Federal Budget and Economy: TaxVox

How Will We Pay For All The Coronavirus Relief?

Perhaps it is a good time to start thinking about how the federal government is going to repay this new debt.
April 23, 2020Howard Gleckman
Individual Taxes: Distribution Tables by Income Percentile

T20-0137 - Tax Benefit of the Preferential Rates on Long-Term Capital Gains and Qualified Dividends, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2019

Distribution of the tax benefits of the preferential rates on long-term capital gains and qualified dividends, by income percentile under current law for 2019. Baseline...
April 22, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0136 - Tax Benefit of the Preferential Rates on Long-Term Capital Gains and Qualified Dividends, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Level, 2019

Distribution of the tax benefits of the preferential rates on long-term capital gains and qualified dividends, by income level under current law for 2019. Baseline...
April 22, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0135 - Tax Benefit of the Preferential Rates on Long-Term Capital Gains and Qualified Dividends, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2017

Distribution of the tax benefits of the preferential rates on long-term capital gains and qualified dividends, by income percentile under current law for 2017. Baseline...
April 22, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0134 - Tax Benefit of the Preferential Rates on Long-Term Capital Gains and Qualified Dividends, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Level, 2017

Distribution of the tax benefits of the preferential rates on long-term capital gains and qualified dividends, by income level under current law for 2017. Baseline...
April 22, 2020
Federal Budget and Economy: TaxVox

What Should We Call Those COVID-19 Recovery Rebates?

Defying the skeptics (including me ), the Internal Revenue Service last week began depositing direct payments of $1,200 for adults (plus $500 per child under...
April 22, 2020Janet Holtzblatt
Campaigns, Proposals, and Reforms: TaxVox

Remembering Paul O'Neill

Remembering Paul O’Neill If President George W. Bush expected Paul O’Neill to spend his time as Secretary of the Treasury polishing his resume and promoting...
April 22, 2020Howard Gleckman
State and Local Issues: TaxVox

Census of Governments Illustrates Declining Aid to Localities, Other Trends in State and Local Finance

COVID-19 is placing an unprecedented strain on local economies, hospital systems , health departments , and budgets . To weather the storm and continue to...
April 21, 2020Megan Randall
Federal Budget and Economy: TaxVox

Recession Recovery: Using Purchases To Both Reduce Unemployment And Increase Demand

The current recession derives from two sources: demand and supply. On the demand side, consumers are purchasing fewer durable goods (e.g., automobiles) and spending much...
April 20, 2020C. Eugene Steuerle
: TaxVox

Heads I Win, Tails I Win Too: Winners From The Tax Relief For Losses In The CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act grants massive tax relief for business losses, but most of the benefits will be reaped by...
April 20, 2020Steven M. RosenthalAravind Boddupalli
: Daily Deduction

Rebates, Tax Cuts, and Paying a Fair Share

Congress is nearing a deal on the next coronavirus relief bill.
April 20, 2020Renu Zaretsky
State excise taxes on wine range from 20 cents per gallon in California and Texas to $2.50 per gallon in Alaska. In other words, Alaskans pay about 46 cents more in excise taxes to purchase a bottle of wine than Californians or Texans.
April 20, 2020
: TaxVox

Who Benefits From The CARES Act Tax Cuts?

Over the next decade, the individual “ recovery rebate ” program will account for about half of the Coronavirus Aid, Relief and Economic Security (CARES)...
April 17, 2020Thornton Matheson
State and Local Issues: TaxVox

COVID-19 And The Collapsing Job Market

How rapidly is the economy collapsing in the wake of the COVID-19 pandemic? In just the past four weeks, total weekly unemployment insurance claims were...
April 16, 2020Lucy DadayanDonnie Charleston
Individual Taxes: TaxVox

The IRS Is Getting Out Coronavirus Rebate Payments: Congress Needs To Think About A Second Round

To its credit, the IRS has been quickly distributing the first tranche of rebates authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act...
April 16, 2020Elaine Maag
Individual Taxes: Other Tables

T20-0132 - Alternative Definitions of an Eligible Dependent for Senate Recovery Rebate in CARES Act, By Expanded Cash Income Level, 2019

These are estimates of the number of dependents who could be claimed for $500 supplement to recovery rebate under different age criteria, by expanded cash...
April 15, 2020
Individual Taxes: Other Tables

T20-0133 - Alternative Definitions of an Eligible Dependent for Senate Recovery Rebate in CARES Act, By Expanded Cash Income Percentile, 2019

These are estimates of the number of dependents who could be claimed for $500 supplement to recovery rebate under different age criteria, by expanded cash...
April 15, 2020
Business Taxes: TaxVox

Is A Modified Destination-Based Income Tax The Solution For Taxing Global Multinational Corporations?

Tax authorities around the world are in an increasingly contentious battle over how to tax the income of multinational corporations . In 2017, the US...
April 15, 2020Eric Toder
Individual Taxes: TaxVox

Expect Long Delays In Getting Refunds If You File A Paper Tax Return

Today’s advice: If you have not yet filed your federal income tax return, do not—repeat, do not—send the Internal Revenue Service a paper return—especially if...
April 14, 2020Janet Holtzblatt
Federal Budget and Economy: TaxVox

Who Should Pay For The Economic Relief From The COVID-19 Crisis?

As Republicans and Democrats joined hands to provide the most recent of what might be several stages of relief from our national pandemic crisis, almost...
April 13, 2020C. Eugene Steuerle
Federal Budget and Economy: Live Webinar

The CARES Act: Tax Policy During a Pandemic

Within days, Congress drafted and enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which touches virtually every US business and household. During this...
April 13, 2020
: Daily Deduction

Taxes, Policy Responses, and the Coronavirus

TPC holds a webinar today on the tax provisions of the CARES Act.
April 13, 2020Renu Zaretsky
The median net worth for a non-Hispanic white family ranged from 6 to 18 times higher than that for black and Hispanic families between 1989 and 2016. Median economic measures are often used to represent how a "typical" family is doing financially.
April 13, 2020
Federal Budget and Economy: TaxVox

Can People Get A Larger COVID-19 Rebate By Waiting To File Their 2019 Tax Return?

One big unanswered question about the COVID-19 recovery rebates included in the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act: What year’s income will the...
April 10, 2020Janet Holtzblatt
Business Taxes: Other Tables

T20-0126 - Distribution of Business Income, by Statutory Marginal Tax Rate; Current Law, 2019

Distribution of tax units with business income by statutory marginal tax rate, under current law for 2019 as of March 17, 2020
April 9, 2020