The Protecting Family and Small Business Tax Cuts Act of 2018 extends major individual income and estate tax provisions from 2017’s Tax Cuts and Jobs Act that are currently scheduled to expire at the end of 2025. The bill would reduce federal revenues by $631 billion within the budget window (...
Conventional estimates that do not fully account for this rebalancing overstate the increase in revenues associated with eliminating the MID and will also overstate the progressivity of eliminating the MID, because households with higher levels of non-residential assets might respond by selling...
Adjusting Social Security retirement ages as people live longer would significantly improve trust fund balances over the long run, though it would have only modest effects in the short term. By the 75th year, Social Security actuaries project that raising the retirement age by indexing it to...
As people live longer, they spend more time in retirement, straining Social Security’s finances. This brief outlines the implications of three approaches to adjusting Social Security for longer lives: making no adjustment, which has applied over most of Social Security’s history; keeping...
In this article, Auerbach, Gale, and Krupkin discuss the federal budget outlook, examining long-term debt and the fiscal gap using recently updated data from the Congressional Budget Office and the Social Security and Medicare boards of trustees.
The Tax Cuts and Jobs Act (TCJA) missed an opportunity to help low-income childless workers, very low-income families with children, and families with young children – all groups where investments could be particularly productive. The child tax credit (CTC) and earned income tax credit (EITC)...
This brief addresses issues relating to the creation of border carbon adjustments (BCAs) as part of a carbon tax. A carbon tax that is imposed only in the U.S. could put American firms at a competitive disadvantage. A BCA could level the playing field so that U.S. and foreign-firms face the same...
This paper addresses issues relating to the creation of border carbon adjustments (BCAs) as part of a carbon tax. A carbon tax that is imposed only in the U.S. could put American firms at a competitive disadvantage. A BCA could level the playing field so that U.S. and foreign-firms face the same...
In this paper, part of the Carbon Tax Research Initiative led by Columbia University’s SIPA Center on Global Energy Policy, we estimate how a carbon tax would affect the distribution of tax burdens across US taxpayers. We consider three carbon tax scenarios that would price carbon at roughly $14...
Increased demand for better use of evidence in policymaking has sparked bipartisan support for better evaluation of federal spending programs. Tax expenditures, spending-like subsidies embedded in the tax code, cost taxpayers roughly as much as domestic discretionary programs, yet receive little...
Analysis of the Protecting Family and Small Business Tax Cuts Act of 2018
The Protecting Family and Small Business Tax Cuts Act of 2018 extends major individual income and estate tax provisions from 2017’s Tax Cuts and Jobs Act that are currently scheduled to expire at the end of 2025. The bill would reduce federal revenues by $631 billion within the budget window (...
The Mortgage Interest Deduction: Revenue and Distributional Effects
Conventional estimates that do not fully account for this rebalancing overstate the increase in revenues associated with eliminating the MID and will also overstate the progressivity of eliminating the MID, because households with higher levels of non-residential assets might respond by selling...
How Would Indexing for Improvements in Life Expectancy Affect Trust Fund Balances?
Adjusting Social Security retirement ages as people live longer would significantly improve trust fund balances over the long run, though it would have only modest effects in the short term. By the 75th year, Social Security actuaries project that raising the retirement age by indexing it to...
How Should Social Security Adjust When People Live Longer?
As people live longer, they spend more time in retirement, straining Social Security’s finances. This brief outlines the implications of three approaches to adjusting Social Security for longer lives: making no adjustment, which has applied over most of Social Security’s history; keeping...
The Federal Budget Outlook: We Are Not Winning
In this article, Auerbach, Gale, and Krupkin discuss the federal budget outlook, examining long-term debt and the fiscal gap using recently updated data from the Congressional Budget Office and the Social Security and Medicare boards of trustees.
Who Benefits from Expanding the EITC or CTC?
The Tax Cuts and Jobs Act (TCJA) missed an opportunity to help low-income childless workers, very low-income families with children, and families with young children – all groups where investments could be particularly productive. The child tax credit (CTC) and earned income tax credit (EITC)...
Policy Brief: Making Border Carbon Adjustments Work in Law and Practice
This brief addresses issues relating to the creation of border carbon adjustments (BCAs) as part of a carbon tax. A carbon tax that is imposed only in the U.S. could put American firms at a competitive disadvantage. A BCA could level the playing field so that U.S. and foreign-firms face the same...
Making Border Carbon Adjustments Work in Law and Practice
This paper addresses issues relating to the creation of border carbon adjustments (BCAs) as part of a carbon tax. A carbon tax that is imposed only in the U.S. could put American firms at a competitive disadvantage. A BCA could level the playing field so that U.S. and foreign-firms face the same...
Distributional Implications of a Carbon Tax
In this paper, part of the Carbon Tax Research Initiative led by Columbia University’s SIPA Center on Global Energy Policy, we estimate how a carbon tax would affect the distribution of tax burdens across US taxpayers. We consider three carbon tax scenarios that would price carbon at roughly $14...
Evaluating Tax Expenditures
Increased demand for better use of evidence in policymaking has sparked bipartisan support for better evaluation of federal spending programs. Tax expenditures, spending-like subsidies embedded in the tax code, cost taxpayers roughly as much as domestic discretionary programs, yet receive little...