: Daily Deduction

Restriction, Distribution, Discrimination, and Integration

Next round of small business loans may face tighter restrictions.
July 6, 2020Renu Zaretsky
The IRS typically audits the largest corporations at higher rates than small corporations and individuals. In 2019, the audit rate for corporations with over $1B in assets was 17%, down from 44% in 2007.
July 6, 2020
Federal Budget and Economy: TaxVox

Remembering Ed Kleinbard

The tax community this week is mourning the loss of University of Southern California law professor Edward D. Kleinbard. Ed previously served as Chief of...
July 2, 2020Thornton Matheson
: Daily Deduction

A State Revenue Hole And An Extension

The pandemic could slash state revenues by $200 billion through fiscal 2021.
July 2, 2020Renu Zaretsky
State and Local Issues: IndividualDeductions & ExemptionsStateMain Features of State Tax Systems

State Income Tax Personal Exemptions

July 1, 2020
Individual Taxes: Research report

Description of the Tax Policy Center Microsimulation Model's Revamped Health Module

Technical Methodology Report
This report describes the Tax Policy Center (TPC) Microsimulation Model’s revamped health module. The TPC tax model uses the health module for simulating tax expenditures for health care, analyzing changes in the tax treatment of employer-provided health benefits, and evaluating health-related
July 1, 2020Gordon B. MerminMatthew Buettgens
Individual Taxes: Distribution Tables by Income Percentile

T20-0207 - Implement a Universal Earned Income Tax Credit (UEITC), Expand the Child Tax Credit (CTC), and Institute an 11 Percent Broad Base VAT, by Expanded Cash Income Percentile, 2020

Distributional estimates by expanded cash income percentile for calendar year 2020 of a proposal that institutes a Universal Earned Income Tax Credit (UEITC) (described here...
July 1, 2020
Individual Taxes: Revenue Tables

T20-0206 - Impacts of Universal Earned Income Tax Credit (UEITC) Options on Tax Revenues in Billions of Dollars, Fiscal Years 2020-2029

Revenue estimates for various options to implement a Universal Earned Income Credit (UEITC) for fiscal years 2020-2029. The proposals are implemented from a baseline of...
July 1, 2020
Individual Taxes: Brief

Effects of Tax Incentives on Homeownership

Federal tax law provides several tax benefits for homeowners. This chartbook focuses on the home mortgage interest deduction. We provide updated estimates of the distributional effects of the home mortgage interest deduction, show how those estimates could change if people pay down their home
July 1, 2020Chenxi LuEric ToderSurachai KhitatrakunRobert McClelland
State and Local Issues: TaxVox

COVID-19 Pandemic Could Slash 2020-21 State Revenues By $200 Billion

Revised forecast data from 27 states suggest tax revenues are expected to fall $34 billion short of pre-COVID-19 forecasts in fiscal year 2020.
July 1, 2020Lucy Dadayan
Individual Taxes: Distribution Tables by Income Level

T20-0188 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming No Mortgage Paydown, by Expanded Cash Income Level, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming no mortgage paydown. To avoid the economic...
July 1, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0189 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming No Mortgage Paydown, by Expanded Cash Income Percentile, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming no mortgage paydown. To avoid the economic...
July 1, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0190 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 25% Mortgage Paydown with Bonds, by Expanded Cash Income Level, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 25% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0191 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 25% Mortgage Paydown with Bonds, by Expanded Cash Income Percentile, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 25% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0192 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 50% Mortgage Paydown with Bonds, by Expanded Cash Income Level, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 50% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0193 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 50% Mortgage Paydown with Bonds, by Expanded Cash Income Percentile, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 50% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0194 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 100% Mortgage Paydown with Bonds, by Expanded Cash Income Level, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 100% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0195 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 100% Mortgage Paydown with Bonds, by Expanded Cash Income Percentile, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 100% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0196 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 25% Mortgage Paydown with Bonds and Stocks, by Expanded Cash Income Level, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 25% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0197 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 25% Mortgage Paydown with Bonds and Stocks, by Expanded Cash Income Percentile, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 25% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0198 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 50% Mortgage Paydown with Bonds and Stocks, by Expanded Cash Income Level, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 50% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0199 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 50% Mortgage Paydown with Bonds and Stocks, by Expanded Cash Income Percentile, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 50% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0200 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 100% Mortgage Paydown with Bonds and Stocks, by Expanded Cash Income Level, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 100% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0201 - Repeal the Itemized Deduction for Home Mortgage Interest, Assuming up to 100% Mortgage Paydown with Bonds and Stocks, by Expanded Cash Income Percentile, 2019

Distributional estimates in calendar year 2019 for a proposal to repeal the current-law home mortgage interest deduction, assuming up to 100% mortgage paydown with tax-exempt...
July 1, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0202 - Replace the Home Mortgage Interest Deduction with an 8.3 Percent Non-refundable Tax Credit, by Expanded Cash Income Level, 2019

Distributional estimates in calendar year 2019 for a proposal to replace the current-law home mortgage interest deduction with an 8.3 percent non-refundable tax credit. To...
July 1, 2020