Evening Edition: Last Chance For Americans To Claim Stimulus Check
FOX's Tonya J. Powers speaks with Lisa Greene-Lewis, certified public accountant and TurboTax tax expert, who shares tips on getting the most out of your return and advice on what to do if you miss the filing date.
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San Francisco Chronicle
5 minutes ago
- San Francisco Chronicle
US-China trade talks: Can China reduce its export dependence?
BEIJING (AP) — China's high dependence on exports will likely be a key focus of a new round of U.S.-China trade talks this coming week in Stockholm, but a trade deal would not necessarily help Beijing to rebalance its economy. U.S. Treasury Secretary Scott Bessent has said he hopes the negotiations can take up this issue, along with China's purchases of oil from Russia and Iran, which undercut American sanctions on those two countries. Hopes rose for a breakthrough in talks after U.S. President Donald Trump announced deals with Japan, Indonesia and the Philippines this week. The U.S. wants China to do two things: Reduce what both the U.S. and the European Union see as excess production capacity in many industries, including steel and electric vehicles. And secondly, to take steps to increase spending by Chinese consumers so the economy relies more on domestic demand and less on exports. 'We could also discuss the elephant in the room, which is this great rebalancing that the Chinese need to do,' Bessent told financial news network CNBC. He said China's share of global manufacturing exports at nearly 30%, 'can't get any bigger, and it should probably shrink.' China is tackling the same issues — for domestic reasons The issues are not new, and China has been working to address them for years, more for domestic reasons than to reduce its trade surpluses with the U.S. and other countries. Bessent's predecessor as treasury secretary, Janet Yellen, made industrial policy a focus of a trip to China last year. She blamed government subsidies for flooding the global market with 'artificially cheap Chinese products.' The European Union, whose top leaders met their Chinese counterparts in Beijing on Thursday, has cited subsidies to justify EU tariffs on electric vehicles made in China. In the 1980s, the U.S. pressured Japan to boost consumer spending when American manufacturing was overwhelmed by exports from the likes of Toyota and Sony. Economists have long argued that China likewise needs to transform into a more consumer-driven economy. Consumer spending accounts for less than 40% of China's economy, versus close to 70% in the United States and about 54% in Japan. Chinese leaders have spoken about both factory overcapacity and weak consumer spending as long-term problems and have sought over the past 20 years to find ways to rebalance the economy away from export manufacturing and massive investments in dams, roads, railways and other infrastructure. Fierce price wars have prompted critical reports in official media saying that companies are 'racing to the bottom,' skimping on quality and even safety to reduce costs. With strong government support, they've also expanded overseas, where they can charge higher prices but still undercut local competitors, creating a political backlash. Economists say China needs a consumer-driven economy All that competition and price cutting has left China battling deflation, or falling prices. When companies receive less for their products, they tend to invest less. That can lead to job cuts and lower wages, sapping business activity and spending power — contrary to the long-term goal of increasing the share of consumer spending in driving overall growth. To counter that, the government is spending billions on rebates and subsidies for people who trade in their cars or appliances for new ones. But acknowledging a problem and solving it are two different things. Economists say more fundamental changes are needed to boost consumption and rein in overcapacity. Such changes can only come incrementally over time. Private Chinese companies and foreign-invested companies create the most jobs, but they've suffered from swings in policy and pressures from the trade war, especially since the pandemic. Demographic changes are another challenge as China's population shrinks and ages. Many experts advocate expanding China's social safety net, health insurance, pensions and other support systems, so that people would feel freer to spend rather than save for a medical emergency or retirement. Yan Se, an economist at Peking University's Guanghua School of Management, warned at a recent forum that deflation will become a long-term issue if China doesn't step up its welfare benefits. 'Chinese people deserve a better life," he said. Facing external threats, China wants to be more self-reliant One possibility, put forward at the same forum by Liu Qiao, the dean of the business school, would be to change incentives for local government officials, rewarding them for raising consumption or household incomes instead of meeting an economic growth target. He doesn't see that happening nationwide but said it could be tested in a province. 'That would send out a message that China needs a different approach,' he said. Chinese leader Xi Jinping has made transforming the country into a technology superpower a top priority. It's a goal that has gained urgency as the U.S. has tightened restrictions on China's access to high-end semiconductors and other advanced knowhow. Output in high-tech manufacturing is growing quickly, adding to potential overcapacity, just as what happened with the government's encouragement of 'green' technologies such as solar panels and wind turbines. Various industries, including EV makers, have pledged to address the issue, but some local governments are striving to keep money-losing enterprises afloat, reluctant to lose tax revenues and jobs, or to fail to meet economic growth targets. Going forward, the government is calling for more coordination of economic development polices in fields such as artificial intelligence so that not every province champions the same industry. But government moves to counter the impact of higher tariffs tend to support sectors already in overcapacity, and the share of consumption in the economy has fallen in recent years. 'A sustained improvement in household consumption will require greater reform ambition,' the World Bank said in its most recent update on China's economy."
