This paper uses a large panel of transaction-level capital asset sales data to investigate whether tax responsiveness varies with economic conditions. We estimate the tax elasticity associated with a large notch in the capital gains tax schedule, when the tax treatment changes from higher,...
This policy brief summarizes the impact of traditional individual retirement accounts and Roth individual retirement accounts on personal choices and on government finances. Although the accounts are equivalent under certain circumstances, in practice they often differ in important ways for both...
In this report, we examine the different ways that Roth individual retirement accounts (IRAs) and traditional IRAs affect their investors and the government. People who want to shelter more income per dollar deposited in the account, provide larger bequests, or eliminate uncertainty about how...
If the United States undertakes actions to address the risks of climate change, the use of coal in the power sector will decline rapidly. Twenty-six US counties are classified as “coal-mining dependent,” meaning the coal industry is a major employer. In these areas, the industry is also an...
This policy brief summarizes the implications of a carbon-constrained future on coal-dependent local governments in the United States. It considers the outlook for US coal production over the next decade under such conditions and explores how county finances could be affected. It also considers...
In this brief, we list the 10 major business tax expenditures with the largest revenue losses, as defined by the Office of Tax Analysis (OTA) of the US Treasury Department and the Congressional Joint Committee on Taxation (JCT). We provide a brief description of each provision and briefly...
State government tax revenues from major sources declined in the fourth quarter of 2018 compared with the same quarter in 2017, mostly because of declines in state income tax revenues. The declines in income tax collection are partially attributable to the disappearing impact of incentives...
Federal tax and spending policies are worsening the problem of economic inequality. But the tax breaks that overwhelmingly benefit the wealthy are only part of the challenge. The increasing diversion of government spending toward income supports and away from opportunity-building programs also...
Steven M. Rosenthal, Senior Fellow at the Urban-Brookings Tax Policy Center, testified before the House Ways and Means Subcommittee on Oversight during a hearing entitled “Legislative Proposals and Tax Law Related to Presidential and Vice-Presidential Tax Returns.” In his testimony, Rosenthal...
Local officials, impact investors, and philanthropy have important roles to play in helping communities access Opportunity Zone financing that benefits current residents, especially those with low or moderate incomes. Using Chicago and Cook County as a case study, we identify steps these actors...
Investor Responsiveness to Capital Gains Taxes During the Great Recession
This paper uses a large panel of transaction-level capital asset sales data to investigate whether tax responsiveness varies with economic conditions. We estimate the tax elasticity associated with a large notch in the capital gains tax schedule, when the tax treatment changes from higher,...
Roth IRAs Versus Traditional IRAs: Implications for Individuals and Government
This policy brief summarizes the impact of traditional individual retirement accounts and Roth individual retirement accounts on personal choices and on government finances. Although the accounts are equivalent under certain circumstances, in practice they often differ in important ways for both...
How Shifting from Traditional IRAs to Roth IRAs Affects Personal and Government Finances
In this report, we examine the different ways that Roth individual retirement accounts (IRAs) and traditional IRAs affect their investors and the government. People who want to shelter more income per dollar deposited in the account, provide larger bequests, or eliminate uncertainty about how...
The Risk of Fiscal Collapse in Coal-Reliant Communities
If the United States undertakes actions to address the risks of climate change, the use of coal in the power sector will decline rapidly. Twenty-six US counties are classified as “coal-mining dependent,” meaning the coal industry is a major employer. In these areas, the industry is also an...
Why Local Governments Should Prepare for the Fiscal Effects of a Dwindling Coal Industry
This policy brief summarizes the implications of a carbon-constrained future on coal-dependent local governments in the United States. It considers the outlook for US coal production over the next decade under such conditions and explores how county finances could be affected. It also considers...
What are the Largest Business Tax Expenditures?
In this brief, we list the 10 major business tax expenditures with the largest revenue losses, as defined by the Office of Tax Analysis (OTA) of the US Treasury Department and the Congressional Joint Committee on Taxation (JCT). We provide a brief description of each provision and briefly...
State Tax and Economic Review, 2018 Quarter 4
State government tax revenues from major sources declined in the fourth quarter of 2018 compared with the same quarter in 2017, mostly because of declines in state income tax revenues. The declines in income tax collection are partially attributable to the disappearing impact of incentives...
Taxes, Government Transfers and Wealth Inequality
Federal tax and spending policies are worsening the problem of economic inequality. But the tax breaks that overwhelmingly benefit the wealthy are only part of the challenge. The increasing diversion of government spending toward income supports and away from opportunity-building programs also...
The Value of Presidential and Vice-Presidential Tax Returns to the Public and Congress
Steven M. Rosenthal, Senior Fellow at the Urban-Brookings Tax Policy Center, testified before the House Ways and Means Subcommittee on Oversight during a hearing entitled “Legislative Proposals and Tax Law Related to Presidential and Vice-Presidential Tax Returns.” In his testimony, Rosenthal...
How Chicago and Cook County Can Leverage Opportunity Zones for Community Benefit
Local officials, impact investors, and philanthropy have important roles to play in helping communities access Opportunity Zone financing that benefits current residents, especially those with low or moderate incomes. Using Chicago and Cook County as a case study, we identify steps these actors...