: Daily Deduction

Two More Weeks Until Tax Season

IRS: This year’s tax season will be… challenging.
January 11, 2022Renu Zaretsky
: Daily Deduction

BBB Is Less Certain And Biden’s Budget Is Delayed

Build Back Better back-burnered?
January 10, 2022Renu Zaretsky
State and local taxes as a share of income ranged from 7% in Tennessee to 15% in North Dakota in 2019. This does not measure comparative tax burdens on states' residents because it includes taxes on business activities borne by residents of other states.
January 10, 2022
: Daily Deduction

A Possible BBB Framework, More Tax Relief, And Winners’ Tax Bills

The White House IDs its top Build Back Better priorities.
January 7, 2022Renu Zaretsky
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today’s Economy with David Wessel

The Urban-Brookings Tax Policy Center is holding a series of online conversations on tax and fiscal policy in today’s economy. The discussions take place every...
January 6, 2022
: Daily Deduction

Opportunity Zones, A Refund Dispute, And Gun Taxes

Tune in at noon for your TPC Prescription with guest David Wessel.
January 6, 2022Renu Zaretsky
Individual Taxes: TaxVox

Excise Taxes on Guns and Ammo: Sin Taxes That Don’t Prevent the Sin

Some state and federal level lawmakers are considering new taxes on guns and ammunition. After all, if you want less of something—like the guns used to commit violence in schools—tax them, right?
January 5, 2022Renu Zaretsky
: Daily Deduction

BBB Hits A Wall And Will Probably Lie Down For A While

BBB Hits A Wall And Will Probably Lie Down For A While
January 5, 2022Renu Zaretsky
Individual Taxes: TaxVox

Should the Child Tax Credit Be Limited to Those with Lower Incomes, As Manchin Prefers?

In 2021, the Child Tax Credit (CTC), helped nearly all families with children . But this year, because American Rescue Plan (ARP) expansions have lapsed,...
January 4, 2022Elaine Maag
: Daily Deduction

Questions About Reviving The Expanded Child Tax Credit

What will become of the expanded CTC?
January 4, 2022Renu Zaretsky
: Daily Deduction

Back to Business on the BBB; Tax Relief in States and Abroad

Congress returns this week to try again with the Build Back Better (BBB) Act.
January 3, 2022Renu Zaretsky
Federal taxes are moderately progressive overall. In 2018, the top 1% had 16.6% of total income before taxes and 13.6% after taxes. Contrastingly, the lowest quintile had 3.8% before taxes and 7.1% after taxes.
January 3, 2022
Campaigns, Proposals, and Reforms: TaxVox

Is the TCJA Here to Stay?

Just based on its sheer size and scope, the Biden administration’s Build Back Better (BBB) agenda was always likely to shrink as it made its...
December 28, 2021John Buhl
State and Local Issues: TaxVox

Cities Provide an Early Look at How Governments Are Advancing Racial Equity

While advancing racial equity has been a top priority for the Biden Administration , mayors were attempting to tackle unequal access to wealth and opportunity...
December 27, 2021Aravind BoddupalliLourdes GermánTracy Gordon
: Daily Deduction

An Omicron Aid Bill? Mixed Signals On BBB

Supplemental funding to respond to Omicron could garner bipartisan support. Rep. Tom Cole (R-OK) told Bloomberg Radio that Congress might agree to a bipartisan supplemental...
December 27, 2021John Buhl
Family holdings of retirement accounts vary widely by education attainment. In 2019, for those with college degrees, the median value of retirement accounts was nearly $120,000, compared to $20,000 for those with no high school diplomas.
December 27, 2021
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today’s Economy with Rose Jenkins

The Urban-Brookings Tax Policy Center is holding a series of online conversations on tax and fiscal policy in today’s economy. The discussions take place every...
December 23, 2021
Campaigns, Proposals, and Reforms: TaxVox

TPC’s 2021 Lump Of Coal Award For The Worst Tax Policy Ideas Of The Year

Welcome to the Tax Policy Center’s annual Lump of Coal Award for the year’s biggest tax policy blunders, Build Back Better edition. Even by the...
December 22, 2021Howard Gleckman
Campaigns, Proposals, and Reforms: Other Tables

T21-0304 - Options to Reform the State and Local Tax (SALT) Deduction, Summary of Distributional Effects, 2021

Table summarizes the distributional impact relative to current law of several options to reform the state and local tax (SALT) deduction by both expanded cash income level and percentile for 2021.
December 21, 2021
Individual Taxes: TaxVox

Hill Democrats Shift From Raising To Cutting Taxes On The Merely Rich

Democrats started this year with President Biden’s proposal to raise taxes on high-income households as a way to help pay for an ambitious social spending...
December 21, 2021Howard Gleckman
Business Taxes: TaxVox

1% Buyback Tax Could Lead to Higher Dividend Payouts

The Build Back Better proposal for a 1 percent excise tax on corporate share buybacks would reduce their tax advantage relative to dividend distributions. Equivalent...
December 20, 2021Thornton MathesonThomas Brosy
: Daily Deduction

Manchin Doubles Down On "No"

West Virginia Sen. Joe Manchin made clear he won’t support current BBB version. In case the delay into 2022 wasn’t enough of a sign, Manchin...
December 20, 2021John Buhl
In 2019, state and local tobacco tax revenue totaled $19 billion, or $58 per capita. Revenue per capita by state ranged from $5 in South Carolina to $148 in New Hampshire.
December 20, 2021
: Brief

TPC's 2021 Tax Model Technical Updates

The Urban-Brookings Tax Policy Center (TPC) large-scale microsimulation model produces estimates of how current and proposed tax policies will affect federal revenues and the distribution of tax burdens by income. The model is similar to those used by the Congressional Budget Office (CBO), the
December 17, 2021Benjamin R. Page
: Daily Deduction

See You Next Year

Inflation is high but Build Back Better’s impact would be modest. As Senate action on the Build Back Better (BBB) Act looks poised to slip...
December 17, 2021John Buhl