: Brief

How Revolutionary Were President Biden’s Budget Proposals?

President Biden’s fiscal year 2022 budget proposals were big and diffuse. They, and much of what Congress has considered since then, would also often be temporary. Despite once-in-a-generation policy changes, the real growth in federal spending that either administration or congressional proposals
December 16, 2021C. Eugene SteuerleAlexander Carther
: Daily Deduction

Will There Be A Blue, Blue, BBB-less Christmas?

Don’t ask about Child Tax Credit?
December 16, 2021Renu Zaretsky
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0303 - Tax Units with a Tax Increase or Tax Cut by Repealing SALT Limit for Taxpayers with AGI Less than $900K MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Reported by House Budget Committee, by Expanded Income Percentile, 2022

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income percentile in 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The SALT deduction would be repealed for taxpayers with adjusted gross income (AGI) less than $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The $10,000 limit would phase in rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0300 - Repeal SALT Limit for Taxpayers with AGI Less than $900K for Married Filing Jointly/$450K Single/$675K Head of Household in H.R.5376, The Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Level, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income level in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The SALT deduction would be repealed for taxpayers with adjusted gross income (AGI) less than $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The $10,000 limit would phase in rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0301 - Repeal SALT Limit for Taxpayers with AGI Less than $900K for Married Filing Jointly/$450K Single/$675K Head of Household in H.R.5376, The Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Level, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income level in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The SALT deduction would be repealed for taxpayers with adjusted gross income (AGI) less than $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The $10,000 limit would phase in rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0302 - Tax Units with a Tax Increase or Tax Cut by Repealing SALT Limit for Taxpayers with AGI Less than $900K for MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Reported by House Budget Committee, by Expanded Income Level, 2022

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income level in 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The SALT deduction would be repealed for taxpayers with adjusted gross income (AGI) less than $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The $10,000 limit would phase in rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0299 - Tax Units with a Tax Increase or Tax Cut with an $80,000 SALT Limit Phasing out at AGI of $900K for MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Reported by House Budget Committee, by Expanded Income Percentile, 2022

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income percentile in 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would begin to phase out at adjusted gross income (AGI) of $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The limit would effectively phase down to $10,000 rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0297 - Phase out Benefit of $80,000 SALT Limit Starting at AGI of $900K for MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Percentile, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would begin to phase out at adjusted gross income (AGI) of $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The limit would effectively phase down to $10,000 rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0298 - Tax Units with a Tax Increase or Tax Cut with an $80,000 SALT Limit Phasing out at AGI of $900K for MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Level, 2022

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income level in 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would begin to phase out at adjusted gross income (AGI) of $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The limit would effectively phase down to $10,000 rateably over a $100,000 AGI range.
December 15, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0296 - Phase out Benefit of $80,000 SALT Limit Starting at AGI of $900K for MFJ/$450K Single/$675K HoH in H.R.5376, The Build Back Better Act as Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Level, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income level in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would begin to phase out at adjusted gross income (AGI) of $900,000 for married couples filing jointly, $450,000 for single filers, and $675,000 for heads of households. The limit would effectively phase down to $10,000 rateably over a $100,000 AGI range.
December 15, 2021
: Daily Deduction

Debt Limit Lifted, For Now

Congress passes $2.5 trillion debt limit increase.
December 15, 2021Renu Zaretsky
Federal Budget and Economy: TaxVox

Lessons from the 2009 Recovery Act for an Inclusive Recovery from the Pandemic

The federal government and many state and local governments are placing equity at the forefront of their pandemic relief efforts. But to effectively follow through...
December 14, 2021Aravind Boddupalli
: Daily Deduction

Joe Tries One More Time To Sell Joe on BBB

Manchin’s inflation concerns may deflate hopes for BBB in 2021.
December 14, 2021Renu Zaretsky
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0294 - Repeal $10,000 Limit on Deductible State and Local Taxes (SALT) for those with AGI less than $900K for Married Filing Jointly, $675K for Head of Household, and $450K for Single, by Expanded Cash Income Level, 2021

Table shows the change in the distribution of federal taxes relative to current law from repealing the $10,000 limit on deductible state and local taxes (SALT) for those with less than $900,000 for married filing jointly, $675,000 for head of household, and $450,000 for single filers, by expanded cash income level in 2021. The phase in limit occur over a $100,000 range of AGI dependent on filing status.
December 13, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0295 - Repeal $10,000 Limit on Deductible State and Local Taxes (SALT) for those with AGI Less than $900K for Married Filing Jointly, $675K for Head of Household, and $450K for Single, by Expanded Cash Income Percentile, 2021

