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: Daily Deduction

Lobbyists Push and Pull on Proposed Tax Increases

Big Pharma: Don’t raise taxes on makers of COVID-19 vaccines.
July 28, 2021Renu Zaretsky
: Daily Deduction

Lawmakers Still Feuding Over… Lawmaking.

Darkness before…what?
July 27, 2021Renu Zaretsky
: Daily Deduction

Still Talking, A Warning, And A Target

One stop short of an infrastructure deal?
July 26, 2021Renu Zaretsky
The federal excise tax on gasoline is 18.4 cents per gallon, and has not increased since 1993, unlike most state tax rates. If the federal tax rate was adjusted for inflation since 1993, it would be 34 cents per gallon in 2021.
July 26, 2021
: Daily Deduction

Contingency, Benefits, Scams, and Breaks

Pelosi: No infrastructure bill without a social spending reconciliation bill.
July 23, 2021
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today’s Economy with Tony Nitti

The Urban-Brookings Tax Policy Center (TPC) is holding a series of online conversations on tax and fiscal policy in today’s economy. The discussions take place...
July 22, 2021
: Daily Deduction

Ongoing Infrastructure Talks, Making A Debt Limit Ultimatum

Infrastructure Day soon. Maybe. But not yet.
July 22, 2021Renu Zaretsky
State and Local Issues: TaxVox

What Do State Budget Officials Think About Taxes In The COVID-19 Era?

While state budgets are recovering along with the US economy, state fiscal policymakers remain cautious about the post COVID-19 future, according to a survey by...
July 21, 2021Lucy DadayanKim S. Rueben
Campaigns, Proposals, and Reforms: TaxVox

TPC Experiments with Another Model to Estimate the Economic Effects of Tax Law Changes

The Tax Policy Center has traditionally measured the macroeconomic effects of tax changes based on historical experience and empirical estimates from the economics literature. But...
July 21, 2021Benjamin R. Page
Campaigns, Proposals, and Reforms: Working paper

A Sensitivity Analysis of a Detailed Macroeconomic Analysis of President Biden's 2020 Campaign Tax Proposals

In this paper, we extend the analysis in DeBacker et al. (2021) and consider the sensitivity of the simulation results to the values of important, exogenous parameters. Like any model, the OG-USA model used in DeBacker et al. (2021) relies on a set of assumptions and the calibration of parameter
July 21, 2021Richard EvansJason DeBackerBenjamin R. Page
Business Taxes: Brief

Macroeconomic Analysis of Former Vice President Biden's Tax Proposals

NOTE: This is an updated version of the analysis published November 10, 2020. 1 The Tax Policy Center (TPC) has analyzed the macroeconomic effects of the tax proposals that President Joe Biden advanced during his 2020 presidential campaign. We find the tax proposals would boost US gross domestic
July 21, 2021Benjamin R. PageJeffrey RohalyThornton MathesonGordon B. MerminJason DeBackerRichard Evans
: Daily Deduction

Will The Senate Advance an Infrastructure Bill Today?

The $579 billion question.
July 21, 2021Renu Zaretsky
Business Taxes: TaxVox

Some In the Environmental Justice Movement Oppose A Carbon Tax. That Is A Problem

While President Biden has called climate change an existential threat, his proposals for addressing it remain modest relative to the enormity of the problem. In...
July 20, 2021Howard Gleckman
Business Taxes: Journal Article

Harry Grubert’s Evolving Views on International Tax Policy

Harry Grubert made important contributions to our thinking about international tax policies. He identified the numerous margins on which corporate tax systems could distort behavior in a global economy and estimated the relative costs of these distortions. His views evolved over time from support
July 20, 2021Eric Toder
Business Taxes: Journal Article

Does the Federal Income Tax Law Favor Entrepreneurs?

This paper estimates the effective tax rate on entrepreneurial income, defined as the return to an individual who starts a successful new business and then sells their interest once it becomes an established enterprise. The rate depends on both the tax imposed on the appreciation of the firm’s
July 20, 2021Eric Toder
Campaigns, Proposals, and Reforms: Working paper

A Detailed Macroeconomic Analysis of President Biden's 2020 Campaign Tax Proposals

This paper provides a detailed exposition of the effects of President Biden’s 2020 campaign proposal on the U.S. economy and budget that are summarized in Page et al. (2021) . The analysis is done using the open source OG-USA macroeconomic model jointly with the TPC microsimulation model. We find
July 20, 2021Jason DeBackerRichard EvansBenjamin R. Page
: Daily Deduction

Weighing Tax Cuts, Increases, And Recessions

Wyden may propose rewriting the 199A pass-through deduction today.
July 20, 2021Renu Zaretsky
: Daily Deduction

Corporate Audits, Free Filing, and Federal Aid

Corporations have been claiming more “uncertain” tax breaks in recent years.
July 19, 2021Renu Zaretsky
The IRS spent $12.3 billion in fiscal year 2020. 39% of its budget went towards enforcement activities, 36% on operations support, 22% on taxpayer services, and 2% on business systems modernization.
July 19, 2021
State and Local Issues: TaxVox

Are State Tax Cuts a Sign of Federal Aid Excess or Success?

In March 2020, Arizona Gov. Doug Ducey signed a $11.8 billion budget that was $500 million lower than what he had proposed just weeks earlier—before...
July 16, 2021Richard C. Auxier
: Daily Deduction

A Wednesday Deadline for an Infrastructure Deal?

Setting Senate deadlines.
July 16, 2021Renu Zaretsky
: Daily Deduction

Budget Talks, Tax Collections, And A Billionaire’s Lawsuit

Details slowly emerge on the Democrats’ budget plan.
July 15, 2021Renu Zaretsky
: Daily Deduction

Paying for Partisanship?

Sen. Manchin on infrastructure: Everything should be paid for.
July 14, 2021Renu Zaretsky
State and Local Issues: Research report

Surveying State Leaders on the State of State Taxes

State taxes were upended in the aftermath of the COVID-19 pandemic as governments shut down large parts of the economy. While overall state tax revenues have fared better than expected since then, state leaders have been closely examining existing tax policies and considering changes in the wake of
July 13, 2021Lucy DadayanKim S. Rueben
Business Taxes: Virtual Event

International Corporate Tax Reform: BEPS and Biden

The Organisation for Economic Co-operation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), a coalition of more than 125 countries is forging...
July 13, 2021

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