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Expiring Provisions With Perpetual Life (Article/Tax Facts)
Lydia AustinEric Toder

Many of the most expensive “temporary” tax extenders have been extended numerous times in the past.

Published: 05/21/15
Availability:   PDF


Investing in Work by Reforming the Earned Income Tax Credit (Research Report)
Elaine Maag

The earned income tax credit (EITC) lifts millions of working families out of poverty, but provides little support to workers without children living at home. Scaling back the EITC and implementing a worker credit based on individual earnings and not contingent on having children at home could provide substantial benefits to all low-income workers, ease administration for the IRS, and encourage work for childless individuals and secondary earners. A broadly available $1,500 credit would cost around $870 billion over 10 years; scaled back options are also available.

Published: 05/20/15
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Tax Policy Center Establishes the Pozen Director's Chair (Press Release)
Urban Institute

Urban Institute President Sarah Rosen Wartell and Brookings Institution President Strobe Talbott today announced the establishment of the Pozen Director's Chair at the Urban-Brookings Tax Policy Center (TPC). The chair is made possible through an endowment gift from American financial executive Robert C. Pozen.

Published: 05/05/15
Availability: HTML


The Relationship Between Taxes and Growth at the State Level: New Evidence (Research Report)
William G. GaleAaron KrupkinKim Rueben

The effects of state tax policy on economic growth, entrepreneurship, and employment remain controversial. Using a framework that in prior research generated significant, negative, and robust effects of taxes on growth, we find that neither tax revenues nor top income tax rates bear stable relations to economic growth or employment across states and over time. While the rate of firm formation is negatively affected by top income tax rates, the effects are small in economic terms. Our results are inconsistent with the view that cuts in top state income tax rates will automatically or necessarily generate growth.

Published: 05/01/15
Availability:   PDF


Tax Reform and Small Business (Testimony)
Eric Toder

Eric Toder testified about tax reform and small business, before the House Committee on Small Business on April 15, 2015.

Published: 04/15/15
Availability:   PDF


Earned Income Tax Credit in the United States (Research Report)
Elaine Maag

The Earned Income Tax Credit (EITC) provides substantial assistance to low-income working families with children. The credit encourages work for many, though may reduce work or wages for some. Counted in the poverty measure, the EITC would have been credited with lifting 6.5 million people out of poverty in 2012. The credit fails to provide substantial benefits to workers without children, is complicated, has a high erroneous payment rate, and creates substantial marriage penalties for some low- and moderate-income couples. Extending the credit to workers without children or replacing it with an individual worker credit could solve some or all of these criticisms.

Published: 04/09/15
Availability:   PDF


Prepared Remarks of John A. Koskinen, IRS Commissioner (Presentation)
John A. Koskinen

John A. Koskinen, Commissioner of the Internal Revenue Service (IRS), delivered this speech at the Urban-Brookings Tax Policy Center's event titled "How Do IRS Budget Cuts Affect Taxpayers and the Tax System?" on April 8, 2015.

Published: 04/09/15
Availability:   PDF


Tax Refunds and Affordable Care Act Reconciliation (Research Report)
Leonard E. BurmanGordon MerminElena Ramirez

People may purchase subsidized health insurance through the ACA exchanges with premiums based on projected future income. However, if actual income is higher than estimated, they may be required to repay part or all of the subsidy when they file tax returns. This “reconciliation” process could raise taxes substantially for many ACA participants. However, analysis of income tax return data suggests that for most lower-income filers, the reconciliation will reduce the refund they receive rather than require them to remit additional tax because their refunds exceed the reconciliation amount. We conclude by making suggestions to improve the reconciliation process.

Published: 04/01/15
Availability: HTML | PDF


How Much Do Taxes Affect Startup Investment Incentives? (Commentary)
Donald MarronJoseph Rosenberg

In a contribution to the Policy Dialogue on Entrepreneurship blog of Kauffman.org. Joseph Rosenberg and Donald Marron examine how tax policy affects investment incentives for startup companies. Startups often make losses, and thus cannot make immediate use of the R&D tax credit, accelerated depreciation, and other tax benefits. The value of those benefits declines the longer startups have to wait to use them. This puts startups and fast-growing young firms at a disadvantage relative to established companies.

Published: 03/18/15
Availability: HTML


Federal Tax Policy Uncertainty and State Revenue Estimates (Research Brief)
Norton FrancisSarah Gault

April is the most important month of the year for individuals who owe federal and state income taxes and for governments that rely on income taxes as a major source of revenue. Because personal income tax receipts account for about 45 percent of federal government receipts and more than 33 percent of state tax revenue, what happens in April has a major impact on these governments’ fiscal positions and their ability to provide services through the end of the year. While the final payments are always a surprise, the past two Aprils produced even larger surprises than usual. A confluence of events in 2012 compounded the normal uncertainty in 2013 and 2014. This brief examines how timing of events like the fiscal cliff affects state budget outlooks and how state economists grapple with uncertain federal policy affecting income tax revenue.

Published: 03/02/15
Availability:   PDF

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