Individual Taxes: IndividualDeductions & ExemptionsStateFederal Tax Components and Credits by State

State and Local Income Tax Deduction By State and AGI

February 8, 2021
: Daily Deduction

Moving Ahead on Relief, With or Without Republicans?

A relief bill by mid-March?
February 8, 2021Renu Zaretsky
In 2019, the median net worth for those with college degrees was four times higher than for those with high school diplomas and nearly 15 times higher than for those without high school diplomas.
February 8, 2021
Individual Taxes: Virtual Event

What Do Americans Think about Taxes?

What do American think about taxes? Their views are as widely misunderstood as the tax code itself. Most Americans feel the amount of tax they...
February 5, 2021
: Daily Deduction

Options for Payments, Credits for Families

Mitt Romney would expand federal assistance for children.
February 5, 2021Renu Zaretsky
Individual Taxes: Brief

Options to Increase the EITC for Workers Without Children at Home

Workers without children living at home, called “childless” for tax purposes, are eligible for relatively small benefits from the earned income tax credit (EITC). We analyze the effect of increasing the EITC for this group and extending benefits to workers ages 19 and older, rather than restricting
February 4, 2021Elaine MaagNikhita Airi
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for the COVID-19 Economy with Alan J. Auerbach

This week’s guest: Alan J. Auerbach, Professor of Economics and Law at the University of California, Berkeley The Urban-Brookings Tax Policy Center (TPC) is holding...
February 4, 2021
: Daily Deduction

Moving Toward A Relief Plan, Which Would Best Support The Economy?

The House takes its first step toward a budget bill to carry Biden relief plan.
February 4, 2021Renu Zaretsky
Federal Budget and Economy: TaxVox

How Could the United States Pay for Reparations?

A few years ago, Ta-Nehesi Coates wrote a powerful essay, “The Case for Reparations” for The Atlantic . Reparations, he affirmed, would help close the...
February 3, 2021Janet HoltzblattNoah Zwiefel
Individual Taxes: TaxVox

What Do You Think About Taxes?

We’re one month into 2021. There’s a pandemic, an economic slump, and a new president and vice president. Congress is considering another pandemic relief bill and may address new tax proposals too. And tax season starts next week. There’s no time like the present to ask my friends and family what they think about taxes!
February 3, 2021Renu Zaretsky
: Daily Deduction

The Reconciliation Battle Begins, Better Targeting Relief

Senate Democrats take the first step toward budget reconciliation.
February 3, 2021Renu Zaretsky
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0024 – Increase Child Tax Credit (CTC) Amount to $3,000 ($3,600 for Under 6), Extend CTC to Eligible 17 Year-Olds, and Make CTC Fully Refundable; Phase Down Increase in CTC Amount Starting at $75,000/$150,000 by Expanded Cash Income Level, 2021

Table shows the distributional impact, by expanded cash income level, of: increasing the CTC amount to $3,000 ($3,600 for children under 6), expanding eligibility to...
February 2, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0025 – Increase Child Tax Credit (CTC) Amount to $3,000 ($3,600 for Under 6), Extend CTC to Eligible 17 Year-Olds, and Make CTC Fully Refundable; Phase Down Increase in CTC Amount Starting at $75,000/$150,000 by Expanded Cash Income Percentile, 2021

Table shows the distributional impact, by expanded cash income percentile, of: increasing the CTC amount to $3,000 ($3,600 for children under 6), expanding eligibility to...
February 2, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0023 – Increase Child Tax Credit (CTC) Amount to $3,000 ($3,600 for Under 6), Extend CTC to Eligible 17 Year-Olds, and Make CTC Fully Refundable by Expanded Cash Income Percentile, 2021

Table shows the distributional impact, by expanded cash income percentile, of: increasing the CTC amount to $3,000 ($3,600 for children under 6), expanding eligibility to...
February 2, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T21-0022 – Increase Child Tax Credit (CTC) Amount to $3,000 ($3,600 for Under 6), Extend CTC to Eligible 17 Year-Olds, and Make CTC Fully Refundable by Expanded Cash Income Level, 2021

Table shows the distributional impact, by expanded cash income level, of: increasing the CTC amount to $3,000 ($3,600 for children under 6), expanding eligibility to...
February 2, 2021
Individual Taxes: TaxVox

How Biden Can Expand And Better Target the Child Tax Credit

In a recent blog , I looked at two ways Congress could refocus those $1,400 per person relief payments on those who need it most...
February 2, 2021Howard Gleckman
: Daily Deduction

The Economy May Get a Shot in the Arm, But Won’t Recover Easily

Republicans release details of their scale-down pandemic relief plan.
February 2, 2021Renu Zaretsky
Federal Budget and Economy: TaxVox

Another Way to Target Pandemic Relief Payments: Help Those Who Were Financially Hurt the Most In 2020

Some Senate Republicans say they want to scale back President Biden’s proposed $1,400 relief payments. Last week, my Tax Policy Center colleague Howard Gleckman proposed...
February 1, 2021James R. Nunns
: Daily Deduction

A Big Week for Budget Battles or Bipartisanship

Ten GOP senators plan to offer a compromise COVID-19 relief plan today.
February 1, 2021Renu Zaretsky
Only 1.6% of all individual income tax returns claimed a deduction for IRA contributions in 2018. Following the Economic Recovery Tax Act of 1981, this share exceeded 12%, until deductible IRAs were curtailed by the Tax Reform Act of 1986.
February 1, 2021
: Daily Deduction

An Economic Contraction Not Seen In 75 Years

Last year was the worst for economic growth since World War II.
January 29, 2021Renu Zaretsky
: Daily Deduction

A Budget Vote, A Property Tax Cap, A Grocery Tax Exemption? Maybe.

Will the Senate vote next week on a budget resolution?
January 28, 2021Renu Zaretsky
: Daily Deduction

Open, Opposed, and Hikes

President Biden: Open to income limits on new relief checks.
January 27, 2021Renu Zaretsky
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0019 – Alternative Version of the CASH Act with Steeper Phase Out Rate of 10 Percent for $1,400 Economic Impact Payments by Expanded Cash Income Percentile

Table shows the distributional impact, by expanded cash income percentile, of raising the phase-out rate from 5% to 10% percent for an alternative version of...
January 26, 2021
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T21-0021 – Alternative Version of the CASH Act with Lower Phase-Out Thresholds of 50K/75K/100K for $1,400 Economic Impact Payments by Expanded Cash Income Percentile

Table shows the distributional impact, by expanded cash income level, of lowering the phase-out income threshold from $75,000/$112,500/$150,000 to $50,000/$75,000/$100,000 for single/head of households/married filing...
January 26, 2021