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2. Tax Reform Act of 1986 - Wikipedia

   en.wikipedia.org/wiki/Tax_Reform_Act_of_1986

   The act lowered federal income tax rates, decreasing the number of tax brackets and reducing the top tax rate from 50 percent to 28 percent. The act also expanded the earned income tax credit , the standard deduction , and the personal exemption , removing approximately six million lower-income Americans from the tax base.

3. Income tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Income_tax_in_the_United...

   A variety of industry specific credits. In addition, a federal foreign tax credit is allowed for foreign income taxes paid. This credit is limited to the portion of federal income tax arising due to foreign source income. The credit is available to all taxpayers. Business credits and the foreign tax credit may be offset taxes in other years.

4. Taxpayer Relief Act of 1997 - Wikipedia

   en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

   The Taxpayer Relief Act of 1997 (Pub. L. Tooltip Public Law (United States) 105–34 (text), H.R. 2014, 111 Stat. 787, enacted August 5, 1997) was enacted by the 105th United States Congress and signed into law by President Bill Clinton.

5. Low-Income Housing Tax Credit - Wikipedia

   en.wikipedia.org/wiki/Low-Income_Housing_Tax_Credit

   The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.

6. Child tax credit (United States) - Wikipedia

   en.wikipedia.org/wiki/Child_tax_credit_(United...

   A tax credit enables taxpayers to subtract the amount of the credit from their tax liability. [d] In the United States, to calculate taxes owed, a taxpayer first subtracts certain "adjustments" (a particular set of deductions like contributions to certain retirement accounts and student loan interest payments) from their gross income (the sum of all their wages, interest, capital gains or loss ...

7. Are you making the best use of tax-sheltered savings ... - AOL

   www.aol.com/finance/making-best-tax-sheltered...

   While contributions are not deductible on federal taxes, some states offer tax deductions or credits. Withdrawals must be used for qualified education expenses to avoid taxes and a 10% penalty on ...