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: Daily Deduction

No New Digital Tax in Europe, For Now.

EU will delay its digital tax.
July 13, 2021Renu Zaretsky
Individual Taxes: TaxVox

Want To Know Why A Wealth Tax Won’t Work? Remember The Time Michael Jackson’s Estate Landed in Tax Court

If you want to know why a wealth tax would be an administrative nightmare, take a look at the dispute over the estate of pop...
July 12, 2021Howard Gleckman
: Daily Deduction

A Deal, A Need for Details, And Maybe A Delay

G20 signs off on global tax reform deal.
July 12, 2021Renu Zaretsky
According to Treasury estimates, the six largest income tax expenditures will each cost over $100 billion in fiscal year 2021, and include stimulus payments and benefits for health care, retirement, housing, capital gains, and families with children.
July 12, 2021
State and Local Issues: TaxVox

Why Sales Tax Holidays Are A Headache for Tax Administrators, Shoppers, And Retailers

Whether to celebrate July 4, remind people to stock up on emergency supplies, or entice back-to-school shoppers, sales tax holidays are perennially popular. Yet they...
July 9, 2021John Buhl
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today’s Economy with Kathleen Quinn

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 8, 2021
: TaxVox

How Should Congress Fund Investments in The Internal Revenue Service’s Infrastructure?

Congress is moving toward rectifying the decade-long funding crisis at the IRS . The House is on track to adopt President Biden’s proposed $1.6 billion...
July 7, 2021Janet Holtzblatt
: TaxVox

Tax-Exempt Hospitals and Charity Care: Should Those Hospitals Do More?

A recent Wall Street Journal report made me wonder.
July 7, 2021Renu Zaretsky
State and Local Issues: Research report

State Tax and Economic Review, 2020 Quarter 4

Solid State Revenue Growth in the Fourth Quarter of 2020, but Uneven Revenue Recovery across States
States reported solid revenue growth in the fourth quarter of 2020, but there is large variation across states and across revenue sources. Over a nine-month period (April through December 2020), state total tax revenues declined 2.2 percent compared to the same period one year earlier. Overall
July 7, 2021Lucy Dadayan
Federal Budget and Economy: Research report

The Tax Cuts and Jobs Act: Searching for Supply-side Effects

The Tax Cuts and Jobs Act of 2017 (TCJA) instituted the most substantial changes in taxation in decades and was designed to boost the economy via supply-side incentives. This paper reviews these changes and examines the impacts on economic aggregates through 2019. The Act clearly reduced revenue.
July 6, 2021William G. GaleClaire Haldeman
: TaxVox

Searching for Supply-Side Effects of The Tax Cuts and Jobs Act

The 2017 Tax Cut and Jobs Act (TCJA) was built on the idea that lower business and corporate tax rates, new domestic investment incentives, and...
July 6, 2021William G. Gale
: Daily Deduction

Who Foots the Bill for Bipartisanship?

Senate Democrats are increasingly skeptical of bipartisan infrastructure plan’s pay-fors.
July 6, 2021Renu Zaretsky
In FY 2020, the IRS had around 75,800 full-time-equivalent employees. This workforce was larger than in 2018 and 2019, but still significantly smaller than what it was in the 1990s.
July 5, 2021
: Daily Deduction

Big Deficit, Big Backing

CBO: Federal deficit will reach $3 trillion in 2021.
July 2, 2021Renu Zaretsky
: Daily Deduction

A Storm, A Warning, And Maybe A Credit

A perfect storm, and 35 million unprocessed returns.
July 1, 2021Renu Zaretsky
Individual Taxes: TaxVox

The Tax Hound

A Monthly Column Linking Tax Policy to Our Everyday Lives
Tax policy isn't just for economists, lawyers, or policymakers. Taxes affect us all and The Tax Hound engages the rest of us in interesting conversations about what government taxes, and why.
July 1, 2021Renu Zaretsky
: Daily Deduction

Navigating the Reconciliation Bill

A Democratic-only social spending bill gains Manchin’s support.
June 30, 2021Renu Zaretsky
: Daily Deduction

Playing Chicken With the Bipartisan Infrastructure Bill

McConnell: De-link bipartisan infrastructure bill from reconciliation bill, or… else?
June 29, 2021Renu Zaretsky
Individual Taxes: Administration and ComplianceEnforcement: Information Reporting and Verification

Math Errors on Individual Income Tax Returns, by Type of Error

June 29, 2021
Campaigns, Proposals, and Reforms: TaxVox

Paying for Infrastructure With Pixie Dust

President Biden and a bipartisan group of senators have agreed to the framework of a plan to boost infrastructure spending by about $579 billion. On...
June 29, 2021Howard Gleckman
: TaxVox

Supreme Court Punts on State Tax Question About Remote Work

Today the Supreme Court announced it will not resolve a key question of state taxation: Should income tax dollars support where you work or where...
June 28, 2021Richard C. Auxier
: TaxVox

How Biden and Congress Could Improve Business Taxation

The Tax Cut and Jobs Act (TCJA) of 2017 created the most substantial changes in business taxation in decades. But in a new analysis, published...
June 28, 2021William G. Gale
: Daily Deduction

The IRS May Get a Budget Boost…If Congress Passes The Infrastructure Bill

Threading the infrastructure needle.
June 28, 2021Renu Zaretsky
In 2020, the share of filers who check the box for the Presidential Election Campaign Fund on their tax returns was the lowest it has ever been, at 3.6 percent. Comparatively, in 1976, this share was about 28 percent.
June 28, 2021
Individual Taxes: TaxVox

Keeping the Monthly Child Tax Credit Coming, Limiting Risk of Overpayments

Beginning in July, most families with children will receive up to $250 a month per child ($300 for children under 6). Those payments are advances...
June 25, 2021Elaine Maag

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