: Daily Deduction

No News Is Bad News?

The White House won’t update its budget and economic projections this summer.
May 29, 2020Renu Zaretsky
Individual Taxes: TaxVox

Are We Headed For A New Era of Income Tax Deduction Creep?

Congress can’t seem to end its love affair with tax deductions. For a brief period starting with then-House Ways & Means Committee Chair Dave Camp’s...
May 28, 2020Howard Gleckman
Individual Taxes: TaxVox

Should Wealth Taxes Pay For Coronavirus Relief And Recovery?

I look forward to the day when the economy is strong enough that we can worry about the gigantic debt left behind by federal relief and recovery efforts.
May 28, 2020Janet Holtzblatt
: Daily Deduction

Pain, Rules, Renewal, and a Rescue

No state is immune from the pandemic’s economic fallout.
May 28, 2020Renu Zaretsky
State and Local Issues: TaxVox

No State is Immune From COVID-19’s Economic And Fiscal Fallout

The 50 states are diverse, but in the COVID-19 pandemic era, they share a key challenge: An economic and fiscal crisis of a size and...
May 27, 2020Richard C. Auxier
: Daily Deduction

Hiding Behind Tax Exempts, And Maybe A June Coronavirus Relief Bill

The IRS finalizes tax-exempt non-reporting rules.
May 27, 2020Renu Zaretsky
State and Local Issues: StateState Revenues and Expenditures

State and Local Revenues and Expenditures, by Function

May 26, 2020
Individual Taxes: TaxVox

Expanding The Child Tax Credit: Full Refundability And Larger Credit

The Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act), passed by the House of Representatives, would temporarily expand the child tax credit (CTC)...
May 26, 2020Elaine Maag
State and Local Issues: Research report

State Tax and Economic Review, 2019 Quarter 4

State Tax Revenues Were Strong Through 2019 but Will Likely Plummet in 2020 Because of the COVID-19 Pandemic
State tax revenues showed continued growth in the first half of fiscal year 2020. State government tax revenues from major sources showed solid year-over-year growth at 6.6 percent in the fourth quarter of 2019. Preliminary data show strong growth in January and February before declines in March as
May 26, 2020Lucy Dadayan
: Daily Deduction

HEROES Act Analysis, Bad Budget Omens, and PPP Loan Data

TPC estimates HEROES Act would substantially cut individual income taxes.
May 26, 2020Renu Zaretsky
The top marginal income tax rate on corporations is currently 21 percent, down from 35 percent before 2017's Tax Cuts and Jobs Act. Over the last 100 years, this tax rate has been as high as 53 percent in 1968 and 1969.
May 25, 2020
: Daily Deduction

How do you spell relief? M-A-Y-B-E ?

Treasury Secretary: We’ll likely need another relief bill.
May 22, 2020Renu Zaretsky
Individual Taxes: TaxVox

TPC Estimates The HEROES Act Would Substantially Cut Individual Income Taxes  

The major individual income tax provisions in the House-passed Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act would cut taxes by an average of...
May 22, 2020Howard Gleckman
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T20-0174 - Child Tax Credit (CTC) Expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2019

Table shows the distributional impacts of the Child Tax Credit (CTC) expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T20-0171 - Distributional Impacts of Making $2,000 Child Tax Credit Fully Refundable, Federal Tax Change by Expanded Cash Income Level, 2019

Table shows the distributional impacts of making the $2,000 Child Tax Credit (CTC) fully refundable by expanded cash income level, under current law for 2019...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T20-0172 - Distributional Impacts of Making $2,000 Child Tax Credit Fully Refundable, Federal Tax Change by Expanded Cash Income Percentile, 2019

Table shows the distributional impacts of making the $2,000 Child Tax Credit (CTC) fully refundable by expanded cash income percentile, under current law for 2019...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T20-0173 - Child Tax Credit (CTC) Expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution of Federal Tax Change by Expanded Cash Income Level, 2019

Table shows the distributional impacts of the Child Tax Credit (CTC) expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T20-0175 - Earned Income Tax Credit (EITC) Expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution of Federal Tax Change by Expanded Cash Income Level, 2019

Table shows the distributional impacts of the Earned Income Tax Credit (EITC) expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T20-0176 - Earned Income Tax Credit (EITC) Expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2019

Table shows the distributional impacts of the Earned Income Tax Credit (EITC) expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T20-0177 - 2020 Recovery Rebate Improvements in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution of Federal Tax Change by Expanded Cash Income Level, 2019

Table shows the distributional impacts of the 2020 Recovery Rebate Improvements expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T20-0178 - 2020 Recovery Rebate Improvements in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2019

Table shows the distributional impacts of the 2020 Recovery Rebate Improvements in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T20-0179 - Additional Recovery Rebate in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution of Federal Tax Change by Expanded Cash Income Level, 2019

Table shows the distributional impacts of the Additional Recovery Rebate expansion in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T20-0180 - Additional Recovery Rebate in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2019

Table shows the distributional impacts of the Additional Recovery Rebate in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Level

T20-0183 - Expand Child and Dependent Care Tax Credit (CDCTC), as in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution by Expanded Cash Income Level, 2019

Table shows the distributional impacts of the provision expand the Child and Dependent Care Tax Credit (CDCTC) in H.R.6800 Health and Economic Recovery Omnibus Emergency...
May 21, 2020
Campaigns, Proposals, and Reforms: Distribution Tables by Income Percentile

T20-0184 - Expand Child and Dependent Care Tax Credit (CDCTC), as in H.R.6800 Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act as Passed by the House on May 15, 2020, Distribution by Expand Cash Income Percentile, 2019

Table shows the distributional impacts of the provision to expand the Child and Dependent Care Tax Credit (CDCTC) in H.R.6800 Health and Economic Recovery Omnibus...
May 21, 2020