Tax Policy Center

ATRA

Campaigns, Proposals, and Reforms: TaxVox
As the April 15 deadline for filing 2013 income taxes nears, most of us are finding that Uncle Sam will take about the same share of our income as last year. But the story is very different for people at the top of the income ladder. Their taxes are going up, in many cases by a lot. Last year, the
April 8, 2014Roberton C. Williams
Individual Taxes: TaxVox
The year in taxes started with the nation toppling, briefly, over the fiscal cliff. And it ended with some interesting policy proposals on tax reform though little political progress. Remember the fiscal cliff? While that crisis was resolved on New Year’s Day, it really began in 2001, when
December 12, 2013William G. Gale
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
Campaigns, Proposals, and Reforms: TaxVox
The Senate Democrats’ budget, like the House version, rips unfair and inefficient tax preferences that litter the revenue code. But the tax provisions of the Senate budget, which is being debated on the floor today, raise at least two big problems: They see flaws in only in those tax expenditures
March 21, 2013Howard Gleckman
Individual Taxes: TaxVox
Love is blind, says the adage, and that can be a good thing when it comes to taxes. That’s because married couples often pay a marriage penalty—a higher federal income tax bill than they would if they were single. But for most couples, marriage means a lower tax bill—a marriage bonus in tax-speak.
February 13, 2013Roberton C. Williams
Individual Taxes: TaxVox
After more than a decade of nearly constant change, the federal estate tax is finally permanent. It’s a bit more onerous than last year’s version but still only a shadow of its former self. New tables from the Tax Policy Center show that in 2013, just 3,800 estates—fewer than one in 700—will owe
February 7, 2013Roberton C. Williams
Federal Budget and Economy: TaxVox
In one of the more dangerous fiscal developments of recent months, some on the left are defining successful deficit reduction as merely stabilizing the federal debt at about 70 percent of Gross Domestic Product by 2022. While there is no magic target, this one is far too modest and threatens to
February 1, 2013Rudolph G. Penner
Individual Taxes: TaxVox
The American Taxpayer Relief Act (ATRA) , the New Year’s legislation that effectively forestalled the bulk of the January 2013 fiscal cliff, probably staved off a recession. But compared to doing nothing, Congress made the deficit worse by passing ATRA. New Tax Policy Center calculations show how
January 31, 2013Benjamin H. Harris
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
There is an obvious solution to Washington’s perpetual budget crisis. But it is unlikely to happen because all the incentives—both political and economic—are completely wrong. First, the solution: The core of a deal was framed last December, when President Obama and House Speaker John Boehner were
January 15, 2013Howard Gleckman