The Tax Cuts and Jobs Act of 2017 expanded the Child Tax Credit and extended its benefits to higher-income taxpayers. For those with AGI over $100,000, benefits as a share of AGI increased five-fold from 0.1% to 0.5% between 2017 and 2018.
September 28, 2020
: Daily Deduction

A New House Stimulus Offer… Still Waiting for a Stop-Gap Spending Bill

Pelosi readies a smaller House coronavirus relief bill.
September 25, 2020Renu Zaretsky
: Daily Deduction

Taxing Remote Workers And Closing In On A Stop-Gap Spending Bill

Will Congress standardize state tax rules for remote workers?
September 24, 2020Renu Zaretsky
: TaxVox

CBO Forecasts The National Debt Will Be Twice The Size Of The Economy. Watch Out For Higher Taxes

It is hard to overestimate what a dismal fiscal future the Congressional Budget Office foresees.
September 24, 2020Howard Gleckman
: Daily Deduction

The Government Will Not Shut Down Next Week.

Pelosi and Mnuchin make a deal.
September 23, 2020Renu Zaretsky
: Daily Deduction

Short-term Stalemate, Long-term Problems

House introduces its stopgap spending bill. McConnell rejects it.
September 22, 2020Renu Zaretsky
: Daily Deduction

Will Congress Avoid A Shutdown?

Stopgap spending bill will be revealed today, maybe.
September 21, 2020Renu Zaretsky
For tax year 2018, the share of tax returns itemizing deductions fell across all income groups due to passage of TCJA. 52% of those with income over $200,000 itemized for 2018, significantly less than the 93% itemizing for 2017.
September 21, 2020
: Daily Deduction

Optimism and an Exit Strategy?

Speaker Pelosi: Still optimistic for a coronavirus relief deal.
September 18, 2020Renu Zaretsky
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for the COVID-19 Economy with Irena Asmundson

This Week's Guest: Irena Asmundson The Urban-Brookings Tax Policy Center (TPC) is holding a series of online conversations on policy responses to the COVID-19 economy...
September 17, 2020
: Daily Deduction

A Smaller Contraction, A Slowing Recovery, A Change of Heart?

OECD says the global economy won’t be quite so bad.
September 17, 2020Renu Zaretsky
Individual Taxes: TaxVox

A New Study Suggests Congress Could Raise Money By Increasing Capital Gains Tax Rates To 47 Percent. But There Is A Catch

Democratic presidential candidate Joe Biden has proposed raising tax rates on long-term capital gains income for the highest-income investors.
September 16, 2020Robert McClelland
: Daily Deduction

It ain’t over ’til it’s over.

Speaker Pelosi: House will remain in session until there’s a deal on coronavirus relief.
September 16, 2020Renu Zaretsky
Individual Taxes: TaxVox

Unemployment Benefits Are Taxable Income: That May Reduce EITC Refunds Next Spring

Many low- and moderate-income households no doubt were assisted greatly by enhanced federal unemployment insurance benefits that they received earlier this year and would be...
September 15, 2020Elaine Maag
: Daily Deduction

No Time to Worry, or Wonder If

Mnuchin: “Now is not the time to worry about shrinking the deficit.”
September 15, 2020Renu Zaretsky
: Daily Deduction

Patience Is A Virtue?

Additional coronavirus relief will wait, apparently.
September 14, 2020Renu Zaretsky
Between 2017 and 2018, the share of individual income tax returns claiming itemized deductions declined from 31% to 11%, primarily due to the Tax Cuts and Jobs Act, enacted in 2017.
September 14, 2020
: Daily Deduction

Help Those In Need, Or Others?

McConnell’s “skinny” $500 billion coronavirus relief bill died in the Senate.
September 11, 2020Renu Zaretsky
Individual Taxes: TaxVox

What Do People Think About Taxes? They Are Partisan, Dazed, And Confused

The newly published results of an extensive survey of public views on taxes find deep partisan divisions and a widespread lack of understanding about federal taxes.
September 11, 2020Howard Gleckman
: Daily Deduction

Encouraging US Investment, Tracking a Recovery

Joe Biden proposes a new tax regime for multinational corporations.
September 10, 2020Renu Zaretsky
Federal Budget and Economy: TaxVox

Congress Could Provide Much Needed Assistance By Approving A New Round Of Cash Stimulus Payments

Congress continues to struggle to reach agreement on a new round of economic relief for millions of people suffering from the effects of the coronavirus pandemic.
September 9, 2020Elaine Maag
: Daily Deduction

A Senate Pandemic Relief Vote This Week?

McConnell wants a targeted coronavirus relief vote. Majority Leader Mitch McConnell says the Senate could vote as early as this week on a bill to...
September 9, 2020Renu Zaretsky
: Daily Deduction

It’s September. Job Growth Is Down And So Is Federal Relief

August job growth slowed as federal coronavirus relief waned.
September 8, 2020Renu Zaretsky
In 2019, federal tobacco excise tax revenues totaled $12.5 billion. Excise taxes on tobacco are imposed on a cents per unit basis. Accordingly, real revenues decline due to inflation unless tax rates are raised, which happened most recently in 2009.
September 7, 2020
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for the COVID-19 Economy with Charles Rossotti

This Week’s Guest: Former Internal Revenue Service Commissioner Charles O. Rossotti
September 3, 2020