Tax Policy Center

charitable deduction

Federal Budget and Economy: TaxVox
Last night’s GOP presidential debates ( here’s a transcript of the main event) highlighted some important tax policy contrasts among the candidates. One thought refundable credits are conservative economic policy while another did not. Nearly all would preserve deductions for mortgage interest and
November 11, 2015Howard Gleckman
: TaxVox
Washington Governor Jay Inslee proposes a statewide cap and trade program. The Democrat released details of his carbon pollution market program that would give the state’s Department of Ecology authority to set annual goals aimed at reducing emissions to half of 1990 levels. Inslee would extend the
January 5, 2015Renu Zaretsky
Individual Taxes: TaxVox
Scrambling to make a last-minute charitable donation to beat the New Year’s Eve deadline for a 2014 tax deduction? Take a deep breath and ask yourself, “Why am I going through this craziness now?” Why is an activity that is largely (though not entirely) tax-motivated built around the end of the
December 30, 2014Howard Gleckman
Federal Budget and Economy: TaxVox
Rep. Sandy Levin (D-MI), the senior Democrat on the House Ways & Means Committee, stood up on the House floor yesterday and urged Congress to refuse to make permanent three special tax breaks for charitable giving unless their $11 billion cost was paid for. Why were his remarks notable? Because
December 11, 2014Howard Gleckman
Individual Taxes: TaxVox
Who benefits from the tax credits, deductions and exclusions that have become such an integral part of the modern tax code? Nearly all of us. And that’s why any tax reform that eliminates or scales back many of these preferences in return for lower tax rates is so hard to do. The Tax Policy Center
December 19, 2013Howard Gleckman
Federal Budget and Economy: TaxVox
Yesterday, Washington Post columnist Bob Samuelson urged lawmakers to “just eliminate…the whole notion of entitlements.” His provocative argument: The very word "entitlement" makes people believe these programs are somehow untouchable. They are, for instance, effectively exempt from the sequester’s
October 22, 2013Howard Gleckman
Individual Taxes: TaxVox
Over the past week, Washington has been filled with news about tax reform—some reflecting necessary but painful truths and some just bad. In no particular order, here is where reform stands as Congress leaves town for its extended summer vacation: Big rates cuts are very expensive. The
August 6, 2013Howard Gleckman
Individual Taxes: TaxVox
Two interesting new papers from the Congressional Research Service highlight a major challenge faced by any tax reform that reduces itemized deductions to help pay for lower tax rates—lots of middle-income people would lose at least some benefits from scaling back those deductions. It isn’t a new
May 28, 2013Howard Gleckman
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
Senator Jeff Sessions (R-AL) has created quite a stir with his estimates that every household below the poverty level receives an average of $168-a-day (or about $61,000-a-year) in government welfare. Sessions' calculations are extremely controversial and overstate the amount of government
February 26, 2013Howard Gleckman