Steven M Rosenthal, senior fellow, testified before the US House of Representatives Committee on Ways and Means, Oversight Subcommittee at a hearing on “Tax Fairness.” In his testimony, he examines President’s Trump’s reported taxes as a case study. Mr. Rosenthal assesses tax fairness through...
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...
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...
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...
This chartbook explores the implications of the tax-advantaged treatment of pass-through income enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA). Section 199A of the TCJA allows a deduction from taxable income of 20 percent of certain pass-through income. We look specifically at the...
Tax Fairness: President Donald Trump, a Case Study
Steven M Rosenthal, senior fellow, testified before the US House of Representatives Committee on Ways and Means, Oversight Subcommittee at a hearing on “Tax Fairness.” In his testimony, he examines President’s Trump’s reported taxes as a case study. Mr. Rosenthal assesses tax fairness through...
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...
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...
Who Did Not Get the Economic Impact Payments by Mid-to-Late May, and Why?
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...
Tax Incentives for Pass-Through Income
This chartbook explores the implications of the tax-advantaged treatment of pass-through income enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA). Section 199A of the TCJA allows a deduction from taxable income of 20 percent of certain pass-through income. We look specifically at the...