: Daily Deduction

After A Week of Drama: A Signed Relief and Spending Bill

President Trump finally signed pandemic relief and a spending bill, after letting unemployment benefits lapse.
December 28, 2020Renu Zaretsky
Total tax revenue (including federal, state, and local taxes) as a share of GDP was 24.5% for the US in 2019. The US ranked 32nd out of 36 OECD countries, and below all other G7 countries.
December 28, 2020
State and Local Issues: Research report

State Tax and Economic Review, 2020 Quarter 2

States Saw Freefall Drop in Revenues in the Second Quarter; Partly Offset in the Third Quarter but Still Depressed from Pandemic
States saw steep declines in revenues in the second quarter of 2020, though some of this was caused by shifting revenues into the next quarter and next fiscal year. Consequently, most states ended fiscal year 2020 uncertain about their fiscal bottom line. Many states cut spending, laid off or
December 24, 2020Lucy Dadayan
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T20-0262 – Additional 2020 Recovery Rebates for Individuals in the COVID-related Tax Relief Act of 2020 by Expanded Cash Income Percentile

Table shows the distributional impact, by expanded cash income percentile, of the Additional 2020 Recovery Rebates for Individuals in the COVID-related Tax Relief Act of...
December 23, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T20-0260 – Combined Effect of Recovery Rebates for Individuals in the COVID-related Tax Relief Act of 2020 and Coronavirus Aid, Relief, and Economic Security (CARES) Act by Expanded Cash Income Percentile

Table shows the distributional impact, by expanded cash income percentile, of the combined effect of the Additional 2020 Recovery Rebates for Individuals in the COVID-related...
December 23, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T20-0261 – Additional 2020 Recovery Rebates for Individuals in the COVID-related Tax Relief Act of 2020 by Expanded Cash Income Level

Table shows the distributional impact, by expanded cash income level, of the Additional 2020 Recovery Rebates for Individuals in the COVID-related Tax Relief Act of...
December 23, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T20-0259 – Combined Effect of Recovery Rebates for Individuals in the COVID-related Tax Relief Act of 2020 and Coronavirus Aid, Relief, and Economic Security (CARES) Act by Expanded Cash Income Level

Table shows the distributional impact, by expanded cash income level, of the combined effect of the Additional 2020 Recovery Rebates for Individuals in the COVID-related...
December 23, 2020
: Daily Deduction

Help for the Holidays, at Last

Congress passes relief bill and spending package.
December 22, 2020Renu Zaretsky
: TaxVox

TaxVox’s Lump of Coal Award For The Worst Tax Policy Ideas of 2020

It goes without saying that 2020 was an awful year. Bad tax policy didn't make it much better.
December 22, 2020Howard Gleckman
Federal Budget and Economy: TaxVox

The Pandemic Relief Bill’s Good, Bad, and Ugly Tax Provisions

The pandemic relief bill Congress is about to pass is loaded with tax provisions. Some deliver important assistance to households and businesses damaged by...
December 21, 2020Howard Gleckman
: Daily Deduction

Congress Is Wrapping Up Spending And Pandemic Relief Bills

A government funding bill and pandemic relief…almost.
December 21, 2020Renu Zaretsky
The federal Earned Income Tax Credit (EITC) was claimed on 17% of total individual income tax returns for tax year 2018. The share ranged from 10% in New Hampshire to 30% in Mississippi.
December 21, 2020
: Daily Deduction

Everybody’s Working Through The Weekend

Thorny issues remain unresolved in the relief package.
December 18, 2020Renu Zaretsky
Individual Taxes: Brief

Extending the Earned Income Tax Credit to Students: A Comparison of Aid Policies

Postsecondary education can be a critical step on the path toward economic independence, but many low-income students who are independent for tax purposes face tremendous financial difficulties when trying to complete postsecondary school. Extending the Economic Security Project’s cost-of-living
December 17, 2020Elaine MaagNikhita AiriSandy BaumKim S. Rueben
: Daily Deduction

A COVID-10 Relief and Spending Deal Is Within Striking Distance

Congressional leaders are making progress.
December 17, 2020Renu Zaretsky
: Daily Deduction

Congressional Leaders Talk Emergency Relief

Tuesday’s talks—first in months—hint at hope.
December 16, 2020Renu Zaretsky
Federal Budget and Economy: TaxVox

Congress Should Include More Unemployment Benefits And Another Stimulus Payment In A New Relief Bill

Should a new relief bill reprise last March’s $1,200 payments or create a new round of extended unemployment benefits?
December 16, 2020Howard Gleckman
Business Taxes: TaxVox

Biden’s Corporate Rate Increase Would Raise Revenue Efficiently and Progressively

President-elect Joe Biden has proposed major changes to the corporate income tax regime.
December 15, 2020Thornton Matheson
: Daily Deduction

Divide and Conquer?

A bipartisan group of senators try two relief bills.
December 15, 2020Renu Zaretsky
: TaxVox

Congress Could Fix the ACA’s Individual Mandate Without Waiting for the Supreme Court

In the coming months, the US Supreme Court will rule for the third time on the constitutionality of the individual mandate.
December 14, 2020C. Eugene Steuerle
: Daily Deduction

Is This The Week That Congress Passes Coronavirus Relief?

Four more days ’til Friday--and another deadline.
December 14, 2020Renu Zaretsky
After-tax income inequality has grown over time. Between 1979 and 2017, the share of aggregate after-tax income going to the top 1% of households grew from 7.4% to 13.5%. The shares for the bottom 90 percent of households declined.
December 14, 2020
: Daily Deduction

Time Flies When Congress Is Not Having Fun…

Congress still stalemated over pandemic relief.
December 11, 2020Renu Zaretsky
State and Local Issues: TaxVox

Congress Needs to Understand State Tax Revenue Declines When Drafting COVID-19 Legislation

Aid for state and local governments remains a sticking point in Congressional deliberations over additional relief to address the economic fallout from the COVID-19 pandemic...
December 10, 2020Lucy DadayanKim S. Rueben
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for the COVID-19 Economy with José Cisneros

This week’s guest: José Cisneros, Treasurer, City and County of San Francisco The Urban-Brookings Tax Policy Center (TPC) is holding a series of online conversations...
December 10, 2020