Brief

Supermajority budget rules require a state to obtain more than a majority vote of the legislature, typically two-thirds or three-fifths of the votes, to pass a budget bill. This fact sheet reviews evidence on how supermajority budget rules affect fiscal outcomes, such as late budgets and...

November 28, 2017
Kim S. Rueben, Megan Randall
Brief

Although most states produce a budget annually, 20 states produce a budget every other year for the upcoming two fiscal years, or biennially. This fact sheet describes the budget process and reviews the evidence on how annual and biennial budgeting, as well as the line item veto, affect fiscal...

November 28, 2017
Kim S. Rueben, Megan Randall
Brief

Debt limits are provisions that limit a state’s ability to take on new debt or debt service. This fact sheet describes the different rules that states use to limit debt and reviews evidence on how debt limits affect fiscal outcomes.

November 28, 2017
Kim S. Rueben, Megan Randall
Brief

The Tax Policy Center has released an analysis of the macroeconomic effects of the Tax Cuts and Jobs Act as passed by the US House of Representatives on November 16, 2017. We find the legislation would boost US economic output by 0.6 percent of gross domestic product (GDP) in 2018, 0.3 percent...

November 20, 2017
Benjamin R. Page, Joseph Rosenberg, James R. Nunns, Jeffrey Rohaly, Daniel Berger
Brief

The Tax Policy Center has released distributional estimates of the Senate version of the Tax Cuts and Jobs Act as passed by the Senate Finance Committee on November 16, 2017. We find the bill would reduce taxes on average for all income groups in both 2019 and 2025. In general, higher income...

November 20, 2017
TPC Staff
Brief

The Tax Policy Center has released new distributional estimates of the Tax Cuts and Jobs Act to reflect the bill as passed by the Committee on Ways and Means of the US House of Representatives on November 9, 2017. The changes from the bill as originally introduced have a relatively minor effect...

November 13, 2017
TPC Staff
Brief

NOTE: This is a corrected version of the analysis originally published November 6, 2017.

The Tax Policy Center has produced preliminary distributional estimates of the Tax Cuts and Jobs Act as introduced on November 3, 2017. We find the legislation would reduce...

November 8, 2017
TPC Staff
Brief

This brief documents how the US tax system treats the most common forms of equity compensation, including stock, restricted stock units, and stock options. In most cases, these forms of equity compensation are taxed just like cash wages, salaries, and bonuses. Employees pay ordinary income taxes...

October 4, 2017
Donald Marron
Brief

This brief summarizes, individually and jointly, an excise tax on carbon and an expansion of EITC benefits to childless workers. We find that although in principle a carbon tax that lowers wages could affect EITC benefits and thus impact low-to-moderate income households, the likely magnitude of...

July 31, 2017
Aparna Mathur, Adele C. Morris
Brief

This year, Congress will consider what may be the biggest tax bill in decades. This is one of a series of briefs the Tax Policy Center has prepared to help people follow the debate. Each focuses on a key tax policy issue that Congress and the Trump administration may address. This brief...

July 17, 2017
Eric Toder