: Daily Deduction

Trade War on hold, maybe.

Cease fire in China trade war?
May 21, 2018Renu Zaretsky
State and local general expenditures totaled $2.8 trillion in 2015. Six states (CA, NY, TX, FL, IL, PA) had expenditures exceeding $100 billion each; on a per capita basis, AK was the highest with about $20,000 and AL was the lowest with about $6,400.
May 21, 2018
Business Taxes: Brief

Did States Maximize Their Opportunity Zone Selections?

Analysis of the Opportunity Zone Designations
The Tax Cuts and Jobs Act included a new federal incentive—Opportunity Zones—to spur investment in poor and undercapitalized communities. Governors (and the mayor of the District of Columbia) have now selected which among the roughly 56 percent of eligible census tracts in the US should be
May 21, 2018Brett TheodosBrady Meixell
: Daily Deduction

No, Nope, No Way, and Maybe?

Minnesota’s Governor Mark Dayton vetoes tax conformity bill.
May 18, 2018Renu Zaretsky
: Daily Deduction

Don’t count your chickens before they hatch.

It’s May. Do you know what your business taxes are?
May 17, 2018Renu Zaretsky
State and Local Issues: StateMain Features of State Tax Systems

Local Sales Tax Rates

May 16, 2018
: Daily Deduction

Focus, Fairness, and Failures

This morning on the Hill, a hearing on the TCJA, the economy, and jobs.
May 16, 2018Renu Zaretsky
State and Local Issues: TaxVox

Six Reasons Why States Shouldn’t Be Counting Their Sports Betting Tax Revenue Yet

Will the Supreme Court’s decision allowing states to legalize sports betting be the tax revenue jackpot that some states hope for? Perhaps, but plenty of...
May 16, 2018Howard Gleckman
: TaxVox

Filing Taxes: A Nonresident's Experiences

Along with over 100 million others, I recently filed my 2017 federal income tax return. This was a special occurrence, because it was the first...
May 15, 2018Aravind Boddupalli
Individual Taxes: Distribution Tables by Dollar Income Class

T18-0052 - Distribution of Individual Income Tax on Long-Term Capital Gains by Expanded Cash Income Level, 2018

Distribution of income from long-term capital gains and the individual income taxes paid on this income by expanded cash income level, under current law, 2018...
May 15, 2018
Individual Taxes: Distribution Tables by Percentile

T18-0053 - Distribution of Individual Income Tax on Long-Term Capital Gains by Expanded Cash Income Percentile, 2018

Distribution of income from long-term capital gains and the individual income taxes paid on this income by expanded cash income Percentile, under current law, 2018...
May 15, 2018
Individual Taxes: Distribution Tables by Percentile

T18-0054 - Distribution of Federal Payroll and Income Taxes by Expanded Cash Income Percentile, 2018

A comparison of the distribution of federal individual income taxes and payroll taxes under current law for 2018. Table also shows, by income percentile, the...
May 15, 2018
: Daily Deduction

Place Your Bets, Raise Your Taxes

The US Supreme Court nixes a federal ban on state-sanctioned sports betting.
May 15, 2018Renu Zaretsky
: TaxVox

How New York State Responded to The SALT Deduction Limit

While other states are considering workarounds to the Tax Cut and Jobs Act’s (TCJA) $10,000 annual limit on the federal deduction for state and local...
May 14, 2018Frank Sammartino
: Daily Deduction

Salesmanship, Reactions, Patience, and Tough Choices

GOP looks forward to a long summer selling the TCJA.
May 14, 2018Renu Zaretsky
The Earned Income Tax Credit (EITC) has been around since 1975; the average credit claimed per taxpayer in 1975 was $201 (or $886 in 2015 dollars). In 2015, the average credit claimed was $2,440, or almost 3 times larger in real terms.
May 14, 2018
State and Local Issues: TaxVox

Seattle's Head Tax is a Fine Idea, Given the Circumstances

Seattle is currently having a contentious debate over a proposed "head tax" to fund more affordable housing and services for its large and growing homeless...
May 11, 2018Steven M. RosenthalRichard C. Auxier
: Daily Deduction

Breaks, Parcels, Heads and Woes

Who will benefit from a TCJA economic boost?
May 11, 2018Renu Zaretsky
Individual Taxes: Speech

Challenges & Opportunities for Charities after the 2017 Tax Cuts and Jobs Act

Eugene Steuerle, Richard Fisher Chair at the Urban Institute and co-founder of the Urban-Brookings Tax Policy Center gave this luncheon presentation at the ABA Tax Meetings Exempt Organization.
May 11, 2018C. Eugene Steuerle
: TaxVox

CBO Estimates Imply That TCJA Will Boost Incomes For Foreign Investors But Not For Americans

Proponents of the Tax Cut and Jobs Act (TCJA) claimed it would boost the US economy and generate higher incomes for the American people. At...
May 10, 2018Benjamin R. PageWilliam G. Gale
: Daily Deduction

Win Some, Lose Some, Earn Some, Spend Some

You know what eats up a tax windfall? Higher gas prices.
May 10, 2018
Business Taxes: TaxVox

Should Treasury Index Capital Gains?

National Economic Council chair Larry Kudlow reportedly wants the IRS to redefine capital gains to include only returns from the sale of assets in excess of inflation. Were it feasible, it would make sense to measure all income and expense in real terms. But indexing capital gains alone by executive fiat would make no sense. It would cut capital gains taxes by up to $20 billion a year for the richest Americans and open the door to a raft of new, inefficient tax shelters. And it would do all this without the approval of Congress.
May 10, 2018Leonard E. Burman
State and Local Issues: TaxVox

Seattle's Misguided Worker Tax On Large And Mid-Sized Employers

Cities and counties all over the US have been offering Amazon billions of dollars in tax cuts to lure...
May 9, 2018Howard Gleckman
: TaxVox

How Recent Tax Reform Sounds a Clarion Call for Real Reform of Homeownership Policy

By roughly doubling the standard deduction and limiting the deduction from federal taxable income of state and local taxes (SALT), the Tax Cut and Jobs...
May 9, 2018C. Eugene Steuerle
: Daily Deduction

Rescind, Revisit, and Reinvest

The Trump Administration wants to block agencies from spending $15.4 billion in federal funding.
May 9, 2018Renu Zaretsky