Business Taxes: TaxVox

Looming R&D Capitalization Would Hit Manufacturing And Tech Sectors Hardest

US taxation of intellectual property (IP) is facing big changes. Starting next year, research and development (R&D) expenditures, now fully expensed (written off in the...
October 25, 2021Thornton MathesonThomas Brosy
: Daily Deduction

Pelosi: “Pretty Much There Now”

Democrats getting close on a budget framework.
October 25, 2021Renu Zaretsky
Many families hold some amount of financial assets, broadly defined. However, stock holdings are greatly skewed; median holdings for the top ten percent of families owning stock were more than five times higher than the next highest percentile group in 2019.
October 25, 2021
: Daily Deduction

Still Talking Corporate Taxes, CTC, Capital Gains

Last-minute BBB scramble continues.
October 22, 2021Renu Zaretsky
: TaxVox

Where Are Families Most At Risk Of Missing Out On The Expanded Child Tax Credit?

The expanded and fully refundable child tax credit (CTC) will lift millions of children out of poverty in 2021. But many very low-income children may...
October 21, 2021Aravind Boddupalli
: Daily Deduction

Democrats Still Aiming For a Framework Tax And Spending Deal By Week’s End?

Two steps forward one step back.
October 21, 2021Renu Zaretsky
Federal Budget and Economy: TaxVox

Why Progressivity in Tax Policy Is Not A Simple Matter

Policymakers and even policy analysts often consider the progressivity of specific proposals independently from the broader systems in which they operate. Consequently, they often leave...
October 20, 2021C. Eugene Steuerle
: Daily Deduction

“Build Back Better” Progress?

Democrats may be closing the gap on Build Back Better.
October 20, 2021Renu Zaretsky
: TaxVox

Manchin’s Child Credit Work Requirement and Income Cap Leave Many Questions Unanswered

Joe Manchin (D-W VA) wants any extension of the Child Tax Credit (CTC) to include a “firm” work requirement and be limited to parents with “family income” of about $60,000 or less. That would open a messy can of legislative worms.
October 20, 2021Howard Gleckman
: Daily Deduction

A CTC Work Requirement?

Changes to the CTC proposed by Sen. Manchin.
October 19, 2021Renu Zaretsky
: Daily Deduction

Rethinking Climate Policy And IRS FAQs

Storms ahead for the President’s climate change initiative.
October 18, 2021Renu Zaretsky
The tax code includes several credits, deductions, and exclusions for economic development projects in underserved areas. In the 2021 fiscal year, these tax expenditures cost the federal government $5.4 billion in revenue.
October 18, 2021
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today’s Economy with Joseph Aldy

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...
October 14, 2021
Individual Taxes: TaxVox

South Dakota Turned Itself Into A Tax Haven. But Why?

In recent decades, South Dakota has become one of the world’s great tax havens. By the end of last year, more than $367 billion in...
October 14, 2021Howard Gleckman
Individual Taxes: TaxVox

Dear Senators Crapo And Grassley: Synthetic Tax Data Protect Taxpayer Privacy

Senators Mike Crapo (R-ID) and Chuck Grassley (R-IA) recently asked for an investigation into the Internal Revenue Service’s research activities, including its use of contractors...
October 12, 2021Leonard E. Burman
: Daily Deduction

A New Global Minimum Corporate Tax

OECD reaches deal on global minimum corporate tax.
October 11, 2021Renu Zaretsky
In the last 20 years, the median state cigarette tax rate more than tripled from $0.51 to $1.78 (in 2021 dollars). However, state cigarette taxes still vary significantly—from $0.17 in Missouri to $4.50 in DC.
October 11, 2021
: Daily Deduction

Senate Passes A Debt Limit Patch

The patch will tide the federal government over until December 3.
October 8, 2021Renu Zaretsky
: TaxVox

Immigrant Parents Are Less Aware of Child Tax Credit Than US-Born Parents and More Likely to Plan to Use It to Invest in Education, Fill Gaps in Child Care and Health Care

Immigrant parents are less likely to have heard about the expanded child tax credit (CTC) than parents born in the United States, according to a...
October 7, 2021Elaine MaagLaura Brugger
Individual Taxes: TaxVox

Crypto Tax Provision May Prompt Investors to Push Industry for More Compliance Help

The congressional debate over new tax compliance measures for cryptocurrency investors has primarily focused on two issues—the potential to raise new revenue and what parts...
October 7, 2021John Buhl
: Daily Deduction

Stepping Off The Edge Of (But Still On) The Fiscal Cliff

Senate reaches a temporary debt limit deal.
October 7, 2021Renu Zaretsky
Individual Taxes

The Impact of the Expanded Child Tax Credit in Oklahoma

In 2021, the American Rescue Plan Act temporarily expanded the federal child tax credit (CTC) for one year, including some families formerly ineligible for the credit. This could lift 59,000 children in Oklahoma out of poverty annually, cutting the state's 13 percent child poverty rate roughly in
October 6, 2021Elaine MaagFay Walker
: Daily Deduction

Reconciliation Bargaining May Be Getting Serious, Recession Risk Rising…

Democrats may be narrowing their disagreements over budget reconciliation.
October 6, 2021Renu Zaretsky
Individual Taxes: TaxVox

How To Make Retirement Saving Easier For Millions Of Americans

Saving for retirement is hard for many adults with low-to-moderate incomes and harder still for many Black and Hispanic workers. What policies can make saving for retirement easier for everyone?
October 6, 2021Renu Zaretsky
Individual Taxes: TaxVox

A Carbon Tax is Not the Solution to Global Climate Change

The definition of insanity, according to a famous quotation (often mis-attributed to Albert Einstein) is “doing the same thing over and over and expecting different...
October 5, 2021Eric Toder