The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided most US households with one-time economic impact payments to mitigate the negative economic effects of the COVID-19 pandemic.  The Internal Revenue Service was responsible for distributing the payments, which were rapidly...

July 16, 2020
Janet HoltzblattMichael Karpman

Federal tax law provides several tax benefits for homeowners. This chartbook focuses on the home mortgage interest deduction. We provide updated estimates of the distributional effects of the home mortgage interest deduction, show how those estimates could change if people pay down their home...

July 1, 2020
Chenxi LuEric ToderSurachai KhitatrakunRobert McClelland

We examine how proposals to modify and expand the EITC would change its impacts during economic downturns. Using components from the Economic Security Project’s Cost-of-Living Refund, we identify three main effects. First, accelerating the credit phase-in (or eliminating it entirely) would...

May 18, 2020
Elaine MaagDonald Marron

Federal tax law provides substantial tax incentives for retirement saving. These include the deferral of taxes on contributions to retirement savings accounts by employers, employees, and self-employed taxpayers and the earnings on these contributions until the funds are withdrawn in retirement...

May 11, 2020
Eric ToderSurachai KhitatrakunAravind Boddupalli

On March 30, the Congressional Budget Office (CBO) released its analysis of President Trump’s proposed budget for fiscal year 2021. The president submitted this budget on February 10, 2020, when the pandemic was in its early stages in the US and before the enactment of major relief bills in...

May 7, 2020
Erald KolasiC. Eugene Steuerle

The global pandemic caused by the novel coronavirus outbreak will dramatically affect state tax revenues over the next months and possibly years. This brief summarizes how state revenue forecasters viewed their state economies before the COVID-19 pandemic, as documented in governors’ proposed...

April 2, 2020
Lucy Dadayan

In January, the Congressional Budget Office (CBO) released its first economic and budgetary outlook of the decade. Even prior to the recent COVID-19 crisis, along with its attendant impact on the budget, CBO projected a deficit of more than $1 trillion for fiscal year 2020. The federal budget is...

March 27, 2020
Erald KolasiC. Eugene Steuerle

In this brief, we estimate the revenue and distributional effects of Senator Bernie Sanders’s 2020 campaign tax proposals. We show the revenue and distributional implications of tax proposals excluding those related to his Medicare for All plan. We also report the revenue estimates (but not the...

March 19, 2020
TPC Staff

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...

June 1, 2020
Elaine MaagNikhita Airi

In this brief, we estimate the revenue and distributional effects of former vice president Joe Biden’s 2020 campaign tax proposals, based on information released by the Biden campaign and conversations with campaign staff. We analyze Biden’s proposals as of February 23, 2020...

March 5, 2020
Gordon B. MerminSurachai KhitatrakunChenxi LuThornton MathesonJeffrey Rohaly