The Hill
35 minutes ago
- The Hill
US-China trade talks: Can China reduce its export dependence?
BEIJING (AP) — China's high dependence on exports will likely be a key focus of a new round of U.S.-China trade talks this coming week in Stockholm, but a trade deal would not necessarily help Beijing to rebalance its economy. U.S. Treasury Secretary Scott Bessent has said he hopes the negotiations can take up this issue, along with China's purchases of oil from Russia and Iran, which undercut American sanctions on those two countries. Hopes rose for a breakthrough in talks after U.S. President Donald Trump announced deals with Japan, Indonesia and the Philippines this week. The U.S. wants China to do two things: Reduce what both the U.S. and the European Union see as excess production capacity in many industries, including steel and electric vehicles. And secondly, to take steps to increase spending by Chinese consumers so the economy relies more on domestic demand and less on exports. 'We could also discuss the elephant in the room, which is this great rebalancing that the Chinese need to do,' Bessent told financial news network CNBC. He said China's share of global manufacturing exports at nearly 30%, 'can't get any bigger, and it should probably shrink.' China is tackling the same issues — for domestic reasons The issues are not new, and China has been working to address them for years, more for domestic reasons than to reduce its trade surpluses with the U.S. and other countries. Bessent's predecessor as treasury secretary, Janet Yellen, made industrial policy a focus of a trip to China last year. She blamed government subsidies for flooding the global market with 'artificially cheap Chinese products.' The European Union, whose top leaders met their Chinese counterparts in Beijing on Thursday, has cited subsidies to justify EU tariffs on electric vehicles made in China. In the 1980s, the U.S. pressured Japan to boost consumer spending when American manufacturing was overwhelmed by exports from the likes of Toyota and Sony. Economists have long argued that China likewise needs to transform into a more consumer-driven economy. Consumer spending accounts for less than 40% of China's economy, versus close to 70% in the United States and about 54% in Japan. Chinese leaders have spoken about both factory overcapacity and weak consumer spending as long-term problems and have sought over the past 20 years to find ways to rebalance the economy away from export manufacturing and massive investments in dams, roads, railways and other infrastructure. Fierce price wars have prompted critical reports in official media saying that companies are 'racing to the bottom,' skimping on quality and even safety to reduce costs. With strong government support, they've also expanded overseas, where they can charge higher prices but still undercut local competitors, creating a political backlash. Economists say China needs a consumer-driven economy All that competition and price cutting has left China battling deflation, or falling prices. When companies receive less for their products, they tend to invest less. That can lead to job cuts and lower wages, sapping business activity and spending power — contrary to the long-term goal of increasing the share of consumer spending in driving overall growth. To counter that, the government is spending billions on rebates and subsidies for people who trade in their cars or appliances for new ones. But acknowledging a problem and solving it are two different things. Economists say more fundamental changes are needed to boost consumption and rein in overcapacity. Such changes can only come incrementally over time. Private Chinese companies and foreign-invested companies create the most jobs, but they've suffered from swings in policy and pressures from the trade war, especially since the pandemic. Demographic changes are another challenge as China's population shrinks and ages. Many experts advocate expanding China's social safety net, health insurance, pensions and other support systems, so that people would feel freer to spend rather than save for a medical emergency or retirement. Yan Se, an economist at Peking University's Guanghua School of Management, warned at a recent forum that deflation will become a long-term issue if China doesn't step up its welfare benefits. 'Chinese people deserve a better life,' he said. Facing external threats, China wants to be more self-reliant One possibility, put forward at the same forum by Liu Qiao, the dean of the business school, would be to change incentives for local government officials, rewarding them for raising consumption or household incomes instead of meeting an economic growth target. He doesn't see that happening nationwide but said it could be tested in a province. 'That would send out a message that China needs a different approach,' he said. Chinese leader Xi Jinping has made transforming the country into a technology superpower a top priority. It's a goal that has gained urgency as the U.S. has tightened restrictions on China's access to high-end semiconductors and other advanced knowhow. Output in high-tech manufacturing is growing quickly, adding to potential overcapacity, just as what happened with the government's encouragement of 'green' technologies such as solar panels and wind turbines. Various industries, including EV makers, have pledged to address the issue, but some local governments are striving to keep money-losing enterprises afloat, reluctant to lose tax revenues and jobs, or to fail to meet economic growth targets. Going forward, the government is calling for more coordination of economic development polices in fields such as artificial intelligence so that not every province champions the same industry. But government moves to counter the impact of higher tariffs tend to support sectors already in overcapacity, and the share of consumption in the economy has fallen in recent years. 'A sustained improvement in household consumption will require greater reform ambition,' the World Bank said in its most recent update on China's economy.'
