: Daily Deduction

Tax Relief Can Come In All Shapes And Sizes

A bigger tax deduction for teachers?
April 7, 2022Renu Zaretsky
Federal Budget and Economy: OverviewFederal Receipts & Outlays

Federal Receipt and Outlay Summary

Receipts, outlays, and surplus or deficit in dollars and as a percent of GDP from 1940 to 2027.
April 6, 2022
Individual Taxes: TaxVox

Hey Tax Filers: There’s (At Least) One Thing You Should Know…

How do ten TPC experts answer this simple question: “What is the single most important thing an average filer should know about tax policy, and why?”
April 6, 2022Renu Zaretsky
: Daily Deduction

A Proposed ACA Fix, Another Global Tax Veto, And More State Tax Cuts

President Biden wants to expand eligibility for health care premium tax credits.
April 6, 2022Renu Zaretsky
: TaxVox

How Much Will People Save From Maryland’s Gas Tax Holiday? Not Much

In response to rising gas prices, Maryland suspended its gas tax for 30 days. Connecticut and Georgia also have created gas tax holidays and lawmakers...
April 5, 2022Robert McClelland
: Daily Deduction

Once More Unto The Breach!

Will Senate Democrats make a deal with Sen. Manchin on a smaller spending plan?
April 5, 2022Renu Zaretsky
: Daily Deduction

There Are Two Weeks Until Tax Day…

Don’t leave money on the table.
April 4, 2022Renu Zaretsky
Federal excise tax receipts from tobacco products totaled $12.4 billion in 2020. In inflation-adjusted terms, tobacco excise tax receipts are at roughly the same level as in the 1940s.
April 4, 2022
: TaxVox

Happy Birthday, TPC

On April 1, 2002, a press release announced, “The Tax Policy Center, a new joint venture between the Urban Institute and the Brookings Institution” was...
April 1, 2022Leonard E. Burman
: TaxVox

The Winners and Losers of Rising Oil Prices

With gasoline prices spiking, many state legislatures are debating whether to suspend gas taxes in an effort to provide some relief to consumers. But higher...
April 1, 2022Lucy Dadayan
: Daily Deduction

Big Blacklist, Smaller State Tax Cuts

Pelosi isn’t buying a gas tax holiday.
April 1, 2022Renu Zaretsky
Individual Taxes: TaxVox

Biden’s New Taxes for Billionaires: One Is Hard, One Is Easy

This week, President Biden proposed two new taxes on the very rich. A minimum income tax that Biden calls a billionaire tax but would in...
March 31, 2022Steven M. Rosenthal
: Daily Deduction

Blocking IRS Criminal Enforcement Funding, A Little Cut In Grocery Taxes

Senate kills new funding for IRS criminal enforcement crackdown on Russian oligarchs.
March 31, 2022Renu Zaretsky
Individual Taxes: TaxVox

The Many Ways To Tax The Rich

How to tax the rich? Let us count the ways. New taxes on capital income? Higher income tax rates? A wealth tax? Some mash-up of...
March 31, 2022Howard Gleckman
Federal Budget and Economy: Virtual Event

Can State-Level Carbon Pricing Help Achieve National Climate Goals?

Carbon pricing is a powerful tool to curb greenhouse gas emissions and address climate change. While the U.S. government has yet to put a general...
March 30, 2022
Federal Budget and Economy: TaxVox

How the TCJA Affected the Housing Market

When the Tax Cuts and Jobs Act (TCJA) was enacted, critics claimed that reducing the tax subsidy for mortgage interest would hurt home values ...
March 30, 2022Robert McClellandLivia Mucciolo
Federal Budget and Economy: Brief

How Did the Tax Cuts and Jobs Act Of 2017 Affect the Housing Market?

The Tax Cuts and Jobs Act of 2017 (TCJA) dramatically changed tax law, including how taxpayers deduct the interest on their home mortgages. It narrowed the deduction in several ways, so we would expect new mortgages to be smaller than old ones. But it also raised most taxpayers’ after-tax incomes,
March 30, 2022Robert McClellandLivia MuccioloSafia Sayed
Federal Budget and Economy: Research report

New Evidence on The Effect of The TCJA On the Housing Market

The Tax Cuts and Jobs Act of 2017 (TCJA) dramatically changed tax law. It narrowed the subsidy on mortgage interest in several ways, which should lower mortgages and home prices; it also increased most taxpayers’ after-tax incomes, which should have the opposite effect. Thus, the TCJA’s overall
March 30, 2022Robert McClellandLivia MuccioloSafia Sayed
: Daily Deduction

Taxing What You “Have” Versus What You “Earn”

Sen. Manchin opposes President Biden’s minimum tax on very wealthy households.
March 30, 2022Renu Zaretsky
: Daily Deduction

A Budget, and Shifting (Gas Tax) Holiday Plans

Biden’s FY 2023 budget includes new IRS funding.
March 29, 2022Renu Zaretsky
: Daily Deduction

A Minimum Tax On The Super Wealthy?

President Biden’s budget includes a 20 percent minimum tax on the wealthy.
March 28, 2022Renu Zaretsky
In 2020, among all OECD countries, share of total tax revenue from taxes on goods and services ranged from 17% in the U.S. to 55% in Chile. The U.S. does not have a federal value-added tax, unlike most OECD countries.
March 28, 2022
: Daily Deduction

How Do Tax Increases Turn Into Tax Cuts?

Turning tax increases into tax cuts?
March 25, 2022Renu Zaretsky
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for Today’s Economy with Adam Ozimek

The Urban-Brookings Tax Policy Center is holding a series of online conversations on tax and fiscal policy in today’s economy. The discussions take place every...
March 24, 2022
: Daily Deduction

Remote Work, Tax Prep Fraud, And A Fuel Tax Cut Across the Pond

Tune in today at Noon for your TPC Prescription with Adam Ozimek.
March 24, 2022Renu Zaretsky