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...
By examining federal aid to state and local governments during the Great Recession, we draw lessons that can inform current state and local efforts to build an inclusive economic recovery from the COVID-19 pandemic. We primarily compare the American Recovery and Reinvestment Act of 2009 with the...
This chartbook compares the breadth of general sales and excise tax bases across the states. It categorizes detailed personal consumption expenditures (as measured in the Bureau of Economic Analysis National Income and Products Accounts) by their tax treatment in each state and the District of...
Because of the small share of the population currently eligible for itemized tax deductions for charitable giving, many charities have argued that a more universal charitable deduction or tax credit should exist. A more universal subsidy could (but would not necessarily) increase significantly...
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...
