Individual Taxes: Revenue Tables

T18-0032 - Options to Change the Additional Child Tax Credit; Baseline: Current Law; Impact on Tax Revenue, 2018-27

Table shows 3 measures of the tax benefits of the Child Tax Credit under current law and the change in individual income tax revenues between...
April 11, 2018
Individual Taxes: Distribution Tables by Dollar Income Class

T18-0033 - Tax Expenditure of Child Tax Credit; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2018

Table shows the distribution of benefits by expanded cash income level of the Child Tax Credit.
April 11, 2018
Individual Taxes: Distribution Tables by Percentile

T18-0034 - Tax Expenditure of Child Tax Credit; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2018

Table shows the distribution of benefits by expanded cash income percentile of the Child Tax Credit.
April 11, 2018
Individual Taxes: Distribution Tables by Dollar Income Class

T18-0035 - Option 1: Eliminate Cap on Additional Child Tax Credit and Set Earnings Threshold to $0; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2018

Table shows the distributional effects by expanded cash income level of eliminating the refundability threshold for the Additional Child Tax Credit (ACTC) and eliminating its...
April 11, 2018
Individual Taxes: Distribution Tables by Percentile

T18-0036 - Option 1: Eliminate Cap on Additional Child Tax Credit and Set Earnings Threshold to $0; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2018

Table shows the distributional effects by expanded cash income percentile of eliminating the refundability threshold for the Additional Child Tax Credit (ACTC) and eliminating its...
April 11, 2018
Individual Taxes: Distribution Tables by Dollar Income Class

T18-0037 - Option 2: Eliminate Cap on Additional Child Tax Credit, Set Earnings Threshold to $0, and Increase Phase-in rate to 50% for Families with Children Under 6; Distribution of Federal Tax Change by Expanded Cash Income Level, 2018

Table shows the distributional effects by expanded cash income level of eliminating the refundability threshold for the Additional Child Tax Credit (ACTC), eliminating its $1,400...
April 11, 2018
Individual Taxes: Distribution Tables by Percentile

T18-0038 - Option 2: Eliminate Cap on Additional Child Tax Credit, Set Earnings Threshold to $0, and Increase Phase-in rate to 50% for Families with Children Under 6; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2018

Table shows the distributional effects by expanded cash income percentile of eliminating the refundability threshold for the Additional Child Tax Credit (ACTC), eliminating its $1,400...
April 11, 2018
Individual Taxes: Distribution Tables by Dollar Income Class

T18-0039 - Option 3: Eliminate Cap on Additional Child Tax Credit, Eliminate Refundability Threshold, and Eliminate Phase in for Families with Children under 6; Distribution of Federal Tax Change by Expanded Cash Income Level, 2018

Table shows the distributional effects by expanded cash income level of eliminating the refundability threshold for the Additional Child Tax Credit (ACTC), eliminating its $1,400...
April 11, 2018
Individual Taxes: Distribution Tables by Percentile

T18-0040 - Option 3: Eliminate Cap on Additional Child Tax Credit, Eliminate Refundability Threshold, and Eliminate Phase in for Families with Children under 6; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2018

Table shows the distributional effects by expanded cash income percentile of eliminating the refundability threshold for the Additional Child Tax Credit (ACTC), eliminating its $1,400...
April 11, 2018
: Daily Deduction

"Nothing to see here."

The CBO’s updated fiscal outlook gives the GOP little cause for concern.
April 11, 2018Renu Zaretsky
Individual Taxes: Testimony

Reflections on the Tax Cuts and Jobs Act

Testimony before the Joint Economic Committee Hearing on “Unleashing America’s Economic Potential”
Mark Mazur, Director of the Urban-Brookings Tax Policy Center, testified before the Joint Economic Committee during a hearing entitled “Unleashing America’s Economic Potential.” In his testimony, Mazur presented a review of the principles of desirable tax policy, clear and less clear findings about
April 11, 2018Mark J. Mazur
Federal Budget and Economy: TaxVox

Five Take-Aways From CBO’s Budget Outlook

The headline from the updated budget and economic outlook released yesterday by the Congressional Budget Office was no surprise: The combination of the tax cuts...
April 10, 2018Howard Gleckman
: TaxVox

The Fiscal Picture Is Worse Than It Looks – And It Looks Bad

On the surface, CBO’s new projections of the federal debt and deficits over the next 10 years paint a troubling picture. But, dig deeper and...
April 10, 2018William G. Gale
: Daily Deduction

The nation's fiscal future: Not so bright.

The price of tax cuts and spending hikes: CBO released its long-term budget outlook yesterday.
April 10, 2018Renu Zaretsky
Campaigns, Proposals, and Reforms: Lubick Symposium

The Tax Cuts and Jobs Act: Tax Administration Challenges

The event will be webcast live here. The Tax Cuts and Jobs Act made sweeping changes to the tax code and left many questions in...
April 9, 2018
: Daily Deduction

No Pain, No Gain?

What doesn’t kill us makes us stronger. No need to worry about a trade war with China, says President Trump.
April 9, 2018Renu Zaretsky
Federal excise tax revenues totaled $83.8 billion in 2017. About 63% came from taxes associated with highways and air travel, while another 28% came from taxes on tobacco and alcohol.
April 9, 2018
Federal Budget and Economy: TaxVox

Donald Lubick: Public Servant

The Tax Policy Center is hosting its third annual Symposium in honor of Donald C. Lubick. Given the chaos that defines tax policy these days,...
April 6, 2018C. Eugene Steuerle
Business Taxes: TaxVox

The Post-TCJA’s Race To the Bottom

Corporations, owners of partnerships and other pass-through businesses, and millions of ordinary individual taxpayers are scrambling to understand how the Tax Cuts and Jobs Act...
April 5, 2018Howard Gleckman
State and Local Issues: TaxVox

The Case of the Plastic Bag Tax: Why don’t we all carry that weight?

What do you use when you check out at the grocery store? What does it cost a person to stop using plastic bags?
April 4, 2018Renu Zaretsky
Federal Budget and Economy: TaxVox

Pete Peterson and Our Chaotic National Debates

Each person’s death gives us a moment to pause and ask what lessons their lives offer for us. Here is a lesson from the life...
April 3, 2018C. Eugene Steuerle
Individual Taxes: TaxVox

The IRS Audit Rate is Plummeting. Does It Matter?

The IRS has reported that its overall audit rate is continuing to fall , especially for businesses and high-income individual taxpayers. The Service audits less...
April 2, 2018Howard Gleckman
: Daily Deduction

Trouble ahead, or a Time to Tout?

A new poll on the TCJA hints at GOP trouble this fall.
April 2, 2018Renu Zaretsky
About 25% of individual income tax filers claimed a deduction for charitable contributions in 2015. The share was above 33% in three states (CT, MD, NJ) and under 15% in three states (ND, SD, WV). Under the Tax Cuts and Jobs Act, this share is expected to be halved.
April 2, 2018
Individual Taxes: Research report

Improving the Child Tax Credit for Very Low-Income Families

Children under age 6 experience the highest rates of poverty of any age group and are particularly vulnerable to poverty’s lasting effects. The child tax credit (CTC) provides a $2,000 per child credit for children under age 17 (along with a credit of up to $500 per dependent 17 and older). But
April 1, 2018Elaine MaagChye-Ching HuangEmily HortonChloe Cho