Tax Policy Center

Alternative Minimum Tax

: TaxVox
What might happen to federal highway funding? Clues next week? Both tax-writing committees will hold hearings on long-term funding for the Highway Trust Fund. The House Ways & Means Committee will hold its hearing on Wednesday . The Finance panel will meet on Thursday. The Fund currently relies
June 12, 2015Renu Zaretsky
: TaxVox
The House plans a vote to repeal the estate tax today. Repealing the levy would cut taxes by $270 billion over 10 years for 0.2 percent of the nation’s richest estates. The White House and Democrats are vehemently opposed . The Joint Committee on Taxation estimates that 5,400 estates will face the
April 16, 2015Renu Zaretsky
Individual Taxes: TaxVox
The tax act Congress passed early on New Year’s Day permanently patched the alternative minimum tax (AMT), sparing tens of millions of Americans from the additional levy. But it won’t protect everyone. The AMT will continue to raise the taxes of a few million taxpayers each year, often in seemingly
August 26, 2013Roberton C. Williams
Individual Taxes: TaxVox
From the start of his 2008 campaign, President Obama has called for raising taxes on the rich. He got much but not all that he wanted in the American Taxpayer Relief Act (ATRA ) earlier this year. Now his FY2014 budget takes another couple of bites at that apple. The first repeats his proposal to
April 11, 2013Roberton C. Williams
Campaigns, Proposals, and Reforms: TaxVox
House Budget Committee Chair Paul Ryan (R-WI) has proposed a controversial plan to balance the budget in 10 years , entirely by cutting planned spending by $4.6 trillion. While Ryan includes lots of specific spending cuts, his tax agenda is far less clear. In some respects, the former GOP vice
March 12, 2013Howard Gleckman
Individual Taxes: TaxVox
In the alphabet soup of Washington, ATRA fixed the AMT , sort of. In English, the newly enacted American Taxpayer Relief Act of 2012 will permanently protect millions of taxpayers from having to pay the alternative minimum tax without Congress having to approve a temporary patch every year or so.
January 18, 2013Roberton C. Williams
Federal Budget and Economy: TaxVox
In the end, it looks like Congress isn’t even going to kick the fiscal can down the road. Assuming the House passes the deal agreed to by the Senate on New Year’s Eve, lawmakers will barely get that battered tin container it off the front stoop. The agreement preserves nearly all of the 2001-2010
January 1, 2013Howard Gleckman
Individual Taxes: TaxVox
Like many of you, I just finished my 2011 tax return. Counting worksheets, it was 59 pages long. It occurs to me that our current insanely complex tax rules are made possible by technology. Yes, computer software makes filing easier (both for professionals and civilians). But that may be the
April 17, 2012Howard Gleckman
Individual Taxes: TaxVox
Last week, Mitt Romney proposed a new tax plan that would, among other things, reduce individual tax rates by 20 percent across the board and repeal the Alternative Minimum Tax. To get a rough sense of what those two tax cuts would cost, the Tax Policy Center crunched the numbers . The result: They
February 29, 2012Howard Gleckman
Individual Taxes: TaxVox
The least popular Congress in memory is back. I, personally, am thrilled. After a year in which lawmakers did almost nothing besides (barely) keeping the government running, this session promises hardly more. Tax policy will be at the center of much of the partisan squabbling, but it is hard to
January 17, 2012Howard Gleckman