Table shows the change in the distribution of federal taxes relative to current law from repealing the $10,000 limit on deductible state and local taxes (SALT) for those with less than $900,000 for married filing jointly, $675,000 for head of household, and $450,000 for single filers, by expanded cash income percentile in 2021. The phase in limit occur over a $100,000 range of AGI dependent on filing status.
December 13, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0293 - Increase Limit on Deductible State and Local Taxes (SALT) to $80,000 for those with AGI less than $900K for Married Filing Jointly, $675K for Head of Household, and $450K for Single, by Expanded Cash Income Percentile, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the $10,000 limit on deductible state and local taxes (SALT) to $80,000 for those with adjusted gross income (AGI) less than $900,000 for married filing jointly, $675,000 for head of household, and $450,000 for single filers, by expanded cash income percentile in 2021. The phase out of the increased deduction would occur over a $100,000 range of AGI dependent on filing status.
December 13, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0292 - Increase Limit on Deductible State and Local Taxes (SALT) to $80,000 for those with AGI less than $900K for Married Filing Jointly, $675K for Head of Household, and $450K for Single, by Expanded Cash Income Level, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the $10,000 limit on deductible state and local taxes (SALT) to $80,000 for those with adjusted gross income (AGI) less than $900,000 for married filing jointly, $675,000 for head of household, and $450,000 for single filers, by expanded cash income level in 2021. The phase out of the increased deduction would occur over a $100,000 range of AGI dependent on filing status.
December 13, 2021
: Daily Deduction

The Senate’s Initial Build Back Better Tax Plan

Wyden releases a first draft of the Senate’s BBB tax provisions.
December 13, 2021Renu Zaretsky
According to OECD calculations, the top marginal income tax rate for wage income in the US (including federal, state, and local taxes) was 46% in 2020. That rate was 22nd highest out of 36 OECD countries and 7th among the G7 countries.
December 13, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0290 - Tax Units with a Tax Increase or Tax Cut in Build Back Better Act as Reported by House Budget Committee with Alternative SALT Provision, by Expanded Cash Income Level, 2022

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income level in 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with Modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would phase out between adjusted gross income (AGI) of $400,000 and $475,000.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0291 - Tax Units with a Tax Increase or Tax Cut in Build Back Better Act as Reported by House Budget Committee with Alternative SALT Provision, by Expanded Cash Income Percentile, 2022

Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income percentile in 2022, due to the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with Modifications (Rules Committee Print 117-18 as Amended by 117-19) and an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would phase out between adjusted gross income (AGI) of $400,000 and $475,000.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0287 - Increase Limit on Deductible State and Local Taxes (SALT) to $80,000 for those with AGI less than $400,000 and Phase out Increase in Deduction for AGI between $400,000-$475,000, by Expanded Income Percentile, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the $10,000 limit on deductible state and local taxes (SALT) to $80,000 for those with adjusted gross income (AGI) less than $400,000, by expanded cash income percentile in 2021. The phase out limit would be between $400,000 and $475,000 of AGI.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0288 - Alternative SALT Provision in Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Level, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income level in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with Modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would phase out between adjusted gross income (AGI) of $400,000 and $475,000.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0289 - Alternative SALT Provision in Build Back Better Act as Reported by House Budget Committee, by Expanded Cash Income Percentile, 2022

Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2022, of the tax provisions in H.R.5376, The Build Back Better Act as reported by the House Budget Committee, with Modifications (Rules Committee Print 117-18 as Amended by 117-19) with an alternative state and local tax (SALT) deduction provision. The benefit of the $80,000 SALT limit would phase out between adjusted gross income (AGI) of $400,000 and $475,000.
December 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0286 - Increase Limit on Deductible State and Local Taxes (SALT) to $80,000 for those with AGI less than $400,000 and Phase out Increase in Deduction for AGI between $400,000-$475,000, by Expanded Income Level, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the $10,000 limit on deductible state and local taxes (SALT) to $80,000 for those with adjusted gross income (AGI) less than $400,000, by expanded cash income level in 2021. The phase out limit would be between $400,000 and $475,000 of AGI.
December 10, 2021