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The Charitable Contributions Deduction: A Tax Debate or a Question of Charity Versus Government? (Occasional Paper)
Adam Parachin
This paper attempts to better understand rhetoric over the charitable contributions deduction, arguing that debate surrounding the deduction is ultimately a projection of more fundamental debates relating to the theme of government versus charity. The phrase "government versus charity" can mean government as opposed to charity or government in opposition to charity. The first sense contemplates the need to choose which of government versus charity should supply a given good or service. The second sense contemplates the ideal regulatory posture of government in relation to charity. Competing views over the charitable contributions deduction often reduce to competing views over these two issues.
Published: 05/09/13
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Analysis of Specific Tax Provisions in President Obama's FY2014 Budget (Research Report)
Benjamin H. Harris , Jim Nunns , Kim Rueben , Eric Toder , Roberton Williams
This document reviews several notable tax proposals in President Obama’s Fiscal Year 2014 Budget. These include a 28 percent limit on certain tax expenditures, a cap on tax preferences for retirement savers with high balances, a minimum tax ("Buffett Rule") on high-income taxpayers, alternative incentives for infrastructure investment, and a new measure of inflation ("chained CPI") for indexing tax parameters.
Published: 05/08/13
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A Practical Challenge to Stand-Alone Corporate Tax Reform (Article/Tax Facts)
Donald Marron
Leaders in both parties appear to favor revenue-neutral corporate tax reform that would lower today's 35 percent tax rate while slashing corporate tax breaks. Individual tax reform appears much more contentious, so some observers wonder whether Congress might pursue corporate tax reform by itself, separate from any individual reforms. Such reform faces a big practical challenge, however. Many corporate tax breaks also apply to noncorporate businesses, which are taxed under the individual income tax. Efforts to broaden the corporate base could therefore have significant effects on individual income taxes, making it difficult to pursue corporate reform separately.
Published: 05/06/13
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Making the World Safe for Philanthropy: The Wartime Origins and Peacetime Development of the Tax Deduction for Charitable Giving (Research Report)
Joseph J. Thorndike
Since the charitable deduction first appeared in 1917, its fate has been bound up with arguments over the nature and size of government, as well as the relationship between government and the private sector. This paper examines historical debates over the deduction for charitable giving, focusing on three key periods: 1917, when the deduction was first added to the tax system; 1944, when the introduction of the standard deduction seemed to threaten the efficacy of the charity deduction; and 1981-1986, when the extension of the deduction to non-itemizers was quickly followed by a debate over curbing the deduction substantially as part of general tax reform.
Published: 04/30/13
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Options to Reform the Home Mortgage Interest Deduction (Testimony)
Eric Toder
Eric Toder's testimony before the U.S. House of Representative’s Committee on Ways and Means in a hearing on tax reform and residential real estate.
Published: 04/25/13
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State and Local Governments in Economic Recoveries: This Recovery is Different (Research Report)
Benjamin H. Harris , Yuri Shadunsky
Examining state and local finances in recent economic recoveries, we find that state and local government activity exhibited an unprecedented decline during the most recent recovery. Never before had state and local contribution to GDP been negative three years after a recession passed its low point. This decreased activity caused a contraction in state and local government payrolls. While many factors affect these trends, it is likely that the unusually low growth in property tax revenue heavily impacted this decline.
Published: 04/22/13
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Small Business, Innovation, and Tax Policy: A Review (Research Report)
Samuel Brown , William G. Gale
Small businesses occupy an iconic place in American public policy debates. This paper discusses interactions between the federal tax code, small business, and the economy. We summarize the characteristics of small businesses, identify the tax provisions that most affect small businesses, and review evidence on the impact of tax and other policies on entrepreneurial activity. We also examine evidence suggesting that it is young firms, not small ones, where job growth and innovation tend to occur. Policies that aim to stimulate young and innovative firms are likely to prove different than policies that subsidize small businesses.
Published: 04/08/13
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Top Individual Income Tax Rates: How Does the U.S. Compare? (Article/Tax Facts)
Jim Nunns
Discussions of the effect of taxes on international competitiveness usually focus on corporate income tax rates, but individual income tax rates may also affect a country’s (or state’s) ability to compete for workers.
Published: 04/03/13
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How Would Reforming the Mortgage Interest Deduction Affect the Housing Market? (Research Brief)
Margery Austin Turner , Eric Toder , Rolf Pendall , Claudia Ayanna Sharygin
Opponents of MID reform warn that reducing the deduction would undermine the value of owner-occupied homes and impede the recovery of the depressed housing market. The best available evidence predicts far less dire effects and suggests that some reforms could actually bolster the housing market recovery. However, the results are far from definitive. As debate continues, the Urban Institute plans to further explore behavioral and market changes, strengthening the evidence upon which policymakers can rely.
Published: 03/26/13
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The Charitable Contribution Deduction: Section 170 Reorganized (Research Report)
Dan Halperin
This paper attempts first to clarify tax rules concerning charitable contributions by reorganizing section 170 and simplifying the language, where possible, so that the operative rules will be clearer. In addition, a revision of the estate and gift tax provisions, intended to increase uniformity, is proposed. The possibility of further substantial simplification is explored in the section by section analysis which follows the proposed code revision. Whether or not the Code is actually revised in accordance with the proposed draft, having this tool available will help analyze the statute.
Published: 03/21/13
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