Individual Taxes: Administration and ComplianceEnforcement: Information Reporting and Verification

Information Reporting Program

June 6, 2022
Individual Taxes: Administration and ComplianceEnforcement: Information Reporting and Verification

Criminal Investigation Program, by Status or Disposition

June 6, 2022
The foreign tax credit prevents double-taxation of foreign-source income. In tax year 2019, only 6% of individual filers claimed the foreign tax credit, while 64% of taxpayers with adjusted gross income over $1 million claimed it.
June 6, 2022
Business Taxes: TaxVox

The Booming Economy, Not The 2017 Tax Act, Is Fueling Corporate Tax Receipts

Corporate tax revenues boomed in 2021 and some supporters of the 2017 Tax Cuts and Jobs Act argue that the big tax reductions in the...
June 3, 2022William G. GaleKyle PomerleauSteven M. Rosenthal
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today’s Economy with Steven Dean

Our guest this week on The Prescription is Brooklyn Law School professor Steven Dean. He will discuss his most recent research on the racial inequities...
June 2, 2022
Individual Taxes: TaxVox

New GAO Report Underscores Importance of Better Data To Study Race and Taxes

While the federal income tax system may appear “colorblind” or race-neutral to some, it can mitigate or exacerbate racial inequities . Unfortunately, the IRS does...
June 2, 2022Aravind Boddupalli
Federal Budget and Economy: TaxVox

Should Congress Raise Taxes To Fight Inflation?

Should Congress Use Tax Hikes To Fight Inflation? In a Monday Wall Street Journal column (paywall), President Biden urged Congress to help fight inflation by...
June 2, 2022Howard Gleckman
Individual Taxes: TaxVox

Absent Roe v. Wade, Will “Qualifying Child” Mean More In The Tax Code?

Is tax law an appropriate place to decide whether a fetus is a child?
June 1, 2022Renu Zaretsky
State and Local Issues: Research report

An Update on the Synthetic Control Method as a Tool to Understand State Policy

In 2017, the Tax Policy Center published “The Synthetic Control Method as a Tool to Understand State Policy,” a guide for using the synthetic control method (SCM) as a quantitative adjunct to case studies. With it, analysts can evaluate cases in which there is a single treated unit and no readily
May 31, 2022Robert McClellandLivia Mucciolo
State and Local Issues: Brief

What is the Synthetic Control Method?

In 2010, Abadie, Diamond and Hainmueller used the synthetic control method to analyze a cigarette tax implemented in California in 1988. Since then, this method has been increasingly popular, with the original article garnering more than four thousand citations. Part of the synthetic control method
May 31, 2022Robert McClellandLivia Mucciolo
: Daily Deduction

Will June Be The Month For Budget Reconciliation?

Congress will return next week with modest hopes.
May 31, 2022Renu Zaretsky
Total tax revenue as a share of GDP was 26.2% across 38 OECD countries in FY 2020. The United States ranked 20th, with 25.5%.
May 30, 2022
: Daily Deduction

Energy, Taxes, Interest Payments, And Mistakes

What impact will the TCJA have on the US energy sector?
May 27, 2022Renu Zaretsky
Federal Budget and Economy: TaxVox

CBO: The Government’s Era Of (Nearly) Free Money Is Over, At Least for Now

The federal government may once again have an opportunity to learn a painful lesson about the price of increasing debt and rising interest rates in...
May 26, 2022Howard Gleckman
: Daily Deduction

The Federal Budget Outlook, Booming Revenues, And Another Try At A State Tax Cut

CBO: The deficit will fall sharply this year, then rise again by 2024.
May 26, 2022Renu Zaretsky
: Daily Deduction

It’s Going To Be A Long Summer

Still no progress on President Biden’s domestic agenda.
May 25, 2022Renu Zaretsky
Business Taxes: Research report

Effects of 2017 US Federal Tax Overhaul on the Energy Sector

This paper examines how the Tax Cuts and Jobs Act (TCJA) will affect the US energy sector. It combines qualitative analysis of a range of TCJA provisions with estimates from the Tax Policy Center’s Investment and Capital Model of how a narrower set of provisions will change marginal effective tax
May 24, 2022Brandon CunninghamChenxi LuEric ToderRoberton C. Williams III
: Daily Deduction

Economic Well-Being, A Blown Deadline, And Faster Rebates

Americans hated the economy in 2021 but loved their own financial situation.
May 24, 2022Renu Zaretsky
: Daily Deduction

Dimming Prospects For A Global Minimum Corporate Tax?

Politics cloud a global deal’s forecast.
May 23, 2022Renu Zaretsky
In 2017, about 1.6 million returns were filed by active C-corporations. Manufacturing businesses represented 5% of those returns, but paid nearly 30% of income tax after credits.
May 23, 2022
: Daily Deduction

Ukraine Aid, School Taxes, and Federal Prison

Ukraine aid passes Senate.
May 20, 2022Renu Zaretsky
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today’s Economy with Michele Evermore

Our guest this week on The Prescription is Michele Evermore, deputy director for policy in the Department of Labor’s Office of Unemployment Insurance Modernization. She...
May 19, 2022
: Daily Deduction

Unemployment, Retirement, and Reporting

Tune in today at noon for the TPC Prescription: Talking unemployment benefit reform with Michele Evermore.
May 19, 2022Renu Zaretsky
Individual Taxes: Brief

Early Lessons on Increasing Participation in The Child Tax Credit

The American Rescue Plan temporarily increased the child tax credit (CTC) in 2021, including extending the credit to families who had not previously filed tax returns. The Internal Revenue Service automatically sent monthly payments of the CTC to families that had filed a tax return in 2019 or 2020
May 18, 2022Fay WalkerElaine Maag
: Daily Deduction

The TCJA Increased Foreign Investment In The US

The TCJA encouraged foreign-owned corporations to retain more US earnings.
May 18, 2022Renu Zaretsky