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Tax Policy Center

Research & Commentary

Testimony
Federal Budget and Economy

Tackling the Tax Code: Evaluating Fairness, Efficiency, and Potential to Spur Inclusive Economic Growth

On June 22, 2022, William Gale testified before the House Select Committee on Economic Disparity and Fairness in Growth in a hearing entitled, "Tackling the Tax Code: Evaluating Fairness, Efficiency, and Potential to Spur Inclusive Economic Growth."

June 22, 2022
William G. Gale
Research report
Individual Taxes

Alternatives to the TCJA Limit on the State and Local Tax Deduction

In this report, we compare revenue equivalent alternatives to the $10,000 annual limit on the state and local tax (SALT) deduction enacted in the 2017 Tax Cuts and Jobs Act (TCJA). We consider options that would limit all itemized deductions, not just the SALT deduction, and an additional option...

May 7, 2020
Frank SammartinoGordon B. MerminNoah Zwiefel
Research report
Federal Budget and Economy

A Methodology for Integrated Distributional Analysis of Taxes and Transfers

Distributional analyses play a prominent role in policy discussions. Both tax and transfer policy have important distributional consequences, but traditionally they have been examined separately. This report describes a new methodology for integrated distributional analysis that imports results...

September 29, 2017
Gordon B. MerminFrank SammartinoMatthew BuettgensMelissa M. FavreaultElaine Maag
Brief
Individual Taxes

Itemized Deductions

This year, Congress will consider what may be the biggest tax bill in decades. This is one of a series of briefs the Tax Policy Center has prepared to help people follow the debate. Each focuses on a key tax policy issue that Congress and the Trump administration may address. This brief explores...

January 27, 2017
Chenxi Lu
Research report
Business Taxes

Goldilocks Meets Private Equity: Taxing Carried Interest Just Right

Controversy rages about how to tax carried interest. One view sees carry as compensation that should be taxed like other labor income. Another sees carry as a reward for financial risk-taking that should be taxed like capital income. A third sees carry as creating a costly tax arbitrage. In this...

October 6, 2016
Donald Marron
Research report
Individual Taxes

Who Benefits from Tax-Exempt Bonds?: An Application of the Theory of Tax Incidence

This paper applies tax incidence theory to estimate the distributional effects of the exemption from federal income tax of interest on state and local bonds and the President's proposal to limit the benefit of the exemption to the 28 percent rate. When one accounts for the effects of changes in...

September 27, 2013
Harvey GalperJoseph RosenbergKim S. RuebenEric Toder
Research report
Individual Taxes

The Benefits of the Mortgage Interest and Property Tax Deductions

The benefits of itemized deductions for mortgage interest and property taxes vary by income and demographic characteristics. The two deductions increase after-tax income most for high-income families, particularly those with children, while low-income households hardly benefit at all. On average...

August 27, 2013
Benjamin H. HarrisAmanda Eng
Brief
Individual Taxes

Taxing the Wealthiest Could Go a Long Way

In a contribution to The New York Times' Room for Debate, Bill Gale responds to the question: can policy makers make a dent in the deficit without affecting the majority of taxpayers?

December 5, 2012
William G. Gale
Research report
Individual Taxes

Income and Taxes of the Very Rich

Roberton Williams compares the adjusted gross incomes of the top 400 with the incomes of all other taxpayers with income over $1 million and finds that because they realize more capital gains, the top 400 tend to have lower effective income tax rates than other very high-income taxpayers.

July 6, 2012
Roberton C. Williams
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