This paper provides estimates of the total cost of and distributional effects of nonbusiness tax expenditures claimed on individual tax returns after enactment of the 2017 Tax Cuts and Jobs Act, taking account of interactions among provisions. Nonbusiness tax expenditures will reduce tax...
The Tax Cuts and Jobs Act was passed into law on a dramatically accelerated schedule. That speed and the enormous scope of the TJCA and its individual elements suggests that alternatives may have been overlooked. The consequences of a proposed change in tax law are usually estimated with a...
The Protecting Family and Small Business Tax Cuts Act of 2018 extends major individual income and estate tax provisions from 2017’s Tax Cuts and Jobs Act that are currently scheduled to expire at the end of 2025. The bill would reduce federal revenues by $631 billion within the budget window (...
The Tax Policy Center (TPC), in conjunction with the Internal Revenue Service Office of Research, Applied Analytics and Statistics (RAAS), has recently developed distributional estimates of individual compliance costs for tax filers. This paper describes the process used by TPC to incorporate...
The Tax Policy Center has released an analysis of the macroeconomic effects of the Tax Cuts and Jobs Act as passed by Congress. We find the legislation would boost US gross domestic product (GDP) 0.8 percent in 2018 and would have little effect on GDP in 2027 or 2037. The resulting increase in...
The Tax Policy Center has released an analysis of the macroeconomic effects of the Tax Cuts and Jobs Act as passed by the Senate on December 2, 2017. We find the legislation would boost US gross domestic product (GDP) 0.7 percent in 2018, have little effect on GDP in 2027, and boost GDP 0.1...
The Tax Policy Center has released an analysis of the macroeconomic effects of the Tax Cuts and Jobs Act as passed by the Senate Finance Committee on November 16, 2017. We find the legislation would boost US gross domestic product (GDP) 0.7 percent in 2018, have little effect on GDP in 2027, and...
The Tax Policy Center has released an analysis of the macroeconomic effects of the Tax Cuts and Jobs Act as passed by the US House of Representatives on November 16, 2017. We find the legislation would boost US economic output by 0.6 percent of gross domestic product (GDP) in 2018, 0.3 percent...
This paper provides estimates of the total cost of non-business tax expenditures claimed on individual tax returns, taking account of interactions among provisions, and of their distributional effects among income groups. We estimate that non-business tax expenditures reduced tax liability by $1...
Just in time for wedding season, the Tax Policy Center has released an updated version of our Marriage Bonus and Penalty Calculator . The calculator...
Among the complexities of the Tax Cuts and Jobs Act are its multiple timing changes. Both the House and Senate bills are filled with delayed effective dates, sunsets, and phase-outs.
The United Framework for tax reform outlined last week by the congressional Republican leadership and the Trump Administration included a proposal to eliminate the estate...
Like other forms of income, long-term capital gains and qualified dividends are taxed at graduated rates. Long-term capital gains and qualified dividends, however, receive preferential...
Individual tax expenditures reduced federal revenues by $1.168 trillion in 2015, according to new estimates by the Tax Policy Center. And the biggest share of...
