Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0299 - Tax Units with a Tax Increase or Tax Cut with an $80,000 SALT Limit Phasing out at AGI of $900K for MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Reported by House Budget Committee, by Expanded Income Percentile, 2022

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income percentile in 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would begin to phase out at adjusted gross income (AGI) of $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The limit would effectively phase down to $10,000 rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0297 - Phase out Benefit of $80,000 SALT Limit Starting at AGI of $900K for MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Percentile, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would begin to phase out at adjusted gross income (AGI) of $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The limit would effectively phase down to $10,000 rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0298 - Tax Units with a Tax Increase or Tax Cut with an $80,000 SALT Limit Phasing out at AGI of $900K for MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Level, 2022

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 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would begin to phase out at adjusted gross income (AGI) of $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The limit would effectively phase down to $10,000 rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0296 - Phase out Benefit of $80,000 SALT Limit Starting at AGI of $900K for MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Level, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income level in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would begin to phase out at adjusted gross income (AGI) of $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The limit would effectively phase down to $10,000 rateably over a $100,000 AGI range.
December 15, 2021
: Daily Deduction

Debt Limit Lifted, For Now

Congress passes $2.5 trillion debt limit increase.
December 15, 2021Renu Zaretsky
Federal Budget and Economy: TaxVox

Lessons from the 2009 Recovery Act for an Inclusive Recovery from the Pandemic

The federal government and many state and local governments are placing equity at the forefront of their pandemic relief efforts. But to effectively follow through...
December 14, 2021Aravind Boddupalli
: Daily Deduction

Joe Tries One More Time To Sell Joe on BBB

Manchin’s inflation concerns may deflate hopes for BBB in 2021.
December 14, 2021Renu Zaretsky
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0293 - Increase Limit on Deductible State and Local Taxes (SALT) to $80,000 for those with AGI less than $900K for Married Filing Jointly, $675K for Head of Household, and $450K for Single, by Expanded Cash Income Level, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the $10,000 limit on deductible state and local taxes (SALT) to $80,000 for those with adjusted gross income (AGI) less than $900,000 for married filing jointly, $675,000 for head of household, and $450,000 for single filers, by expanded cash income percentile in 2021. The phase out of the increased deduction would occur over a $100,000 range of AGI dependent on filing status.
December 13, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0294 - Repeal $10,000 Limit on Deductible State and Local Taxes (SALT) for those with AGI less than $900K for Married Filing Jointly, $675K for Head of Household, and $450K for Single, by Expanded Cash Income Level, 2021

Table shows the change in the distribution of federal taxes relative to current law from repealing the $10,000 limit on deductible state and local taxes (SALT) for those with less than $900,000 for married filing jointly, $675,000 for head of household, and $450,000 for single filers, by expanded cash income level in 2021. The phase in limit occur over a $100,000 range of AGI dependent on filing status.
December 13, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0295 - Repeal $10,000 Limit on Deductible State and Local Taxes (SALT) for those with AGI Less than $900K for Married Filing Jointly, $675K for Head of Household, and $450K for Single, by Expanded Cash Income Percentile, 2021

Table shows the change in the distribution of federal taxes relative to current law from repealing the $10,000 limit on deductible state and local taxes (SALT) for those with less than $900,000 for married filing jointly, $675,000 for head of household, and $450,000 for single filers, by expanded cash income percentile in 2021. The phase in limit occur over a $100,000 range of AGI dependent on filing status.
December 13, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0292 - Increase Limit on Deductible State and Local Taxes (SALT) to $80,000 for those with AGI less than $900K for Married Filing Jointly, $675K for Head of Household, and $450K for Single, by Expanded Cash Income Level, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the $10,000 limit on deductible state and local taxes (SALT) to $80,000 for those with adjusted gross income (AGI) less than $900,000 for married filing jointly, $675,000 for head of household, and $450,000 for single filers, by expanded cash income level in 2021. The phase out of the increased deduction would occur over a $100,000 range of AGI dependent on filing status.
December 13, 2021
: Daily Deduction

The Senate’s Initial Build Back Better Tax Plan

Wyden releases a first draft of the Senate’s BBB tax provisions.
December 13, 2021Renu Zaretsky
By 2019, the average top statutory corporate income tax rate had fallen among most OECD countries. The United States has seen one of the most substantial drops with the rate being 25.9 percent in 2019 compared to the nineteen year historical average of 37.9 percent.
December 13, 2021
According to OECD calculations, the top marginal income tax rate for wage income in the US (including federal, state, and local taxes) was 46% in 2020. That rate was 22nd highest out of 36 OECD countries and 7th among the G7 countries.
December 13, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0290 - Tax Units with a Tax Increase or Tax Cut in Build Back Better Act as Reported by House Budget Committee with Alternative SALT Provision, by Expanded Cash Income Level, 2022

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 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with Modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would phase out between adjusted gross income (AGI) of $400,000 and $475,000.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0291 - Tax Units with a Tax Increase or Tax Cut in Build Back Better Act as Reported by House Budget Committee with Alternative SALT Provision, by Expanded Cash Income Percentile, 2022

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income percentile in 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with Modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would phase out between adjusted gross income (AGI) of $400,000 and $475,000.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0287 - Increase Limit on Deductible State and Local Taxes (SALT) to $80,000 for those with AGI less than $400,000 and Phase out Increase in Deduction for AGI between $400,000-$475,000, by Expanded Income Percentile, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the $10,000 limit on deductible state and local taxes (SALT) to $80,000 for those with adjusted gross income (AGI) less than $400,000, by expanded cash income percentile in 2021. The phase out limit would be between $400,000 and $475,000 of AGI.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0288 - Alternative SALT Provision in Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Level, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income level in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with Modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would phase out between adjusted gross income (AGI) of $400,000 and $475,000.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0289 - Alternative SALT Provision in Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Percentile, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with Modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would phase out between adjusted gross income (AGI) of $400,000 and $475,000.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0286 - Increase Limit on Deductible State and Local Taxes (SALT) to $80,000 for those with AGI less than $400,000 and Phase out Increase in Deduction for AGI between $400,000-$475,000, by Expanded Income Level, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the $10,000 limit on deductible state and local taxes (SALT) to $80,000 for those with adjusted gross income (AGI) less than $400,000, by expanded cash income level in 2021. The phase out limit would be between $400,000 and $475,000 of AGI.
December 10, 2021
: Daily Deduction

Headed For A Debt Deal

The nation probably will not default on its debt, this year.
December 10, 2021Renu Zaretsky
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today's Economy with Matt Darling

The Urban-Brookings Tax Policy Center is holding a series of online conversations on tax and fiscal policy in today’s economy. The discussions take place every...
December 9, 2021
State and Local Issues: Research report

State Tax and Economic Review, 2021 Quarter 2

States Experienced Strong Revenue Growth in the Second Quarter of 2021
State tax revenues saw large swings since the onset of the pandemic, in part because of government actions and behavioral responses to mitigate virus exposure. States reported strong revenue growth in the second quarter of 2021, but that is largely because of the lower base in 2020. Still, growth
December 9, 2021Lucy Dadayan
Individual Taxes: TaxVox

A $25,000 SALT Deduction Cap Would Be Only A Modest Improvement Over The House’s $80,000 Version

As Congress struggles to pass the Build Back Better bill, some congressional Democrats are exploring new proposals to raise the $10,000 cap on the state...
December 9, 2021Howard Gleckman
: Daily Deduction

A Line In The Sand For CTC?

The fate of the expanded Child Tax Credit (CTC).
December 9, 2021Renu Zaretsky