Individual Taxes: TaxVox

Venmo, The $600 Threshold, And You: What’s An (Honest) Taxpayer To Do?

Without better outreach and communication from the IRS, the new $600 reporting threshold might drive more otherwise law-abiding taxpayers to work around the reporting rule.
April 5, 2023Renu Zaretsky
Federal Budget and Economy: TaxVox

The President’s Budget Priorities Still Don’t Change Its Long-Term Trajectory

Like all presidential budgets, President Biden’s fiscal year 2024 proposals reflect the priorities he would set for the nation. As in prior years, Biden would...
April 4, 2023C. Eugene SteuerleNikhita Airi
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T23-0047 - Energy Security Production Tax Credit Provisions in Inflation Reduction Act, by ECI Level, 2027

Table shows the change in the distribution of federal taxes, by expanded cash income level in 2027, of the Energy Security production tax credit provisions in the Inflation Reduction Act (IRA).

April 3, 2023
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T23-0048 - Energy Security Production Tax Credit Provisions in Inflation Reduction Act, by ECI Percentile, 2027

Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2027, of the Energy Security production tax credit provisions in the Inflation Reduction Act (IRA).

April 3, 2023
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T23-0049 - Energy Security Investment Tax Credit Provisions in Inflation Reduction Act, by ECI Level, 2027

Table shows the change in the distribution of federal taxes, by expanded cash income level in 2027, of the Energy Security investment tax credit provisions in the Inflation Reduction Act (IRA).

April 3, 2023
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T23-0050 - Energy Security Investment Tax Credit Provisions in Inflation Reduction Act, by ECI Percentile, 2027

Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2027, of the Energy Security investment tax credit provisions in the Inflation Reduction Act (IRA).

April 3, 2023
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T23-0045 - Energy Security Individual Tax Credit Provisions in Inflation Reduction Act, by ECI Level, 2027

Table shows the change in the distribution of federal taxes, by expanded cash income level in 2027, of the Energy Security individual tax credit provisions in the Inflation Reduction Act (IRA).

April 3, 2023
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T23-0046 - Energy Security Individual Tax Credit Provisions in Inflation Reduction Act, by ECI Percentile, 2027

Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2027, of the Energy Security individual tax credit provisions in the Inflation Reduction Act (IRA).

April 3, 2023
: Daily Deduction

Treasury Puts Out EV Rules; Exploring Biden’s Latest International Tax Proposals

The Treasury Department unveiled guidelines for how new electric vehicles can qualify for the tax credits established by the Inflation Reduction Act. In a press...
April 3, 2023John Buhl
Per Treasury, the five largest federal tax expenditures in fiscal year 2023 will each cost over $100 billion in forgone tax revenue. These are broadly for health care benefits, housing, capital gains, retirement, and families with children.
April 3, 2023
Individual Taxes: TaxVox

Biden’s Child Tax Proposal Would Help Many But Presents Administrative Challenges

President Biden’s fiscal year 2024 budget would revive 2021’s enhanced child tax credit (CTC) with some new twists that seek to make the credit work...
March 31, 2023Elaine Maag
Federal Budget and Economy: TaxVox

A Rundown of Biden’s Proposed Changes To The Taxation Of Foreign Income

As expected, President Biden’s 2024 proposed budget included several changes to the tax treatment of foreign income. Although prior attempts to rewrite these tax rules...
March 31, 2023Thomas Brosy
: Daily Deduction

Speaker McCarthy: Progress On GOP Spending Cuts Plan

House Speaker Kevin McCarthy told reporters that the House GOP is nearing an agreement on a spending cuts plan. McCarthy’s comments follow a recent...
March 31, 2023John Buhl
: Daily Deduction

The Fiscal State Of The Nation Is...Not Great

House Budget Committee holds a hearing on the “fiscal state of the union.” The House Budget Committee heard thoughts from leading public finance experts yesterday...
March 30, 2023John Buhl
: Daily Deduction

The Fed Goes To Lunch; IRS Records Access Methods Face SCOTUS Scrutiny

Federal Reserve Chair Jay Powell will brief the House Republican Study Committee on the debt ceiling. Per Roll Call , Powell will meet with the...
March 29, 2023John Buhl
Individual Taxes: TaxVox

$4 Trillion In US Wealth Is Stashed Overseas, Much Of It In Tax Havens

$4 Trillion In US Wealth Is Stashed Overseas, Much Of It In Tax Havens A handful of extremely wealthy US taxpayers holds trillions of dollars...
March 28, 2023Howard Gleckman
: Daily Deduction

Are Tax Cuts, Not Spending, Causing Our Debt Problems?

A new study blames tax cuts, not spending increases, for the federal government’s fiscal trajectory. First reported by Semafor , research from the Center for...
March 28, 2023John Buhl
: Daily Deduction

Some Details on IRS Budget Plans Emerge

Early plans for the IRS funding infusion. We’re still waiting on a detailed plan for how the IRS intends to use its $80 billion funding...
March 27, 2023John Buhl
According to the Federal Reserve, 77% of US families held debt in 2019, but their sources of debt varied. 52% held debt from installment loans, 45% from credit card balances, 42% from their primary residence.
March 27, 2023
State and Local Issues: CorporateStateMain Features of State Tax Systems

State Corporate Income Tax Rates

March 24, 2023
: Daily Deduction

Biden’s Budget Is A Big Tax Hike For The Top 1 Percent

TPC analyzed the major tax provisions in President Biden’s budget.
March 24, 2023Renu Zaretsky
Individual Taxes: Estate and Gift

Estate Tax Rate Schedule

March 23, 2023
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T23-0042 - Tax Units with a Tax Increase or Tax Cut from Individual Income, Payroll, and Estate Tax Provisions in FY2024 Budget Proposal, by ECI Percentile, 2024

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income percentiles in 2024, due to the individual income, payroll, and estate tax provisions in the Administration's FY2024 budget proposal.

March 23, 2023
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T23-0043 - Tax Units with a Tax Increase or Tax Cut from Individual Income, Payroll, and Estate Tax Provisions in FY2024 Budget Proposal, by ECI Level, 2026

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income level in 2026, due to the individual income, payroll, and estate tax provisions in the Administration's FY2024 budget proposal.

March 23, 2023
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T23-0044 - Tax Units with a Tax Increase or Tax Cut from Individual Income, Payroll, and Estate Tax Provisions in FY2024 Budget Proposal, by ECI Percentile, 2026

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income percentiles in 2026, due to the individual income, payroll, and estate tax provisions in the Administration's FY2024 budget proposal.

March 23, 2023