In 2015, state and local nontax revenue as a share of total revenue ranged from 12% in Connecticut to 42% in Alaska. On average, the largest source was fines and forfeits, rents, royalties, and private donations.
The Tax Policy Center has released distributional estimates of the conference agreement for the Tax Cuts and Jobs Act as filed on December 15, 2017. We find the bill would reduce taxes on average for all income groups in both 2018 and 2025. In general, higher income households receive larger
The Senate’s last-minute decision to preserve the corporate alternative minimum tax (AMT) has drawn strong opposition from business and its advocates. Its fate now lies...
The GOP had the framework of a tax deal before the conference committee met. The GOP expects a vote next week, before Senator-elect Doug Jones of Alabama takes his seat and before the Joint Committee on Taxation can analyze the final version of the Tax Cuts and Jobs Act.
The House and Senate just passed different versions of proposals to restructure the federal income tax. As of December 12, 2017, a House-Senate conference committee was reconciling the two bills. The bills reduce the corporate tax rate to 20 percent, introduce a preference for income from pass-
This table shows the percentage change in after-tax income and average tax change by both primary source of income and by expanded cash income percentile...
So what’s going to be in the bill? Washington is awash in rumors about what’s in and what’s out of the compromise version of the House and Senate tax bills.
Both the Senate and the House versions of the Tax Cuts and Jobs Act (TCJA) would reduce taxes on average for all income groups. However, not all taxpayers would benefit to the same degree, and some would pay higher taxes. Even taxpayers with the same income could pay different amounts of tax
Among the complexities of the Tax Cuts and Jobs Act are its multiple timing changes. Both the House and Senate bills are filled with delayed effective dates, sunsets, and phase-outs.
Both territorial and worldwide systems for taxing income of multinational companies are difficult to implement because the concepts of income source and corporate residence on which the systems are based have become less economically meaningful. Recent legislation enacted by the House and Senate
Closer and closer to a deal? The Tax Cuts and Jobs Act conference committee will have its first open meeting on Wednesday. However, House GOP leaders say the bill is not likely to reach the floor this week.
