: Daily Deduction

Headed For A Debt Deal

The nation probably will not default on its debt, this year.
December 10, 2021Renu Zaretsky
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today's Economy with Matt Darling

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 9, 2021
State and Local Issues: Research report

State Tax and Economic Review, 2021 Quarter 2

States Experienced Strong Revenue Growth in the Second Quarter of 2021
State tax revenues saw large swings since the onset of the pandemic, in part because of government actions and behavioral responses to mitigate virus exposure. States reported strong revenue growth in the second quarter of 2021, but that is largely because of the lower base in 2020. Still, growth
December 9, 2021Lucy Dadayan
Individual Taxes: TaxVox

A $25,000 SALT Deduction Cap Would Be Only A Modest Improvement Over The House’s $80,000 Version

As Congress struggles to pass the Build Back Better bill, some congressional Democrats are exploring new proposals to raise the $10,000 cap on the state...
December 9, 2021Howard Gleckman
: Daily Deduction

A Line In The Sand For CTC?

The fate of the expanded Child Tax Credit (CTC).
December 9, 2021Renu Zaretsky
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0282 - Increase Limit on Deductible State and Local Taxes (SALT) to $25,000, by Expanded Cash Income Level, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the limit on deductible state and local taxes (SALT) from $10,000 to $25,000, by expanded cash income level in 2021.
December 8, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0283 - Increase Limit on Deductible State and Local Taxes (SALT) to $25,000, by Expanded Cash Income Percentile, 2021

Table shows the change in the distribution of federal taxes relative to current law from raising the limit on deductible state and local taxes (SALT) from $10,000 to $25,000, by expanded cash income percentile in 2021.
December 8, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0284 - Increase Limit on Deductible State and Local Taxes (SALT) to $25,000 for those with AGI less than $400,000 and Phase out Increase in Deduction for AGI between $400,000-$500,000, 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 $25,000 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 $500,000 of AGI.
December 8, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0285 - Increase Limit on Deductible State and Local Taxes (SALT) to $25,000 for those with AGI less than $400,000 and Phase out Increase in Deduction for AGI between $400,000-$500,000, 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 $25,000 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 $500,000 of AGI.
December 8, 2021
: TaxVox

Congress Should Make A Long-Term Commitment to The Child Tax Credit

Two versions of the Child Tax Credit (CTC) are on the books for the next five years, and a third is included in the House...
December 8, 2021Elaine Maag
: Daily Deduction

A Way Out Of The Debt Ceiling Impasse?

Have Hill leaders discovered a path?
December 8, 2021Renu Zaretsky
: Daily Deduction

Rushing To Reconcile

Will the Senate pass Build Back Better before ringing in the New Year?
December 7, 2021Renu Zaretsky
Individual Taxes: International

OECD Taxation of Wages Income

December 6, 2021
: Daily Deduction

Defense And A Debt Ceiling Hike?

Says House leadership to Senate: Not likely.
December 6, 2021Renu Zaretsky
In 2020, corporate income tax revenues were 1.0% of GDP. This represents a decline from an average of 4.6% of GDP in the 1950s and an average of 1.8% of GDP from the mid-1980s to the passage of the 2017 Tax Cuts and Jobs Act.
December 6, 2021
: Daily Deduction

Government Shut Down Averted, For Now

Congress funds the federal government through mid-February.
December 3, 2021Renu Zaretsky
Individual Taxes: Research report

Issues in Child Benefit Administration in the United States

Imagining the Next Stage of the Child Tax Credit
The child tax credit (CTC) has grown to become a core component of American family tax and welfare policy. Temporary expansions made the credit fully refundable in 2021 – even very low-income families could receive the maximum benefit. On a conceptual level, full refundability transitions the CTC
December 2, 2021Samuel HammondElaine Maag
: Daily Deduction

Still Working On A Stopgap Funding Bill

Stop gap funding bill vote today?
December 2, 2021
: Daily Deduction

A Shut Down Over Shots?

A government shutdown, at least for weekend, seems increasingly likely.
December 2, 2021Renu Zaretsky
State and Local Issues: Brief

More Than Fines and Fees: Incorporating Equity into City Revenue Strategies

In the wake of the COVID-19 pandemic, city leaders are working to tackle structural inequities in access to wealth and opportunity. An infusion of federal dollars from the Infrastructure Investment and Jobs Act and American Rescue Plan Act provides an opportunity to rethink past budget choices.
December 1, 2021Aravind BoddupalliTracy GordonLourdes Germán
: TaxVox

Could Tax Incentives Help Recruit and Retain Teachers?

The “Great Resignation” appears to have reached our public education workforce, if not the entire country’s. The situation has grown so dire that schools are closing or educating children remotely for days at a time, not due to the pandemic-related health risks but because of staffing shortages.
December 1, 2021Renu Zaretsky
Individual Taxes: TaxVox

Only The Rich Can Play: A Cautionary Tale Of Who Really Benefits From Tax Subsidies

A prediction: When Congress finally passes the Build Back Better bill, Hill leaders will quietly slip in at least one obscure, last-minute tax break to...
December 1, 2021Howard Gleckman
: Daily Deduction

Another Shutdown Countdown

Looking to keep the federal government running into January.
November 30, 2021Renu Zaretsky
: Daily Deduction

All Eyes On The Senate

The Senate returns this week with a long to-do list.
November 29, 2021Renu Zaretsky
The Tax Cuts and Jobs Act increased the standard deduction and limited the deduction for state and local taxes. In 2018, 11.4% of federal tax returns claimed the SALT deduction nationwide, ranging from 4.3% in West Virginia to 23.9% in Maryland.
November 29, 2021