: Daily Deduction

High Stakes as States and Taxpayers Wait

Democrats, Biden, and tax hikes on businesses and the rich.
March 29, 2021Renu Zaretsky
For estate tax returns filed in 2019 (which cover deaths in prior years), over 80% of net tax revenue came from estates valued at over $20 million, while only 3% came from estates valued under $10 million.
March 29, 2021
State and Local Issues: TaxVox

The Big Stakes for Treasury’s American Rescue Plan State Tax Cut Guidance

The American Rescue Plan (ARP) sends $350 billion to state and local governments with very few strings attached. Unlike the CARES Act , which originally...
March 26, 2021Richard C. Auxier
: Daily Deduction

Falling Claims, Continuing Investigations

Unemployment claims decrease, but remain very high.
March 26, 2021Renu Zaretsky
: Daily Deduction

Fiscal Space, Tax Adjustments, and Tax Pledges

Treasury Secretary Yellen: We can spend right now, despite the debt.
March 25, 2021Renu Zaretsky
: TaxVox

President Biden’s No Tax Hike Pledge Problem

Nobody making under 400,000 bucks would have their taxes raised. Period. Bingo. – Joe Biden, May 22, 2020 Enacting good tax policy is hard under...
March 24, 2021Leonard E. Burman
: Daily Deduction

A Confirmation, A Slow Budget Rollout, and Cliffs

Senate confirms Young for OMB post.
March 24, 2021Renu Zaretsky
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0055 – Tax Benefit of the Earned Income Tax Credit, by Expanded Cash Income Percentile, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income percentile, of the earned income tax credit (EITC) as modified by H.R.1319,...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0056 – Tax Benefit of the CTC, EITC, and CDCTC, by Expanded Cash Income Level, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income level, of the child tax credit (CTC), earned income tax credit (EITC),...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0057 – Tax Benefit of the CTC, EITC, and CDCTC, by Expanded Cash Income Percentile, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income percentile, of the child tax credit (CTC), earned income tax credit (EITC),...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0051 – Tax Benefit of the CTC, EITC, and CDCTC under Pre-American Rescue Plan Act Law, by Expanded Cash Income Percentile, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income percentile, of the child tax credit (CTC), earned income tax credit (EITC),...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0052 – Tax Benefit of the Child and Dependent Care Tax Credit, by Expanded Cash Income Level, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income level, of the child and dependent care tax credit (CDCTC) as modified...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0053 – Tax Benefit of the Child and Dependent Care Tax Credit, by Expanded Cash Income Percentile, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income percentile, of the child and dependent care tax credit (CDCTC) as modified...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0054 – Tax Benefit of the Earned Income Tax Credit, by Expanded Cash Income Level, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income level, of the earned income tax credit (EITC) as modified by H.R.1319,...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0047 – Tax Benefit of the Child and Dependent Care Tax Credit (CDCTC) under Pre-American Rescue Plan Act Law, by Expanded Cash Income Percentile, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income percentile, of the child and dependent tax credit (CDCTC) before passage of...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0048 – Tax Benefit of the Earned Income Tax Credit (EITC) under Pre-American Rescue Plan Act Law, by Expanded Cash Income Level, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income level, of the earned income tax credit (EITC) before passage of H.R.1319,...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0049 – Tax Benefit of the Earned Income Tax Credit (EITC) under Pre-American Rescue Plan Act Law, by Expanded Cash Income Percentile, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income percentile, of the earned income tax credit (EITC) before passage of H.R.1319,...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0050 – Tax Benefit of the CTC, EITC, and CDCTC under Pre-American Rescue Plan Act Law, by Expanded Cash Income Level, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income level, of the child tax credit (CTC), earned income tax credit (EITC),...
March 23, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0046 – Tax Benefit of the Child and Dependent Care Tax Credit (CDCTC) under Pre-American Rescue Plan Act Law, by Expanded Cash Income Level, 2021

Table shows the distribution of the federal tax benefit, by expanded cash income level, of the child and dependent tax credit (CDCTC) before passage of...
March 23, 2021
Individual Taxes: TaxVox

Congress Must Redesign the Charitable Deduction: How to Do It Well

In 2017 and again in 2020, Congress made deficient—but temporary—changes to the federal income tax deduction for charitable giving. By significantly increasing the standard deduction,...
March 23, 2021C. Eugene SteuerleRobert McClellandNikhita Airi
Individual Taxes: TaxVox

Are The American Rescue Plan’s Tax Cliffs Really Such A Big Deal?

Are American Rescue Plan’s Tax Cliffs Really Such A Big Deal? Economists hate cliffs. But the tax cliffs in the ARP may not be so bad.
March 23, 2021Howard Gleckman
: Daily Deduction

A massive White House tax and spending plan is in the works.

Tax changes, Infrastructure, and more social initiatives…
March 23, 2021Renu Zaretsky
: Daily Deduction

The IRS Could Collect More of What’s Owed

TIGTA: IRS should prioritize audits on high-income taxpayers.
March 22, 2021Renu Zaretsky
Federal Budget and Economy: TaxVox

New Data Tools and Methods Can Help Federal Policymakers Create More Equitable Tax Policy

On his first day in office, President Biden signed an executive order acknowledging the toll of structural racism in the United States and initiating a...
March 22, 2021Tracy GordonAravind Boddupalli
For taxable estate tax returns filed in 2019 (which cover deaths in prior years), publicly traded stock and other business assets, including closely held stock and real estate, comprised nearly two-thirds of the total value of assets reported.
March 22, 2021