The Senate’s last-minute decision to preserve the corporate alternative minimum tax (AMT) has drawn strong opposition from business and its advocates. Its fate now lies...

The individual alternative minimum tax (AMT) looks like it may survive yet another tax overhaul. But the latest incarnation of the tax may look very...

Ever since his presidential campaign, Donald Trump has insisted that Congress lower tax rates on income earned by pass-through businesses such as partnerships, S corporations,...

Even though the House version of the Tax Cuts and Jobs Act (TCJA) preserves the charitable income tax deduction, other income tax provisions of the...

House Speaker Paul Ryan (R-WI) says the House GOP tax bill will retain the top 39.6 percent individual income tax rate for taxpayers with very...

Both Hillary Clinton and Donald Trump have proposed tax changes that would result in less charitable giving. While the effects are indirect, the Tax Policy...

Key elements of the tax code rewrite proposed yesterday by House Ways & Means Committee Chair Dave Camp (R-MI) came straight from the playbook of...

The Congressional Budget Office’s latest update , released today, provides a snapshot of fiscal policy in the short run, the medium term, and the long...

Three related issues dominate budget talk in Washington these days: eliminating the deficit, cutting spending, and reforming the tax system. Achieving the first will require...

Howard Gleckman discussed some of the facts and issues regarding the role of small businesses in the debate on the expiring 2001 and 2003 tax cuts. Eric Toder expressed a strange sense of déjà vu. While everyone agrees that changes in the top two marginal tax rates would affect only a small share of individuals who report business income on their tax returns, proponents of full extension point out that those high-income individuals receive a large fraction of net positive business income. (JCT has estimated that fraction at 50 percent; TPC’s estimate is closer to 45 percent.) But what is less well known is what that business income consists of. How much represents the income of the neighborhood grocer or the owner of a small manufacturing firm? And how much represents the income of highly-paid professionals who take their income in the form of partnership shares, such as partners in law firms, accounting firms, and Wall Street hedge funds?