Priority Guidance Plan To Whom It May…| ITEP
The IRS recently proposed a commonsense improvement to the federal charitable deduction. If finalized, the regulation would prevent not just the newest workarounds to the $10,000 deduction for state and local taxes (SALT), but also a longer-running tax shelter abused by wealthy donors to private K-12 school voucher programs. ITEP has submitted official comments outlining four key recommendations related to the proposed regulation.| ITEP
Wealthy families are overwhelmingly the ones using school voucher tax credits to opt out of paying for public education and other public services and to redirect their tax dollars to private and religious institutions instead. Most of these credits are being claimed by families with incomes over $200,000.| ITEP