Total state government tax revenue collections declined 12.8 percent in nominal terms and 15.7 percent in real terms in the second quarter of 2023 relative to a year earlier. The inflation-adjusted growth rates differed significantly across key revenue sources in the second quarter of 2023....
Although the US tax code does not explicitly reference race or ethnicity, the federal individual income tax can create racial disparities when factors that affect tax liability are associated with race. This paper provides new evidence on racial differences in marriage tax penalties and bonuses...
Although the US tax code does not explicitly reference race or ethnicity, the federal individual income tax can create racial disparities when factors that affect tax liability are associated with race. This paper provides new evidence on racial differences in marriage tax penalties and bonuses...
In the US Supreme Court case Moore v United States, shareholders in a “controlled” foreign corporation challenge a tax on income they had not yet received. But a ruling in their favor could upend decades of rules to curb tax avoidance in international and capital markets. As a matter of...
Lifetime Social Security and Medicare taxes are scheduled to be significantly lower than lifetime Social Security and Medicare benefits for most workers in future decades, based on the latest data. This report compares the benefits and taxes paid by beneficiaries at the age of 65 from 1960 to...
For children to thrive, they need to have their basic needs met. When needs go unmet, children’s opportunities are compromised. The Census Bureau estimates that 12.4 percent of children were living below the poverty line in 2022, a tremendous jump from the 5.2 percent of children living in...
In a pending Supreme Court case, Moore v. United States, the plaintiffs are challenging the constitutionality of a provision in the 2017 Tax Cuts and Jobs Act imposing a transition tax on certain undistributed foreign profits of US taxpayers. The outcome of this case may severely constrain the...
Although the US tax code does not explicitly reference race or ethnicity, the federal income tax system contributes to racial disparities when factors that affect tax liabilities are correlated with race. This study is the first to use the Tax Policy Center’s microsimulation model—newly enhanced...
This public comment highlights the usefulness of the Survey of Income and Program Participation (SIPP) for analyzing family dynamics, income support, and income changes throughout the year and over longer time periods. If the Census Bureau follows through with a proposal to reduce the SIPP...
The federal government invests more than $500 billion annually in children through direct cash payments, including tax credits, and in-kind goods such as childcare, education, food subsidies, and healthcare coverage. This represents about 10 percent of the federal budget. Research shows these...
State Tax and Economic Review, 2023 Quarter 2
Total state government tax revenue collections declined 12.8 percent in nominal terms and 15.7 percent in real terms in the second quarter of 2023 relative to a year earlier. The inflation-adjusted growth rates differed significantly across key revenue sources in the second quarter of 2023....
Racial Disparities in the Income Tax Treatment of Marriage
Although the US tax code does not explicitly reference race or ethnicity, the federal individual income tax can create racial disparities when factors that affect tax liability are associated with race. This paper provides new evidence on racial differences in marriage tax penalties and bonuses...
Race, Taxes, and Marriage
Although the US tax code does not explicitly reference race or ethnicity, the federal individual income tax can create racial disparities when factors that affect tax liability are associated with race. This paper provides new evidence on racial differences in marriage tax penalties and bonuses...
Supreme Court Moore Case Could Invalidate Decades of Tax Rules
In the US Supreme Court case Moore v United States, shareholders in a “controlled” foreign corporation challenge a tax on income they had not yet received. But a ruling in their favor could upend decades of rules to curb tax avoidance in international and capital markets. As a matter of...
Social Security and Medicare Benefits and Taxes: 2023
Lifetime Social Security and Medicare taxes are scheduled to be significantly lower than lifetime Social Security and Medicare benefits for most workers in future decades, based on the latest data. This report compares the benefits and taxes paid by beneficiaries at the age of 65 from 1960 to...
Understanding How the Expanded Child Tax Credit Reduced Poverty and Hardship in 2021
For children to thrive, they need to have their basic needs met. When needs go unmet, children’s opportunities are compromised. The Census Bureau estimates that 12.4 percent of children were living below the poverty line in 2022, a tremendous jump from the 5.2 percent of children living in...
The Potential Economic Consequences of Disallowing the Taxation of Unrealized Income
In a pending Supreme Court case, Moore v. United States, the plaintiffs are challenging the constitutionality of a provision in the 2017 Tax Cuts and Jobs Act imposing a transition tax on certain undistributed foreign profits of US taxpayers. The outcome of this case may severely constrain the...
Racial Disparities in the Treatment of Capital Income in the Federal Individual Income Tax
Although the US tax code does not explicitly reference race or ethnicity, the federal income tax system contributes to racial disparities when factors that affect tax liabilities are correlated with race. This study is the first to use the Tax Policy Center’s microsimulation model—newly enhanced...
US Census Bureau Request for OMB Clearance for the Collection of Data Concerning the Survey of Income and Program Participation (SIPP)
This public comment highlights the usefulness of the Survey of Income and Program Participation (SIPP) for analyzing family dynamics, income support, and income changes throughout the year and over longer time periods. If the Census Bureau follows through with a proposal to reduce the SIPP...
The Return on Investing in Children
The federal government invests more than $500 billion annually in children through direct cash payments, including tax credits, and in-kind goods such as childcare, education, food subsidies, and healthcare coverage. This represents about 10 percent of the federal budget. Research shows these...