: Daily Deduction

Deals, Decisions, and Decreases

NAFTA 2.0, or “USMCA,” reached among North American countries.
October 2, 2018Renu Zaretsky
Federal Budget and Economy: Research report

Harnessing The U.S. Intergovernmental Grant System for Place-Based Assistance In Recession and Recovery

American places are pulling apart from one another—economically, socially, and politically. Declining regional income convergence, increasing geographic concentration of joblessness, and an increasing awareness of the social costs of long-term joblessness and economic isolation have led many
October 2, 2018Tracy Gordon
Individual Taxes: TaxVox

The House GOP’s “Other” Tax Cut: Yet Another Savings Subsidy

While the House-passed plan to make permanent the individual tax cuts of the Tax Cuts and Jobs Act (TCJA) is getting the most attention, the...
October 1, 2018Howard Gleckman
: Daily Deduction

Open Doors, for Some

The government is open! President Trump signed an $854 billion spending package on Friday.
October 1, 2018Renu Zaretsky
In 2013, about 1.6 million returns were filed by active C-Corporations, or those that are subject to the corporate income tax. The manufacturing industry represented just over 5% of those returns, but paid over 30% of the total corporate income tax after credits.
October 1, 2018
: TaxVox

Trump Proposal Would Limit Green Cards And Visas For Immigrants With Low Incomes Or Government Assistance

On September 21 st , the Trump Administration proposed a regulation limiting access to legal permanent residency status (green cards) and other visas for immigrants...
September 28, 2018Aravind BoddupalliKim S. Rueben
: Daily Deduction

"Everything is fine."

The House approves two pieces of Tax Reform 2.0.
September 28, 2018Renu Zaretsky
Individual Taxes: Other Tables

T18-0144 - Estate Tax Returns and Liability Under Current Law and Certain Prior Laws, 2019-2028

The baseline number of estate tax returns and liability under current law and certain prior laws 2019 to 2028. Baseline is the law in place...
September 27, 2018
: Daily Deduction

Votes, Messaging and a Surplus

The House will vote today and tomorrow on Tax Reform 2.0.
September 27, 2018Renu Zaretsky
: Daily Deduction

Disclosing, Waiting, and Explaining

New Jersey moves ahead on a SALT workaround.
September 26, 2018Renu Zaretsky
Business Taxes: TaxVox

What Is A Tariff And Who Pays It?

What Is A Tariff And Who Pays It? Earlier this month, President Trump escalated his trade war with China by announcing 10 percent tariffs on...
September 25, 2018Howard Gleckman
: Daily Deduction

What if we went SALT (cap) free?

Repealing the SALT deduction cap would help the wealthiest the most.
September 25, 2018Renu Zaretsky
Individual Taxes: Research report

Predicting Municipal Fiscal Distress: Aspiration or Reality

Cities are where people come together to work, live, and thrive. Cities also face a host of fiscal challenges, many of which were laid bare in the Great Recession. Given these challenges, stakeholders of many kinds have sought more and better indicators of city fiscal health. This paper provides an
September 25, 2018Tracy Gordon
Individual Taxes: Distribution Tables by Dollar Income Class

T18-0139 - Repeal $10,000 Limit on Deductible State and Local Taxes; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2018

Table shows the distributional effects by expanded cash income level in 2018 of repealing the $10,000 limit on deductible state and local taxes effective retroactively...
September 24, 2018
Individual Taxes: Distribution Tables by Percentile

T18-0140 - Repeal $10,000 Limit on Deductible State and Local Taxes; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2018

Table shows the distributional effects by expanded cash income percentile in 2018 of repealing the $10,000 limit on deductible state and local taxes effective retroactively...
September 24, 2018
Individual Taxes: Distribution Tables by Dollar Income Class

T18-0141 - Repeal $10,000 Limit on Deductible State and Local Taxes; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2025

Table shows the distributional effects by expanded cash income level in 2025 of repealing the $10,000 limit on deductible state and local taxes effective retroactively...
September 24, 2018
Individual Taxes: Distribution Tables by Percentile

T18-0142 - Repeal $10,000 Limit on Deductible State and Local Taxes; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2025

Table shows the distributional effects by expanded cash income percentile in 2025 of repealing the $10,000 limit on deductible state and local taxes effective retroactively...
September 24, 2018
Individual Taxes: Revenue Tables

T18-0143 - Repeal $10,000 Limit on Deductible State and Local Taxes; Baseline: Current Law; Impact on Tax Revenue, Number of Itemizers, and Individual Alternative Minimum Tax (AMT), 2018-28

Table shows the distributional effects by expanded cash income percentile in 2025 of repealing the $10,000 limit on deductible state and local taxes effective retroactively...
September 24, 2018
Individual Taxes: TaxVox

High-Income Households Would Benefit Most From Repeal of the SALT Deduction Cap

Repealing the SALT Deduction Cap Would Largely Benefit High-Income Households, TPC Finds
Repealing the SALT Deduction Cap Would Largely Benefit High-Income Households, TPC Finds Only about 9 percent of households would benefit from repeal of the Tax...
September 24, 2018Howard Gleckman
: Daily Deduction

"Reality Bites"

Pssst… Voters think the TCJA helps the wealthy.
September 24, 2018Renu Zaretsky
The individual Alternative Minimum Tax (AMT) raised about $31 billion from about 4.5 million taxpayers in 2015. Under the Tax Cuts and Jobs Act, passed last year, the AMT was substantially modified, and will apply to only about 200,000 taxpayers in 2018.
September 24, 2018
Business Taxes: TaxVox

Regulation, Kavanaugh, Trump & the Indexing of Capital Gains

The issue of government regulation promulgated by unelected officials is central to many of today’s political and policy debates. It has surfaced in the confirmation...
September 21, 2018C. Eugene Steuerle
: Daily Deduction

A Start Date and A Farewell

Charles Rettig to be sworn in as IRS Commissioner October 1.
September 21, 2018Renu Zaretsky
State and Local Issues: TaxVox

Robots or Jobs? The Federal Tax Law's Uncertain Impact On Communities

State and local leaders need to pay a lot of attention to how businesses take advantage of the tax cut’s capital-investment provisions.
In recent months, many states have adjusted their tax codes in response to the Tax Cuts and Jobs Act (TCJA), the sweeping package of federal...
September 20, 2018Donnie Charleston
Federal Budget and Economy: Conference

Costs and Benefits of Tax Regulations: Exploring Treasury's and OMB’s New Responsibilities

Recently, the Treasury Department and the Office of Management and Budget (OMB) agreed that OMB would review tax regulations before release.
September 20, 2018