: Daily Deduction

Pandemic Promises, Fights For Online Tax Revenues

No new taxes in a pandemic?
February 26, 2021Renu Zaretsky
: Daily Deduction

The House Will Vote On The Pandemic Relief Bill On Friday.

Tomorrow looks like the day.
February 25, 2021Renu Zaretsky
State and Local Issues: TaxVox

Maryland’s Digital Advertising Levy Sets Off a New Battle Over Taxing E-Commerce

The most interesting tax news these days may be state efforts to tax digital advertising
February 25, 2021Howard Gleckman
: Daily Deduction

What Is Down May Not Go Up

Fed Chair Powell: Rampant inflation is “not a problem.”
February 24, 2021Renu Zaretsky
: Daily Deduction

One More Step Toward Approval of Pandemic Relief

The House Budget Committee assembled the bill.
February 23, 2021Renu Zaretsky
State and Local Issues: TaxVox

Why States and Localities Need More Federal Aid

Opponents of additional federal aid to state and local governments have noted that overall state revenue declines have not been as bad as expected during...
February 22, 2021Lucy DadayanKim S. Rueben
: Daily Deduction

Congress Is Back with a Big, Big Relief Plan

The House aims to vote this week on its $1.9 trillion stimulus plan.
February 22, 2021Renu Zaretsky
Nearly 40% of tax returns claiming the Child Tax Credit have incomes under $50,000, but their share of the total credit amount is under 20%, primarily due to the credit's work requirement and phase-in rules.
February 22, 2021
Business Taxes: TaxVox

What We Are Learning About Firms That Received PPP Loans in 2020

The Paycheck Protection Program (PPP) was considered essential to last year’s bipartisan COVID-19 relief packages, and many policymakers initially hailed the CARES Act version as...
February 18, 2021Aravind Boddupalli
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for the COVID-19 Economy with Glenn Hubbard

This week’s guest: Glenn Hubbard, Professor of Finance and Economics at Columbia University The Urban-Brookings Tax Policy Center (TPC) is holding a series of online...
February 18, 2021
Individual Taxes: TaxVox

Should IRS or Social Security Administer A Monthly Child Benefit?

President Biden, the House Ways & Means Committee, and Senator Mitt Romney (R-UT) agree: They want to increase child benefits to parents who work and...
February 17, 2021Elaine Maag
: Daily Deduction

You Get What You Pay For

While Congress continues work on a relief bill, state and local governments continue to shed jobs.
February 16, 2021Renu Zaretsky
Individual Taxes: TaxVox

Increasing the Childless EITC Is A Good Start; It Should Include Students Too

President Biden and House Way & Means Committee Democrats have proposed increasing the earned income tax credit (EITC) for workers without children at home –...
February 15, 2021Elaine Maag
Underreporting of income to the IRS is highest for income sources that are subject to low information reporting and withholding requirements. This includes income from farms, sole proprietor businesses, rents, and royalties.
February 15, 2021
Federal Budget and Economy: TaxVox

Congress Could Make COVID-19 Relief Payments Fairer, Less Costly, and More Stimulative

Republicans and some leading economists have raised concerns about the cost, fairness, and stimulative effects of proposed cash payments in the pandemic relief legislation Congress...
February 11, 2021James R. Nunns
Individual Taxes: TaxVox

No Chance for A Romantic Dinner in Your Favorite Restaurant on Valentine’s Day? Try TPC’s Marriage Calculator Instead

Depressed that you won’t be dining out in a romantic restaurant with your loved one this Valentine’s Day? The Tax Policy Center has a prescription...
February 11, 2021Chenxi LuJanet Holtzblatt
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0030 – Child Tax Credit (CTC) Enhancement in the House Ways and Means Committee's Budget Reconciliation Legislative Recommendations by Expanded Cash Income Level, 2021

Table shows the distributional impact, by expanded cash income level, of additional enhancements to the CTC as provided in the House Ways and Means Committee...
February 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0032 – Child and Dependent Care Tax Credit (CDCTC) Enhancement in the House Ways and Means Committee's Budget Reconciliation Legislative Recommendations by Expanded Cash Income Level, 2021

Table shows the distributional impact, by expanded cash income level, of additional enhancements to the CDCTC as provided in the House Ways and Means Committee...
February 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0033 – Child and Dependent Care Tax Credit (CDCTC) Enhancement in the House Ways and Means Committee's Budget Reconciliation Legislative Recommendations by Expanded Cash Income Percentile, 2021

Table shows the distributional impact, by expanded cash income percentile, of additional enhancements to the CDCTC as provided in the House Ways and Means Committee...
February 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0031 – Child Tax Credit (CTC) Enhancement in the House Ways and Means Committee's Budget Reconciliation Legislative Recommendations by Expanded Cash Income Percentile, 2021

Table shows the distributional impact, by expanded cash income percentile, of additional enhancements to the CTC as provided in the House Ways and Means Committee...
February 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0028 – Economic Impact Payments in the House Ways and Means Committee's Budget Reconciliation Legislative Recommendations by Expanded Cash Income Level, 2021

Table shows the distributional impact, by expanded cash income level, of a $2,800 economic impact payment for married couples ($1,400 for others and per eligible...
February 10, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0029 – Economic Impact Payments in the House Ways and Means Committee's Budget Reconciliation Legislative Recommendations by Expanded Cash Income Percentile, 2021

Table shows the distributional impact, by expanded cash income percentile, of a $2,800 economic impact payment for married couples ($1,400 for others and per eligible...
February 10, 2021
Campaigns, Proposals, and Reforms: TaxVox

TPC Finds the Ways & Means Pandemic Relief Plan Mostly Helps Low- and Moderate-Income Households, But Higher Income Families Benefit as Well

The major tax provisions of the pandemic relief bill proposed by House Ways & Means Committee Democrats on January 8 would reduce 2021 federal taxes...
February 10, 2021Howard Gleckman
Individual Taxes: TaxVox

Advancing Child Tax Credit Payments Makes Good Sense, But the IRS Will Need Funds to Pull It Off.

The plan to expand the Child Tax Credit (CTC) proposed yesterday by House Ways & Means Committee Democrats included an important new feature—the IRS would...
February 9, 2021Elaine MaagHoward Gleckman
Individual Taxes: Brief

Taxes and Foundations: A 50th Anniversary Overview

Pervading the history and tax laws applying to foundations is a persistent suspicion of the wealthy and of concentrated power, while the battles between foundations and Congress largely center on who has control over the uses of wealth. Foundation laws, and by extension, laws proposed or enacted
February 8, 2021C. Eugene SteuerleBenjamin Soskis