An Upgrade from Court Jesters
Not sure how I missed this one, but last month the US Senate introduced a bill that nearly doubles the standard income tax deduction threshold for performing artists. The bill also:
- Allows the $30,000 limit (which is currently $16,000) to be applied on a per-individual rather than per-return basis, which is a boon to households with multiple professional performers;
- Indexes the limit to inflation.
Senator Charles Schumer, who sponsored the legislation, observed:
This tax code is so outdated, it’s more appropriate for court jesters from the Middle Ages than for today’s performing artists.
Indeed.