: TaxVox

1986 RIP: Different Tax Rates for Different Income Sources

The 2017 Tax Cuts and Jobs Act (TCJA) was the most far-reaching tax legislation since the Tax Reform Act of 1986 (TRA86). It also put...
March 16, 2018Eric Toder
: Daily Deduction

On deck next week: Another spending bill to keep the government open!

Will a South Dakota GOP congresswoman make the House add an online sales tax to the omnibus spending bill?
March 16, 2018
: Daily Deduction

"You're hired!"

CNBC commentator Larry Kudlow named NEC director.
March 15, 2018Renu Zaretsky
: Daily Deduction

March might go out like a Lamb….


Is the TCJA losing its political sway?
March 14, 2018Renu Zaretsky
: Daily Deduction

Tax cuts: Like potato chips?

You can’t stop after one.
March 13, 2018Renu Zaretsky
State and Local Issues: TaxVox

Philadelphia’s Soda Tax Shouldn’t Take Kids Out of the Classroom

Philadelphia’s tax on drinks with a sugar-based sweetener or artificial sugar substitute is not bringing in as much revenue as originally projected. As a result,...
March 12, 2018Richard C. AuxierJohn Iselin
: Daily Deduction

Exemptions, Impacts and Finesse

Two weeks for more countries’ pleas for tariff exemption.
March 12, 2018Renu Zaretsky
Nine states (NY, CA, FL, TX, MA, GA, PA, MD, IL) had net state and local lottery revenue exceeding $1 billion dollars in 2015. On a per capita basis, RI and DE led the states, both exceeding $300.
March 12, 2018
State and Local Issues: TaxVox

Fixing Connecticut’s Budget Woes? Tread Carefully When Implementing New Fiscal Controls

Late last October, Governor Dan Malloy approved a two-year $40.2 billion budget for Connecticut more than 100 days after the fiscal year began. A strongly...
March 9, 2018Kim S. Rueben
: Daily Deduction

New US tariffs are official. Sort of.

President Trump signed two proclamations yesterday that impose tariffs on steel (25 percent) and aluminum (10 percent), in order to defend national security.
March 9, 2018Renu Zaretsky
: Daily Deduction

Tinkering, Shrugging, and Preempting

Trade talk gets testier, if not tastier.
March 8, 2018Renu Zaretsky
Individual Taxes: Conference

Wealth Taxation, Entrepreneurship, and Philanthropy

Entrepreneurs strengthen the economy directly by innovating and taking risks, and indirectly through their contributions to philanthropic organizations. The tax code affects entrepreneurial activity and...
March 7, 2018
State and Local Issues: TaxVox

Guns, Soda, and a Modest Proposal

Or, The Case of State Preemption, Taxation, and Consternation
Last month, I had to tell my middle-school age children that something really bad happened at a high school. Not at the high school just over a mile from our home in Michigan, but at a high school in Parkland, Florida. Our children were horrified by the tragedy, and given a recent action by our school board, by something else.
March 7, 2018Renu Zaretsky
: Daily Deduction

Tariff Troubles, Entrepreneurship, Online Sales, and More Review

Maybe it’ll be a trade tiff, and not a war?
March 7, 2018Renu Zaretsky
Individual Taxes: TaxVox

How Do Estate And Inheritance Taxes Affect Entrepreneurs?

A new paper and brief explore how estate and inheritance taxes (or wealth transfer taxes) affect entrepreneurs and would-be entrepreneurs. It is a contentious issue...
March 6, 2018Leonard E. BurmanRobert McClellandChenxi Lu
: Daily Deduction

Who’s fighting a trade war?

A trade war could hit many pockets.
March 6, 2018Renu Zaretsky
Individual Taxes: TaxVox

Using The False Claims Act To Close The Tax Gap

The IRS estimates that for the years 2008-2010, taxpayers owed but did not pay an average of $458 billion annually in federal taxes —mostly because...
March 5, 2018Devin Gould
: Daily Deduction

Trade, Trillions, and Transparency

On tariffs and tall boys.
March 5, 2018Renu Zaretsky
The federal debt held by the public was $14.6 trillion in 2017, or about 77% of the GDP. This is more than twice as high as it was in 2001. The highest recorded was about 106% of the GDP in 1946, at the end of World War II.
March 5, 2018
Individual Taxes: Research report

The Effects of Estate and Inheritance Taxes on Entrepreneurship

Despite its relatively small role in the federal taxation system—accounting for less than 1 percent of revenues—the estate and gift tax is controversial. This paper surveys evidence on the effect of estate and inheritance taxes on entrepreneurship and presents some new evidence. We use the Survey
March 5, 2018Leonard E. BurmanRobert McClellandChenxi Lu
Individual Taxes: Brief

Do Estate and Inheritance Taxes Affect Entrepreneurship?

Despite its relatively small role in the federal taxation system—accounting for less than 1 percent of revenues—the estate and gift tax is controversial. This brief surveys research on the effect of estate and inheritance taxes on entrepreneurship and presents new evidence. We find that receiving
March 5, 2018Leonard E. BurmanRobert McClellandChenxi Lu
: Daily Deduction

Clarification, Validation, and Rejection

The IRS will clarify limitations on carried interest.
March 2, 2018Renu Zaretsky
State and Local Issues: TaxVox

Delta, Guns, And Economic Development Tax Breaks

Delta Airlines announces it is cancelling its affinity program with the National Rifle Association. In retaliation, Georgia’s lieutenant governor says he’ll try to kill a...
March 1, 2018Howard Gleckman
: Daily Deduction

Tax Refunds and Windfalls, Growth, and Plans

The IRS releases its withholding calculator.
March 1, 2018Renu Zaretsky
: TaxVox

Charities Have Plenty of Opportunity to Advance Giving Despite Tax Law Losses

By substantially cutting the number of taxpayers who will receive a charitable deduction, the Tax Cuts and Jobs Act (TCJA) has created an opportunity for...
February 28, 2018C. Eugene Steuerle