Campaigns, Proposals, and Reforms: TaxVox

The TCJA Has Replaced The 1986 Tax Act, But Is It Tax Reform?

In a recent TaxVox blog, my TPC colleague Eric Toder showed that the 2017 Tax Cuts and Jobs Act (TCJA) effectively upended the key principle...
March 30, 2018Harvey Galper
Federal Budget and Economy: Brief

Reconsidering Americans' Overestimates of Government Waste and Foreign Aid

Widespread and profound public misinformation about government presents a serious challenge to democratic accountability. This paper demonstrates that two of the most common examples of public misperception may be systematically overestimated; public misperceptions of “foreign aid” spending and “
March 30, 2018Vanessa Williamson
: TaxVox

Why Is The US Olympic Committee Tax-Exempt?

Why is the US Olympic Committee (USOC) a tax-exempt organization? It looks more like a business than a charity.
March 29, 2018Howard Gleckman
State and Local Issues: TaxVox

How Taxpayers In Each State Will Fare Under the TCJA’s Individual Income Tax Provisions

The Tax Cuts and Jobs Act will cut individual income taxes for about two-thirds of US households in 2018, by an average of about $1,300...
March 28, 2018David Weiner
Campaigns, Proposals, and Reforms: Distribution Tables by Percentile

T18-0031 - State distributions - No SALT Limit, No Pass-Through Business Loss Limit; Tax Units with a Tax Increase or Tax Cut from the Major Individual Income Tax Provisions in H.R.1, The Tax Cuts and Jobs Act; By Expanded Cash Income Percentile, 2018

Table shows tax units with a tax increase or tax cut in 2018 by expanded cash income percentile under the major individual income tax provisions...
March 28, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Percentile

T18-0028 - State distributions - No Pass-Through Business Loss Limit; Distribution of Individual Income Tax Provisions in H.R.1, The Tax Cuts and Jobs Act (TCJA); By Expanded Cash Income Percentile, 2018

Tables show the distributional effects of the individual income tax provisions of the provisions of the Tax Cuts and Jobs Act less the limitation on...
March 28, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Percentile

T18-0029 - State distributions - No Pass-Through Business Loss Limit; Tax Units with a Tax Increase or Tax Cut from the Major Individual Income Tax Provisions in H.R.1, The Tax Cuts and Jobs Act (TCJA); By Expanded Cash Income Percentile, 2018

Table shows tax units with a tax increase or tax cut in 2018 by expanded cash income percentile under the major individual income tax provisions...
March 28, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Percentile

T18-0030 - State distributions - No SALT Limit, No Pass-Through Business Loss Limit; Distribution of Individual Income Tax Provisions in H.R.1, The Tax Cuts and Jobs Act (TCJA); By Expanded Cash Income Percentile, 2018

Tables show the distributional effects of the individual income tax provisions of the provisions of the Tax Cuts and Jobs Act less the limitation on...
March 28, 2018
State and Local Issues: Research report

The Effect of The TCJA Individual Income Tax Provisions Across Income Groups and Across the States

The Tax Cut and Jobs Act (TCJA) will reduce individual income taxes on average for all income groups and in all states. Unlike prior Tax Policy Center reports, this analysis focuses on the distribution of the individual income tax changes, and does not include changes in the corporate income tax,
March 28, 2018Frank SammartinoPhilip StallworthDavid Weiner
State and Local Issues: TaxVox

A Little-Publicized Incentive In The New Tax Law Could Become America’s Largest Economic Development Program

The Tax Cuts and Jobs Act included a new federal incentive—Opportunity Zones—to spur investment in poor and undercapitalized communities. These incentives could become the nation’s...
March 27, 2018Brett Theodos
: TaxVox

So Far, The TCJA Seems To Be A Modest Plus For The Economy, But Evidence Remains Limited

For all the hype about more take-home pay, new corporate investment, and bonuses in the wake of the Tax Cuts and Jobs Act (TCJA), what...
March 26, 2018Benjamin R. Page
: Daily Deduction

"I can't get no satisfaction."

“I try and I try and I try and I try.” President Trump threatened to veto the $1.3 trillion spending bill that his administration had negotiated hours before
March 26, 2018Renu Zaretsky
Social Insurance and Retirement Receipts totaled $1.16 trillion in 2017, or 6.8% of GDP. From the mid-1980s to mid-1990s, the ratio was above 7.5% of GDP, bolstered by the 1983 Social Security reforms.
March 26, 2018
: Daily Deduction

The government stays open, and Congress can go home.

The spending bill edges to the finish.
March 23, 2018Renu Zaretsky
: TaxVox

Instead Of Seeking Budget Process Reforms, Congress Should Cut Spending And Raise Taxes

As this fiscal year began, Congress faced budget projections that showed rapidly rising deficits and debt over the next 10 years. Lawmakers reacted by cutting...
March 22, 2018Rudolph G. Penner
: Daily Deduction

A deal, two taxes, and lots of headaches.

A spending bill before the weekend?
March 22, 2018Renu Zaretsky
State and Local Issues: TaxVox

Congress Has Had 26 Years to Address Online Sales Taxes. It Is About To Fail One More Time

It appears that Congress is about to miss its last real opportunity to address the online sales tax problem before the Supreme Court rules on...
March 21, 2018Howard Gleckman
: TaxVox

Conformity and Child Tax Credits: How Idaho’s $100 Million Tax Cut Could Raise Taxes on Large Families

Idaho Gov. Butch Otter signed a $100 million tax cut last Monday. The bill would reduce Idaho’s individual and corporate income tax rates and lower...
March 21, 2018Richard C. Auxier
: Daily Deduction

Whither an online sales tax?

Trump Administration wants a say in South Dakota v. Wayfair.
March 21, 2018Renu Zaretsky
: Daily Deduction

TCJA benefits are in the eye of the beholder.

JEC Dems release an interactive mapping tool for a TCJA benefit.
March 20, 2018Renu Zaretsky
Business Taxes: Journal Article

Policy Insights from the EMF 32 Study on U.S. Carbon Tax Scenarios

The Stanford Energy Modeling Forum exercise 32 (EMF 32) used 11 different models to assess emissions, energy, and economic outcomes from a plausible range of economy-wide carbon price policies to reduce carbon dioxide (CO2) emissions in the United States. Here we discuss the most policy-relevant
March 20, 2018Alexander R. BarronAllen A. FawcettMarc A. C. HafsteadJames R. McFarlandAdele C. Morris
Business Taxes: Journal Article

Overview of the EMF 32 Study on U.S. Carbon Tax Scenarios

The Energy Modeling Forum (EMF) 32 study on carbon tax scenarios analyzed a set of illustrative policies in the United States that place an economy-wide tax on fossil-fuel-related carbon dioxide (CO2) emissions, a carbon tax for short. Eleven modeling teams ran these stylized scenarios, which vary
March 20, 2018James R. McFarlandAllen A. FawcettAdele C. MorrisJohn M. ReillyPeter J. Wilcoxen
: TaxVox

Americans Overestimate Foreign Aid? Not So Fast

You’ve probably heard the statistic: “On average, Americans think 28 percent of the federal budget is spent on foreign aid, when it is about 1...
March 19, 2018Vanessa Williamson
: Daily Deduction

Omnibus spending bill to come this week, but first…

On the Hill: More trade and tariff talk.
March 19, 2018Renu Zaretsky
In 2016, federal business tax collections (almost entirely corporate income taxes) were $345 billion. Nearly half came from businesses in just 6 states (CA, NY, NJ, MN, IL, TX). MN’s share of the total (5.7%) was more than 3 times its share of national retail trade or population.
March 19, 2018