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...
Postsecondary education can be a critical step toward financial independence. Total college costs in California may present an extraordinary financial burden. For students with incomes under $30,000 in California, the cost of attendance at public universities (after accounting for existing grant...
Workers without children living at home, called “childless” for tax purposes, are eligible for relatively small benefits from the earned income tax credit (EITC). We analyze the effect of increasing the EITC for this group and extending benefits to workers ages 19 and older, rather than...
Postsecondary education can be a critical step on the path toward economic independence, but many low-income students who are independent for tax purposes face tremendous financial difficulties when trying to complete postsecondary school. Extending the Economic Security Project’s cost-of-living...
Policymakers continue to grapple with the related issues of unequal incomes, relatively poor health, education, and economic outcomes for low-income children, and hardship among low- and...
In recognition of the important work family caregivers do, the Economic Security Project (ESP) has proposed that they be eligible for the cost-of-living refund, an expansion of the earned income tax credit (EITC). Among other changes to the EITC, the cost-of-living refund would extend benefits...
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...
