December 3, 2018
The Tax Cuts and Jobs Act of 2017 introduced a new 20 percent deduction for certain income from pass-through businesses for tax years 2018 through 2025. Treasury estimates this deduction will cost $514 billion between fiscal years 2018 and 2026.
December 3, 2018
The Historic Tax Credit (HTC) is intended to encourage the rehabilitation and re-use of historic buildings; 2017's Tax Cuts and Jobs Act modified its eligibility requirements. Over the next decade, this incentive is expected to cost $4.8 billion in foregone tax revenue.
November 26, 2018
Excise taxes are imposed on motor fuels, air travel, tobacco products, alcoholic beverages, and various other goods and services. Over the last 70 years, this source of revenue has declined greatly from 3.0% of GDP in 1947 to 0.4% of GDP in 2017.
November 19, 2018