Brief

Both the Senate and the House versions of the Tax Cuts and Jobs Act (TCJA) would reduce taxes on average for all income groups. However, not all taxpayers would benefit to the same degree, and some would pay higher taxes. Even taxpayers with the same income could pay different amounts of tax...

December 13, 2017
TPC Staff
Brief

Both territorial and worldwide systems for taxing income of multinational companies are difficult to implement because the concepts of income source and corporate residence on which the systems are based have become less economically meaningful. Recent legislation enacted by the House and Senate...

December 12, 2017
Eric Toder
Brief

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...

December 11, 2017
Benjamin R. Page, Joseph Rosenberg, James R. Nunns, Jeffrey Rohaly, Daniel Berger
Brief

The Tax Policy Center has released distributional estimates of the Senate version of the Tax Cuts and Jobs Act as passed on December 2, 2017. We find the bill would reduce taxes on average for all income groups in both 2019 and 2025. In general, higher income households receive larger average...

December 4, 2017
TPC Staff
Brief

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...

December 1, 2017
Benjamin R. Page, Joseph Rosenberg, James R. Nunns, Daniel Berger
Brief

In our research, we examine two alcohol excise tax increases enacted by Illinois in 1999 and in 2009. Using the synthetic control method, we find no evidence that either tax increase reduces fatal alcohol-related motor vehicle crashes for the whole of Illinois, although we do find evidence of a...

November 27, 2017
Robert McClelland, John Iselin
Brief

Balanced budget requirements (BBRs) prohibit states from spending more than they collect in revenue. This fact sheet describes how BBRs vary in stringency and design and reviews evidence on whether stricter antideficit provisions produce “tighter” state fiscal outcomes, such as reduced spending...

November 28, 2017
Kim S. Rueben, Megan Randall
Brief

Tax and expenditure limits (TELs) are self-imposed restrictions that state governments create to restrict the amount they can tax or spend. This fact sheet describes how TELs vary across states and discusses evidence on whether TELs achieve their objective of restraining government growth.

November 28, 2017
Kim S. Rueben, Megan Randall
Brief

Budget stabilization funds (BSFs), also known as rainy day funds, allow states to set aside surplus revenue for times of unexpected revenue shortfall or budget deficit. This fact sheet describes how BSF rules vary across states and reviews evidence on how they affect savings and volatility.

November 28, 2017
Kim S. Rueben, Megan Randall
Brief

States use different methods to estimate how much revenue they will have available to spend in future years. This fact sheet describes different approaches to revenue forecasting and presents recommendations on how to improve forecasting accuracy and transparency.

November 28, 2017
Kim S. Rueben, Megan Randall