: Daily Deduction

Government Shutdown, Congressional Showdowns


The federal government remains closed. Federal spending authority ended at midnight on Saturday, January 20. Senate dealmakers have been at work over the weekend to find a way out of their impasse. They’re still looking.
January 22, 2018Renu Zaretsky
Federal telephone excise tax receipts were less than 0.1% of all tax revenues in 2015, down from a high of 1.4% in 1950. The tax rate was fixed at a permanent 3% rate in 1990, but revenues dropped sharply in the mid-2000s after IRS lost a court case on the tax.
January 22, 2018
Federal Budget and Economy: Commentary

Does the Conventional Wisdom About Productivity Need to be Reconsidered?

Conventional wisdom holds that U.S. productivity growth, the weakest it has been in more than a quarter-century, is the reason for today’s subpar GDP growth and low wages. But is the conventional wisdom correct? Rudolph G. Penner comments in this article which was originally published by
January 22, 2018Rudolph G. Penner
Campaigns, Proposals, and Reforms: Conference

Making Sense of Tax Legislation: What Happened and What’s Next

The Urban-Brookings Tax Policy Center, in collaboration with the Kellogg Public-Private Initiative of Evanston, Illinois, presents “@Issue:...
January 19, 2018
: Daily Deduction

To shut down, or not to shut down? That is (still) the question.

The Senate has until midnight to decide whether to keep the government open.
January 19, 2018Renu Zaretsky
: Daily Deduction

Shutdown Clock: Tick Tock

There’s still no deal on a temporary spending bill for the federal government.
January 18, 2018Renu Zaretsky
Individual Taxes: TaxVox

The Downmarketing Of Tax Shelters

The Tax Cuts and Jobs Act has turned us into a nation of tax shelter hunters.
January 18, 2018Howard Gleckman
: Daily Deduction

Banks, Bills and Bags

US banks are happy about the TCJA. The New York Times reviews how the new tax law helps the country’s banks.
January 17, 2018Renu Zaretsky
Business Taxes: TaxVox

The TCJA’s Significant Tax Benefits for Employees Who Become Contract Workers

Jessica Sayles, a certified public accountant, works in her office in Las Vegas.
January 17, 2018Steven M. Rosenthal
: Daily Deduction

“Fear and Loathing in the Capital”

Shutdown drama escalates. The posturing, fighting, and brinksmanship over the federal spending bill continued over the Martin Luther King, Jr., holiday weekend.
January 16, 2018Renu Zaretsky
The share of all returns claiming a deduction for IRA contributions was about 1.8% in 2015, the lowest in 30+ years. Following the 1981 Economic Recovery Tax Act, and before the 1986 Tax Reform Act, this share exceeded 12% between 1982 to 1986.
January 15, 2018
: Daily Deduction

New Withholding Tables, Some New Estimates

The IRS will rely on DIY withholding for early 2018. The agency has issued new withholding tables and guidance that reflect changes under the Tax Cuts and Jobs Act.
January 12, 2018Renu Zaretsky
Individual Taxes: TaxVox

The IRS Private Debt Collection Program Once Again Looks Like A Failure

The IRS’s Private Debt Collection Program Once Again Looks Like A Failure What’s the old line about “fool me once?” When it comes to privatizing...
January 12, 2018Howard Gleckman
Campaigns, Proposals, and Reforms: Distribution Tables by Dollar Income Class

T18-0001 - Impact on the Number of Itemizers of H.R.1, The Tax Cuts and Jobs Act (TCJA), By Expanded Cash Income Level, 2018

Tables show the impact on the number of tax units that choose to itemize deductions and the average amount of itemized deductions of H.R.1, The...
January 11, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Percentile

T18-0002 - Impact on the Number of Itemizers of H.R.1, The Tax Cuts and Jobs Act (TCJA), By Expanded Cash Income Percentile, 2018

Tables show the impact on the number of tax units that choose to itemize deductions and the average amount of itemized deductions of H.R.1, The...
January 11, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Dollar Income Class

T18-0003 - Impact on the Tax Benefit of Itemized Deductions of H.R.1, The Tax Cuts and Jobs Act (TCJA), By Expanded Cash Income Level, 2018

Tables show the impact on the tax benefit of itemized deductions of H.R.1, The Tax Cuts and Jobs Act (TCJA), by expanded cash income level...
January 11, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Percentile

T18-0004 - Impact on the Tax Benefit of Itemized Deductions of H.R.1, The Tax Cuts and Jobs Act (TCJA), By Expanded Cash Income Percentile, 2018

Tables show the impact on the tax benefit of itemized deductions of H.R.1, The Tax Cuts and Jobs Act (TCJA), by expanded cash income percentile...
January 11, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Dollar Income Class

T18-0005 - Impact on the Tax Benefit of the Itemized Deduction for State and Local Taxes (SALT) of H.R.1, The Tax Cuts and Jobs Act (TCJA), By Expanded Cash Income Level, 2018

Tables show the impact on the tax benefit of the itemized deductions for state and local taxes of H.R.1, The Tax Cuts and Jobs Act...
January 11, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Percentile

T18-0006 - Impact on the Tax Benefit of the Itemized Deduction for State and Local Taxes (SALT) of H.R.1, The Tax Cuts and Jobs Act (TCJA), By Expanded Cash Income Percentile, 2018

Tables show the impact on the tax benefit of the itemized deductions for state and local taxes of H.R.1, The Tax Cuts and Jobs Act...
January 11, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Dollar Income Class

T18-0007 - Impact on the Tax Benefit of Home Mortgage Interest Deduction (MID) of H.R.1, The Tax Cuts and Jobs Act, By Expanded Cash Income Level, 2018

Tables show the impact on the tax benefit of the home mortgage interest deduction of H.R.1, The Tax Cuts and Jobs Act (TCJA), by expanded...
January 11, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Percentile

T18-0008 - Impact on the Tax Benefit of Home Mortgage Interest Deduction (MID) of H.R.1, The Tax Cuts and Jobs Act, By Expanded Cash Income Percentile, 2018

Tables show the impact on the tax benefit of the home mortgage interest deduction of H.R.1, The Tax Cuts and Jobs Act (TCJA), by expanded...
January 11, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Dollar Income Class

T18-0009 - Impact on the Tax Benefit of Charitable Deduction of H.R.1, The Tax Cuts and Jobs Act, By Expanded Cash Income Level, 2018

Tables show the impact on the tax benefit of the charitable deduction of H.R.1, The Tax Cuts and Jobs Act (TCJA), by expanded cash income...
January 11, 2018
Campaigns, Proposals, and Reforms: Distribution Tables by Percentile

T18-0010 - Impact on the Tax Benefit of Charitable Deduction of H.R.1, The Tax Cuts and Jobs Act, By Expanded Cash Income Percentile, 2018

Tables show the impact on the tax benefit of the charitable deduction of H.R.1, The Tax Cuts and Jobs Act (TCJA), by expanded cash income...
January 11, 2018
: Daily Deduction

Challenges and Opportunities Ahead

The price of administering the new tax law. National Taxpayer Advocate Nina Olson’s 2017 Annual Report to Congress estimates it will cost the IRS at least $495 million in 2018 and 2019 to implement the Tax Cuts and Jobs Act.
January 11, 2018Renu Zaretsky
: Daily Deduction

Tax bills keep coming…

Making the TCJA’s individual income tax cuts permanent.
January 10, 2018Renu Zaretsky