Tax Policy Center

tax deductions

Individual Taxes: TaxVox
Firms can legally sell medical marijuana in 19 states and the District of Columbia and recreational weed in two. They must pay federal income taxes, but unlike all other businesses they are prohibited from reducing their taxable income by deducting business expenses. It is, to say the least, an odd
June 6, 2013Howard Gleckman
Individual Taxes: TaxVox
The Congressional Budget Office report on the distribution of tax expenditures is getting lots of buzz, nearly all of it positive. This is a gratifying and somewhat surprising outcome. The paper confirms many of the findings of my Tax Policy Center colleagues who have done similar analyses in
May 30, 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
Federal Budget and Economy: TaxVox
You can tell when Congress and the President have tough choices to make. That’s when they trot out the euphemisms—all aimed at making what they are about to do sound as benign as possible. Case in point: the impending fiscal cliff. If you listened to President Obama and House Speaker John Boehner’s
November 13, 2012Howard Gleckman
Campaigns, Proposals, and Reforms: TaxVox
The breathlessly-hyped debate between President Obama and Governor Romney left me with an empty feeling. There were many words--oh, there were words-- but even the most casual observer of the campaign has heard most of them before. Yet when it comes to economic policy, I learned almost nothing new
October 4, 2012Howard Gleckman