Yahoo
an hour ago
- Yahoo
Child tax credit: Who's eligible, how to claim it and more
In the news The tax megabill that President Donald Trump signed into law on July 4 boosted the value of the child tax credit in 2025 to $2,200, up from $2,000. After 2025, the value of the child tax credit will be adjusted for inflation each year. The new law also makes this tax credit's current income limits permanent: In 2025, the child tax credit starts to phase out for married-filing-jointly filers with income above $400,000 and for all other filers with income above $200,000. The same limits were in place for 2024. But the new law also tightened eligibility rules. Before, only the child for whom the credit was claimed needed to have a Social Security number. Now, the parent must have one too (if married filing jointly, one spouse must have a Social Security number). The child tax credit is a valuable federal tax break for families, aimed at helping defray the costs of raising children. Taxpayers who qualify can cut their tax bill by up to $2,200 in 2025, up from $2,000 in 2024, for each qualifying dependent under age 17. And some taxpayers may qualify for up to $1,700 of that to be paid out to them as a refund, as part of the additional child tax credit. Learn more: Trump signs massive megabill into law — here's what it means for your money The child tax credit is one of a few tax breaks eligible taxpayers with dependent children can claim. Don't confuse it with the child and dependent care credit, which helps offset the costs of child care, or the earned income tax credit, for lower-income working people. Plus, there's a credit for other dependents — those that don't qualify for the child tax credit — worth up to $500 (its name is just that: credit for other dependents). Keep in mind that a tax credit reduces your tax bill dollar-for-dollar, unlike a tax deduction, which simply reduces how much of your income is subject to taxes. Learn more: Tax credits vs. tax deductions: What's the difference? How to qualify for the child tax credit To qualify for the child tax credit, you must meet some specific requirements: Each qualifying child must be under age 17 at the end of the tax year. For example, your child must be 16 or younger at the end of 2025 if you want to claim the child tax credit on your 2025 tax return, which is due April 15, 2026. If your modified adjusted gross income (MAGI) exceeds certain thresholds — $400,000 for married couples who file jointly and $200,000 for all other filers — your credit amount is reduced by $50 for each $1,000 of income exceeding the threshold. For most taxpayers, their MAGI for the child tax credit is the same as their AGI. (MAGI for the purposes of the child tax credit is calculated by adding these items back into your AGI: income you excluded as a resident of Puerto Rico or American Samoa, foreign earned income and housing that you excluded from your income, and the tax deduction for foreign housing.) Each qualifying child must be a U.S. citizen, U.S. national or resident alien and have a valid Social Security number. As of 2025, the taxpayer claiming the child tax credit also must have a Social Security number (if it's a married-filing-jointly return, at least one of the spouses must have a Social Security number). The child must be a legally recognized child, stepchild, foster child, sibling, half-brother or half-sister or a descendant of one of these categories (such as a grandchild, niece or nephew). The child must not have provided more than half of their own financial support for the year. The child must have lived with you for more than half of the year. You must claim the child as a dependent on your tax return. If you meet all the eligibility factors, including the income requirements, you can claim the full $2,200 credit per eligible dependent child for 2025 ($2,000 in 2024). Taxpayers with higher incomes may claim a partial credit. For example, if you're married and filing jointly with two qualifying children and your modified adjusted gross income is $350,000, then you can claim $4,400 ($2,200 per child). However, the amount you can claim is phased out if your household income, as married filing jointly taxpayers, is greater than $400,000. How to claim the child tax credit Most reputable tax software products will calculate your eligibility for the child tax credit and the refundable additional child tax credit. But if you're wondering how the credit is calculated, check out IRS Schedule 8812. Completing that form tells you how much of the child tax credit you can claim, including any refundable portion (aka the additional child tax credit). The IRS has step-by-step instructions on how to fill out Schedule 8812. Or you can consult with a tax preparer to determine if you're eligible for the child tax credit based on your income and filing status. Here are five tips to find the best tax preparer for you. Get started: Match with an advisor who can help you achieve your financial goals The additional child tax credit: How it works If you break even on your taxes — that is, you don't owe any money — then the child tax credit can't help you. However, you may qualify to claim the additional child tax credit. This refundable portion of the child tax credit allows you to receive up to $1,700 per qualifying child in 2025 as a refund — even after your tax bill is reduced to zero. (The amount of the additional child tax credit is adjusted for inflation each year.) The additional child tax credit is calculated at 15 percent for every dollar of earned income starting at $2,500. Again, filling out Schedule 8812 can help you calculate the amount of your refundable child tax credit. Learn more: Tax refund schedule: How long it takes to get your tax refund Some states also offer child tax credits In addition to the federal child tax credit, 17 states plus the District of Columbia offer a child tax credit, according to the National Conference of State Legislatures: Arizona, California, Colorado, Georgia, Idaho, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, Oklahoma, Oregon, Utah and Vermont. And 12 of those 17 states, plus the District of Columbia, have made their child tax credit refundable: California, Colorado, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, Oregon and Vermont. Eligibility and benefits vary, so check with your state tax website for details. Learn more: Check your state's income tax rate, sales tax rate and more
