To raise revenue in a progressive, efficient, and administrable manner, this chapter proposes a new national consumption tax: a broad-based credit-invoice value-added tax (VAT). Th e proposal comes with several qualifications: the VAT should complement, not substitute for, new direct taxes on...
State government tax revenues showed year-over-year growth at 4.2 percent in the first quarter of 2020. However, preliminary data indicate double-digit declines in state government tax revenues in the second quarter of 2020 because of the COVID-19 pandemic and...
This report describes the Tax Policy Center’s (TPC’s) improved methodology for analyzing the taxation of pass-through income (income generated through business activities that is taxed at the individual level). Under current law, certain types of pass-through income are taxed at different rates...
This paper describes the updated methodology that the Urban-Brookings Tax Policy Center (TPC) uses to estimate the benefits taxpayers receive from proposals that allow them to save through a qualified retirement savings plan. We present tables comparing how we currently measure these benefits...
The earned income tax credit (EITC) and child tax credit (CTC) provide substantial benefits to working families with children. The EITC also provides modest benefits to workers without custodial children, often called “childless workers” for tax purposes. Together, the credits lift almost 9...
The earned income tax credit (EITC) and child tax credit (CTC) provide substantial benefits to working families with children. The EITC also provides modest benefits to workers without custodial children, often called “childless workers” for tax purposes. Together, the credits lift almost 9...
On November 3, 2020, Californians will vote on Proposition 15, also known as the California Schools and Local Communities Funding Act of 2020. The proposition would require commercial and industrial properties to be taxed based on their market value rather than on their purchase price. This...
On November 3, 2020, Californians will vote on Proposition 15, also known as the California Schools and Local Communities Funding Act of 2020. The proposition would require commercial and industrial properties to be taxed based on their market value rather than on their...
On November 3, 2020, Californians will vote on Proposition 15, also known as the California Schools and Local Communities Funding Act of 2020. The proposition would require commercial and industrial properties to be taxed based on their market value rather than on their...
This report describes the Tax Policy Center (TPC) Microsimulation Model’s revamped home mortgage interest deduction (MID) module. The TPC tax model uses the module for simulating proposals that reform the MID. The new MID module improves upon the prior one in accounting for potential changes in...
Raising Revenue with a Progressive Value-Added Tax
To raise revenue in a progressive, efficient, and administrable manner, this chapter proposes a new national consumption tax: a broad-based credit-invoice value-added tax (VAT). Th e proposal comes with several qualifications: the VAT should complement, not substitute for, new direct taxes on...
State Tax and Economic Review, 2020 Quarter 1
State government tax revenues showed year-over-year growth at 4.2 percent in the first quarter of 2020. However, preliminary data indicate double-digit declines in state government tax revenues in the second quarter of 2020 because of the COVID-19 pandemic and...
Description of the Tax Policy Center’s Improved Methodology for Analysis of the Taxation of Pass-Through Income
This report describes the Tax Policy Center’s (TPC’s) improved methodology for analyzing the taxation of pass-through income (income generated through business activities that is taxed at the individual level). Under current law, certain types of pass-through income are taxed at different rates...
Accounting for The Benefit of Retirement Saving Incentives in Distribution Tables
This paper describes the updated methodology that the Urban-Brookings Tax Policy Center (TPC) uses to estimate the benefits taxpayers receive from proposals that allow them to save through a qualified retirement savings plan. We present tables comparing how we currently measure these benefits...
Boosting Wages or Helping Children? Understanding How New Earnings and Child Tax Credit Proposals Impact Income Inequality and Vulnerable Children
The earned income tax credit (EITC) and child tax credit (CTC) provide substantial benefits to working families with children. The EITC also provides modest benefits to workers without custodial children, often called “childless workers” for tax purposes. Together, the credits lift almost 9...
Comparing the EITC and Child Tax Credit Proposals
The earned income tax credit (EITC) and child tax credit (CTC) provide substantial benefits to working families with children. The EITC also provides modest benefits to workers without custodial children, often called “childless workers” for tax purposes. Together, the credits lift almost 9...
California’s State and Local Revenue System
On November 3, 2020, Californians will vote on Proposition 15, also known as the California Schools and Local Communities Funding Act of 2020. The proposition would require commercial and industrial properties to be taxed based on their market value rather than on their purchase price. This...
California’s K–12 Education Needs
On November 3, 2020, Californians will vote on Proposition 15, also known as the California Schools and Local Communities Funding Act of 2020. The proposition would require commercial and industrial properties to be taxed based on their market value rather than on their...
California’s Infrastructure Challenges
On November 3, 2020, Californians will vote on Proposition 15, also known as the California Schools and Local Communities Funding Act of 2020. The proposition would require commercial and industrial properties to be taxed based on their market value rather than on their...
Expanding Modeling Capacity on Tax Expenditures for Homeownership
This report describes the Tax Policy Center (TPC) Microsimulation Model’s revamped home mortgage interest deduction (MID) module. The TPC tax model uses the module for simulating proposals that reform the MID. The new MID module improves upon the prior one in accounting for potential changes in...