Individual Taxes: Distribution Tables by Income Percentile

T21-0003 - EITC Current Law Benefits; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2021

Distribution of current law tax benefits by expanded cash income percentile from the earned income tax credit, 2021.
January 21, 2021
Campaigns, Proposals, and Reforms: Revenue Tables

T21-0001 - Revenue effects of options to expand the Earned Income Tax Credit (EITC) for workers who do not live with qualifying children (childless)

Table shows the tax benefits of the earned income tax credit under current law and the change in individual income tax revenues between 2021 and...
January 21, 2021
: Daily Deduction

Deficits, Taxes, and Advance Notice

“Shall we dance?”
January 21, 2021Renu Zaretsky
Federal Budget and Economy: TaxVox

The Delicate Deficit Dance That May Define Biden’s Presidency

It was fascinating to watch Treasury-secretary designate Janet Yellen and several Republican members of the Senate Finance Committee dance their delicate deficit dance at Yellen’s...
January 20, 2021Howard Gleckman
Federal Budget and Economy: TaxVox

How Much Has the Pandemic Affected President-elect Biden’s Opportunity to Chart a New Course?

Largely as a consequence of the pandemic, trillions of dollars have been flowing out of the Treasury’s coffers. The Congressional Budget Office (CBO) projects the...
January 19, 2021C. Eugene SteuerleErald Kolasi
: Daily Deduction

A Democratic Tax Agenda; A Delayed Start To Tax Filing Season

Biden’s pandemic relief plan would cut taxes for low- and moderate-income households.
January 19, 2021Renu Zaretsky
In 2019, 1.1% of tax returns claiming the EITC were audited, compared with 2.4% of high-income tax returns and 0.3% of all other individual income tax returns.
January 18, 2021
: TaxVox

Biden's Huge Pandemic Relief Plan Would Cut Taxes for Low- and Moderate-Income Households

President-elect Joe Biden proposed a new $1.9 trillion pandemic relief plan last night that would substantially cut taxes for low- and moderate-income households, especially those...
January 15, 2021Howard Gleckman
State and Local Issues: TaxVox

Congress Can Help State and Local Governments Prepare for a Rainy Day Without Repealing the SALT Cap

With Joe Biden in the White House and narrow control of the Congress, Democrats are likely to try to restore the full state and local...
January 14, 2021Leonard E. BurmanTracy GordonNikhita Airi
: Daily Deduction

Biden’s Tax Agenda May Be Constrained

What will a narrow Democratic congressional majority mean for President-elect Joe Biden’s tax agenda?
January 11, 2021Renu Zaretsky
The tax code subsidizes health care consumption through credits, deductions, and exemptions, such as the exclusion for employer contributions to insurance plans. Before the pandemic, Treasury estimated these to total $286 billion in FY2020.
January 11, 2021
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for the COVID-19 Economy with Jed Kolko

This week’s guest: Jed Kolko , Chief Economist, Indeed.com The Urban-Brookings Tax Policy Center (TPC) is holding a series of online conversations on policy responses...
January 7, 2021
Campaigns, Proposals, and Reforms: TaxVox

What Will a Narrow Democratic Congress Mean for Joe Biden’s Tax Agenda?

With improbable Democratic wins in both Georgia Senate runoff elections, President-elect Joe Biden has an opportunity to govern with a congressional majority—though one that will...
January 6, 2021Howard Gleckman
Federal Budget and Economy: TaxVox

Why Are Dependents Over Age 16 Still Ineligible for Economic Impact Payments?

Over 20 million people—dependents who are college students, adults with disabilities, or elderly parents cared for by their adult children—were missed when calculating economic impact payments not once, but twice. Why?
January 6, 2021Renu Zaretsky
Federal Budget and Economy: TaxVox

Would Stimulus Payments Have Been Bigger If Trump And Democrats Called Them Tax Relief?

One of the very oddest things about the bizarre debate over whether to increase the latest round of direct government payments from $600 per person...
January 5, 2021Howard Gleckman
: Daily Deduction

Is The Federal Budget On An Unsustainable Course?

Can President-elect Biden chart a new course for America’s fiscal future?
January 5, 2021
Individual Taxes: Research report

The Effect of Early Claiming Benefit Reduction on Retirement Rates

This paper examines the effect on retirement rates at ages 62 to 65 of the increase in Social Security’s full retirement age and the associated decrease in benefits that began in 2000. We use a parametric and nonparametric difference-in-difference approach and monthly Current Population Survey data
January 4, 2021C. Eugene Steuerle
: Daily Deduction

A New Congress With Continued Conflicts

The 117th Congress is in session.
January 4, 2021Renu Zaretsky
According to OECD calculations, the top statutory corporate income tax rate (including federal, state, and local levels) was 25.8% for the US in 2020. The US ranked 11th out of 36 OECD countries and sixth among the G7 countries.
January 4, 2021
Federal Budget and Economy: Brief

The Pandemic and President-Elect Biden’s Opportunity to Chart a New Course

How much has the COVID-19 pandemic changed America’s fiscal future and affected President-elect Biden’s opportunity to set a new course for fiscal policy? Largely as a consequence of the pandemic, the Congressional Budget Office (CBO) in September projected a deficit of more than $3 trillion for
December 30, 2020Erald KolasiC. Eugene Steuerle
Individual Taxes: TaxVox

Families Can Use the Child Care Tax Credit to Pay for Informal Day Care, But the System Can Be Improved

The COVID-19 pandemic is changing the face of child care.
December 30, 2020Elaine MaagNikhita Airi
Individual Taxes: Distribution Tables by Income Percentile

T20-0264 - Expansion of Economic Impact Payments and Additional 2020 Recovery Rebates in the CASH Act of 2020 by Expanded Cash Income Percentile

Table shows the distributional impact, by expanded cash income percentile, of H.R. 9051, Caring for Americans with Supplemental Help Act of 2020 (CASH Act of...
December 29, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0263 - Expansion of Economic Impact Payments and Additional 2020 Recovery Rebates in the CASH Act of 2020 by Expanded Cash Income Level

Table shows the distributional impact, by expanded cash income level, of H.R. 9051, Caring for Americans with Supplemental Help Act of 2020 (CASH Act of...
December 29, 2020
Individual Taxes: TaxVox

A New Look at Racial Wealth Inequalities Before the Pandemic

The Federal Reserve Board’s 2019 Survey of Consumer Finances (SCF) helps us understand US wealth disparities prior to the COVID-19 pandemic that has disproportionately harmed...
December 29, 2020Aravind Boddupalli
Federal Budget and Economy: TaxVox

How Much Will Households Receive from Round Two of the Economic Impact Payments?

Was it really last May that the House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, which would have authorized...
December 28, 2020Janet Holtzblatt