: Daily Deduction

Taxpayer Protection and Spending Escalation

A bipartisan bill to restructure the IRS.
July 27, 2018Renu Zaretsky
: Daily Deduction

Stepping Back from the Trade Precipice with the EU?

Late yesterday afternoon, President Trump and European Union president Jean-Claude Juncker announced an agreement aimed at calming trade tensions.
July 26, 2018Renu Zaretsky
Federal Budget and Economy: TaxVox

Congress and President Trump Are Spending Money and Cutting Taxes Like There Is No Tomorrow

What is the difference between Chicago mayoral candidate Willie Wilson, and President Trump and Congress? Wilson, you may recall, spent last Sunday handing out an estimated...
July 26, 2018Howard Gleckman
Business Taxes: Research report

Making Border Carbon Adjustments Work in Law and Practice

This paper addresses issues relating to the creation of border carbon adjustments (BCAs) as part of a carbon tax. A carbon tax that is imposed only in the U.S. could put American firms at a competitive disadvantage. A BCA could level the playing field so that U.S. and foreign-firms face the same
July 26, 2018Adele C. Morris
Campaigns, Proposals, and Reforms: Brief

Policy Brief: Making Border Carbon Adjustments Work in Law and Practice

This brief addresses issues relating to the creation of border carbon adjustments (BCAs) as part of a carbon tax. A carbon tax that is imposed only in the U.S. could put American firms at a competitive disadvantage. A BCA could level the playing field so that U.S. and foreign-firms face the same
July 26, 2018Adele C. Morris
: Daily Deduction

TCJA Phase 2 and a Tariff Affirmation


Another framework: Tax Reform 2.0.
July 25, 2018Renu Zaretsky
Campaigns, Proposals, and Reforms: TaxVox

House GOP Cuts Taxes For Pass-Through Businesses, Then Worries About A Shift To Self-Employment

For the second time in a week, House Republicans are pushing policy changes that seem to conflict with key elements of last year’s Tax Cuts...
July 24, 2018Howard Gleckman
: Daily Deduction

Losers, A Carbon Tax, A Seller, And A Thief

It’s not about winning a trade war, it’s about identifying the losers.
July 24, 2018Renu Zaretsky
: Daily Deduction

Tariffs and Consequences

President Trump says he’ll impose tariffs on all Chinese imports.
July 23, 2018Renu Zaretsky
Campaigns, Proposals, and Reforms: TaxVox

In A Trade War, The Enemy Is Us

Walt Kelly ’s comic strip character Pogo said: “We have met the enemy and he is us.” It seems a particularly apt metaphor for the...
July 23, 2018Eric Toder
Thirty percent of all returns, and over 90% of returns with AGI over $200,000, claimed the state and local tax (SALT) deduction in 2015. These percentages will drop dramatically because the new tax law increases the standard deduction and caps the SALT deduction.
July 23, 2018
: Daily Deduction

Patience, a Proposal, Pressure and a Probe

Senate Finance Committee advances Charles Rettig’s nomination to be IRS Commissioner.
July 20, 2018Renu Zaretsky
: TaxVox

Distributional Effects of a Carbon Tax Depend on How the Revenue is Spent

Columbia University’s Center on Global Energy Policy just released a series of papers on how a carbon tax would reduce greenhouse gas emissions, affect economic...
July 19, 2018Eric Toder
: Daily Deduction

Court Cases and a Credit

Do states have a case against the federal government’s SALT deduction cap?
July 19, 2018Renu Zaretsky
Business Taxes: Journal Article

Distributional Implications of a Carbon Tax

In this paper, part of the Carbon Tax Research Initiative led by Columbia University’s SIPA Center on Global Energy Policy, we estimate how a carbon tax would affect the distribution of tax burdens across US taxpayers. We consider three carbon tax scenarios that would price carbon at roughly $14, $
July 19, 2018Joseph RosenbergEric ToderChenxi Lu
: Daily Deduction

Suits, Sticks, Carrots, and a Deal

States’ SALT suits…
July 18, 2018Renu Zaretsky
State and Local Issues: TaxVox

The SALT Wars Move To Court

Four blue states filed a lawsuit yesterda y, claiming that the Tax Cuts and Jobs Act’s limitation on the state and local tax (SALT) deduction...
July 17, 2018Howard Gleckman
: Daily Deduction

Summer Expectation, Nonprofit Sector Consternation

Much to look forward to in July, says Chairman Brady.
July 17, 2018Renu Zaretsky
Individual Taxes: TaxVox

The Ways & Means Committee Would Borrow $100 Billion to Expand HSAs and Subsidize Gym Memberships

The House Ways & Means Committee has voted to borrow $100 billion to subsidize gym memberships and high-cost employer-sponsored health insurance, and expand Health Savings...
July 17, 2018Howard Gleckman
Individual Taxes: TaxVox

DC Councilmember Proposes New EITC Savings Program

The District of Columbia is considering a creative new plan to transform the city’s earned income tax credit (EITC) from a one-time payment received at...
July 16, 2018Elaine Maag
: Daily Deduction

Contingencies, Impacts, and Revenues

Could Wayfair affect income taxes too?
July 16, 2018Renu Zaretsky
Federal expenditures in FY2017 totaled almost $4 trillion, or about 21% of GDP. Federal revenues in FY2017 totaled $3.3 trillion, or about 17.3% of GDP. The last time the federal budget was in surplus or balance (FY1998-2001), revenues were around 19-20% of GDP.
July 16, 2018
Business Taxes: TaxVox

Obama’s Anti-Abuse Rules Slashed Inversions

This week, the Treasury Department finalized the last set of Obama-era regulations intended to curb tax-motivated corporate inversions. An inversion arises when a U.S. corporation...
July 13, 2018Steven M. Rosenthal
: Daily Deduction

A Tax Cut, Tariff Fears, and More Waiting

Ways and Means bills would cut health care taxes by nearly $100 billion.
July 13, 2018Renu Zaretsky
Individual Taxes: Distribution Tables by Dollar Income Class

T18-0055 - Expand the Earned Income Tax Credit (EITC) for Childless Workers; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2018

Table shows the distributional effect by expanded cash income level in 2018 of a proposal to expand the EITC for childless workers by: increasing phase-in...
July 12, 2018