The Senate passed its version of the Tax Cuts and Jobs Act. After the GOP leadership made a flurry of last-minute changes, the Senate early Saturday morning passed its version of the nearly 500-page bill.
Between 2002 and 2004, the average student loan interest deduction claim (in 2015 dollars) dipped from $907 to $794. It did not exceed its 2002 level until 2007. Since 2008, the average value of the deduction has outpaced inflation.
The Tax Policy Center has released distributional estimates of the Senate version of the Tax Cuts and Jobs Act as passed on December 2, 2017. We find the bill would reduce taxes on average for all income groups in both 2019 and 2025. In general, higher income households receive larger average tax
The Tax Cuts and Jobs Act: Not going to pay for itself. The congressional Joint Committee on Taxation’s dynamic score of the Senate’s Tax Cuts and Jobs Act estimates that the bill would increase the federal debt by $1 trillion over ten years.
The Tax Policy Center has released an analysis of the macroeconomic effects of the Tax Cuts and Jobs Act as passed by the Senate Finance Committee on November 16, 2017. We find the legislation would boost US gross domestic product (GDP) 0.7 percent in 2018, have little effect on GDP in 2027, and
The New York Times reports that some Republican senators are clamoring for larger tax cuts, especially for pass-through business income. The Times says that while...
Table shows the effective marginal tax benefit of charitable contributions by expanded cash income percentile in 2018 under both current law and Under Current Law...
Despite all their rhetoric about closing special interest loopholes, politicians love nothing more than delivering federal largesse to favored constituents. But with new spending programs...
To control the risk of climatic disruption, many economists advocate putting a price on carbon. Research shows that an especially efficient way to do that...
The Tax Cut and Jobs Act (TCJA) that the Senate is debating this week would fundamentally change the way US-based multinational corporations are taxed on...
Table shows the distributional effect by expanded cash income level in 2019 of allowing for an itemizing deduction for up to $10,000 in property taxes...
Table shows the distributional effect by expanded cash income percentile in 2019 of allowing for an itemizing deduction for up to $10,000 in property taxes...
The Trump Administration claims that the tax cut going through the House and Senate will significantly boost the overall growth rate of the U.S. economy...
