The declining values of office buildings across the country in the aftermath of the COVID-19 pandemic could significantly change how major cities and other localities raise revenue and provide public services. This paper describes the mechanics of commercial property tax collection and uses...
As of December 2023, 15 states offered a child tax credit (CTC) on their state individual income tax, but the structure and size of these credits varied significantly. This report summarizes and explains the policy levers involved in designing a state CTC, and it uses the Tax Policy Center state...
Benefits from the earned income tax credit (EITC) and child tax credit (CTC) play an important role in the financial lives of low- and moderate-income families. Determining how much credit a family qualifies for can be complicated, depending primarily on the number of eligible children, income,...
Refundable tax credits can play an important role in the financial lives of low-income families. The two that provide the most support are the earned income tax credit (EITC) and the child tax credit (CTC). Refundable tax credits differ from most programs that provide income support to low-...
While 19 states have enacted a tax on recreational marijuana, there is no standard cannabis tax in the US the way there is an alcohol tax, cigarette tax, and gas tax.
Instead, governments use three different types of cannabis taxes: a percentage-of-price tax, a weight-based tax, and a...
Both Democratic presidential nominee Kamala Harris and Republican presidential nominee Donald Trump have pledged to exempt tip income from taxes if elected. Our TPC colleague Howard Gleckman has written about how these plans raise design and administration issues . Another question is who would benefit and how that varies by state.
With Vice President Kamala Harris officially the presumptive Democratic nominee for President, the party can turn to a policy framework as it prepares for its...
Should Vice President Kamala Harris ascend to the top of the Democratic ticket, her legislative record as a senator may shed light on her future approach to tax policy.
In 2021, the American Rescue Plan (ARP) temporarily but significantly expanded the federal child tax credit (CTC), and child poverty fell from 9.7 percent to...
Momentum behind a tax plan drafted by Senate Finance Committee Chair Ron Wyden (D-OR) and House Ways and Means Committee Chair Jason Smith (R-MO) has...
Fast-approaching government shutdown deadlines in Congress are providing renewed momentum for an expansion of the Child Tax Credit (CTC). A targeted CTC expansion would deliver...
It’s been two years since the expiration of the expanded child tax credit (CTC), a temporary provision of the American Rescue Plan that effectively provided...
New jobs data show while private employment fully recovered over a year ago, state and local public employment remains below its pre-pandemic peak. Overall, total...
The recent compromise between Republicans and Democrats on extending the federal debt limit was hailed for avoiding the disaster of a default, demonstrating that both...
Like all presidential budgets, President Biden’s fiscal year 2024 proposals reflect the priorities he would set for the nation. As in prior years, Biden would...
The Family Security Act 2.0 (FSA 2.0) framework introduced this past June by Senators Mitt Romney (R-UT), Steve Daines (R-MT), and Richard Burr (R-NC) emerged...
The Biden administration’s plan for broad-based student loan forgiveness of up to $20,000 per individual won’t affect borrowers’ federal tax bills, but it could have...
It’s always tempting to exaggerate the importance of the latest big fight in Congress. The Inflation Reduction Act of 2022 (IRA) made some major policy...
While average effective tax rates barely changed in the US from 1945 to 2015, the average tax rates of high-income households fell sharply—from about 50...
In 2017 and again in 2020, Congress made deficient—but temporary—changes to the federal income tax deduction for charitable giving. By significantly increasing the standard deduction,...
For the individual income tax, effective tax rates — measured as federal income tax divided by adjusted gross income (AGI) —have fallen significantly over the...
