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Publications by Topic
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Simplification and Administration
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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Options to Reform the Deduction for Home Mortgage Interest (Research Report)
Amanda Eng , Harvey Galper , Georgia Ivsin , Eric Toder
Taxpayers can currently deduct interest on up to $1 million in acquisition debt used to buy, build, or improve their personal residences and interest on up to another $100,000 of home equity loans. This brief estimates the effects on revenue and the distribution of the tax burden of proposals that would replace the current mortgage interest deduction with a non-refundable interest credit of either 15 or 20 percent of interest and reduce the ceiling on the amount of all eligible mortgage debt to $500,000. We also estimate the revenue effect of phasing in the proposals over five years.
Published: 03/18/13
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Evaluating the Charitable Contribution Substantiation Rules (Research Report)
Ellen P. Aprill
Two Tax Court decisions, including two from May 2012, demonstrate the concerns that arise both when the charitable contributions substantiation rules are strictly applied and when they are not. In order to address problems of valuation, the U.S. Congress has addressed the charitable substantiation rules five times in the past 30 years. Each time, Congress has strengthened the rules to try to prevent overvaluation, but the rules have not proved satisfactory. This brief suggests reasonable and fair reforms to substantiation rules.
Published: 12/19/12
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Tax Reform for Growth, Equity, and Revenue (Research Report)
Samuel Brown , William G. Gale
This paper examines the fiscal outlook and tax reform options in the United States. The major conclusions include: the United States faces a substantial fiscal shortfall in the medium- and long-term; both spending cuts and tax increases should contribute to the solution; tax increases need not do significant harm to economic growth; and there are sensible ways to both reform tax structure and raise revenues, including tax expenditure reform, the creation of a value-added tax, the creation of a carbon tax, or an increase in the gasoline tax.
Published: 11/30/12
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Implications of Governor Romney's Tax Proposals: FAQs and Responses (Research Report)
Samuel Brown , William G. Gale , Adam Looney
A recent TPC paper examined tradeoffs among revenues, progressivity and tax rates in tax reform. It concluded that, under certain assumptions, any revenue-neutral plan along the lines Governor Romney has outlined would reduce taxes for high-income households, thus requiring higher taxes on other, even if the plan's financing is as progressive as possible, given the available tax expenditures. This paper addresses questions about that study and discusses new estimates that incorporate the taxation of municipal bond interest and the taxation of inside buildup in life insurance vehicles. These additions do not change the basic results.
Published: 08/16/12
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US Budget: Fiscal Showdown or Kick the Can? (Commentary)
Donald Marron
In a contribution to the Christian Science Monitor, Donald Marron discusses the six-pack of expiring temporary tax cuts which could provide the incentive to reshape the tax code and boost the budget.
Published: 03/13/12
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Tax Reform to Encourage Growth, Reduce the Deficit, and Promote Fairness (Testimony)
Leonard E. Burman
Leonard Burman's testimony before the Senate Budget Committee on tax reform to encourage economic growth, reduce the federal deficit, and to promote fairness.
Published: 03/02/12
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Implications of Different Bases for a VAT (Research Report)
Eric Toder , Jim Nunns , Joseph Rosenberg
A value added tax (VAT) with a broad base and a VAT that excludes food, housing, and medical care would both impose larger burdens as a share of income on low-income than on high-income taxpayers. A rebate aimed at low-income taxpayers would reduce their VAT burden more than exclusions of selected goods and services. A broad-based VAT that was accompanied by a rebate consisting of an earnings credit up to a ceiling amount and an adjustment in cash transfer payments would impose relatively smaller burdens on lower than on higher income taxpayers throughout most of the income distribution.
Published: 02/14/12
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