: Daily Deduction

Norms, Returns, and Refunds

Treasury Secretary Yellen on corporate tax increase: A return to historical norms.
May 19, 2021Renu Zaretsky
: Daily Deduction

Payments, Patriots, and Pot

Coming soon: Enhanced and advanced child tax credit payments.
May 18, 2021Renu Zaretsky
Federal Budget and Economy: OverviewFederal Receipts & Outlays

Annual and Monthly Public Debt

Historical annual and monthly U.S. total public debt outstanding, for fiscal years in millions of dollars.
May 17, 2021
: Daily Deduction

It’s Tax Day, Finally and Forever?

The IRS continues processing returns, slowly.
May 17, 2021Renu Zaretsky
The American Opportunity Tax Credit (AOTC) can offset qualified higher education expenses for eligible students. In 2018, 4.8% of individual income taxpayers claimed the credit, with an average amount of $866 per claimant.
May 17, 2021
: Daily Deduction

A Budget In Two Weeks; Tracking Pandemic Relief Dollars

White House sets May 27 release date for its full budget proposal.
May 14, 2021Renu Zaretsky
: TaxVox

Treasury Will Allow States to Take ARP Funds and Cut Taxes, With Some Guardrails

On Monday, the U.S. Treasury Department released much-anticipated guidance for the American Recovery Plan ’s (ARP) $350 billion in direct state and local aid ,...
May 13, 2021Richard C. Auxier
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for the COVID-19 Economy with Fred T. Goldberg

This week’s guest: Former IRS Commissioner Fred T. Goldberg The Urban-Brookings Tax Policy Center (TPC) is holding a series of online conversations on policy responses...
May 13, 2021
Federal Budget and Economy: TaxVox

How Existing Budgetary Commitments Could Affect President Biden’s Domestic Policy Goals

The COVID-19 pandemic and accompanying recession laid bare many of the needs of working families and children, as well as federal, state, and local governments’...
May 13, 2021C. Eugene Steuerle
: Daily Deduction

Inflation or a price blip? And a red line?

Inflation or a short-term price increase?
May 13, 2021Renu Zaretsky
: Daily Deduction

Reasons, Refunds, Rebates and Rights

Minding the gap…
May 12, 2021Renu Zaretsky
: Daily Deduction

Applying For… Or Not Claiming… COVID-19 Relief

State and local governments can now apply for federal COVID-19 aid.
May 11, 2021Renu Zaretsky
Federal Budget and Economy: Brief

Has $3.5 Trillion of Pandemic Relief Enacted in 2020 Altered the Nation’s Long-Term Budgetary Path?

The first CBO report of the Biden presidency laid out the fiscal status of the federal government at the start of his administration. Despite the multi-trillion-dollar response to the pandemic and related increases in national debt, the long-term direction of the federal budget has changed little.
May 10, 2021Erald KolasiC. Eugene Steuerle
: Daily Deduction

One More Week Until Tax Day…

There’s a printer jam at the IRS.
May 10, 2021Renu Zaretsky
The average white household had $402,000 in unrealized capital gains in 2019, compared with $94,000 for Black households and $130,000 for Hispanic or Latino households. These disparities have generally widened over time.
May 10, 2021
State and Local Issues: High-IncomeStateMain Features of State Tax Systems

State Treatment of Capital Gains and Losses

May 7, 2021
: Daily Deduction

Tax Relief, Tax Scrutiny

Will taxing capital gains at death hurt farmers?
May 7, 2021Renu Zaretsky
: Daily Deduction

Debt Limits, Trust, and Optimism

Get ready for the debt limit crisis.
May 6, 2021Renu Zaretsky
Individual Taxes: TaxVox

Delaying Required IRA Distributions Again Would Largely Help Only The Wealthy

The House Ways & Means Committee is once again tinkering with the law that requires retirees to take minimum distributions from their individual retirement accounts...
May 5, 2021Howard Gleckman
: Daily Deduction

If You Can’t Stand The Heat…

Treasury Secretary Yellen: Threading the needle on inflation.
May 5, 2021Renu Zaretsky
: TaxVox

Should Government Use Tax Incentives to Encourage People to Get The COVID-19 Vaccine?

Tax incentives can encourage action that supports the public good—like lifting children out of poverty, giving to charity, pursuing higher education, or using alternatives to fossil fuels. How about helping end a global pandemic?
May 5, 2021Renu Zaretsky
: Daily Deduction

Gaps, Surpluses, And A Retreat

McConnell: No to $4 trillion but maybe yes to $600 billion.
May 4, 2021Renu Zaretsky
Business Taxes: TaxVox

Biden’s Effort to Close the Tax Gap Is Well-Intentioned but Flawed

In his American Families Plan, President Biden unveiled a tax compliance initiative aimed at closing the gap between taxes that are owed and what are...
May 3, 2021Steven M. Rosenthal
: TaxVox

Will Biden’s Plan to Reduce the Tax Gap by Increasing the IRS’s Budget Raise $300 Billion?

I —among many others —have called for more money for the Internal Revenue Service to enable it to collect even more money owed to the...
May 3, 2021Janet Holtzblatt
: Daily Deduction

Talks, Avoidance, and Details

ISO: A bipartisan infrastructure bill.
May 3, 2021Renu Zaretsky