: Daily Deduction

Phase One For China Trade, Refunds for Nonprofits, and Assessing Opportunity Zones

Trade news from China and the Senate.
January 10, 2020Renu Zaretsky
Individual Taxes: Distribution Tables by Income Level

T20-0003 - Health-Related Revenue Provisions of H.R. 1865, Further Consolidated Appropriations Act of 2020, by Expanded Cash Income Level, 2029

Table shows the distributional impacts by expanded cash income level in 2029 of the health-related revenue provisions of H.R. 1865, the Further Consolidated Appropriations Act of 2020.
January 9, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0004 - Health-Related Revenue Provisions of H.R. 1865, Further Consolidated Appropriations Act of 2020, by Expanded Cash Income Percentile, 2029

Table shows the distributional impacts by expanded cash income percentile in 2029 of the health-related revenue provisions of H.R. 1865, the Further Consolidated Appropriations Act of 2020.
January 9, 2020
Individual Taxes: Distribution Tables by Income Percentile

T20-0002 - Health-Related Revenue Provisions of H.R. 1865, Further Consolidated Appropriations Act of 2020, by Expanded Cash Income Percentile, 2022

Table shows the distributional impacts by expanded cash income percentile in 2022 of the health-related revenue provisions of H.R. 1865, the Further Consolidated Appropriations Act of 2020.
January 9, 2020
Individual Taxes: Distribution Tables by Income Level

T20-0001 - Health-Related Revenue Provisions of H.R. 1865, Further Consolidated Appropriations Act of 2020, by Expanded Cash Income Level, 2022

Table shows the distributional impacts by expanded cash income level in 2022 of the health-related revenue provisions of H.R. 1865, the Further Consolidated Appropriations Act of 2020.
January 9, 2020
: Daily Deduction

Taxpayers, Taxing the Wealthy, and a Redesigned Tax Incentive

National Taxpayer Advocate lists three IRS challenges.
January 9, 2020Renu Zaretsky
: Daily Deduction

Tax Revenues: Business as (Un)usual

You can file your 2019 tax returns starting January 27.
January 8, 2020Renu Zaretsky
: TaxVox

Could A Redesigned Tax Deduction Help More People Feel Good About Charitable Giving?

Tax incentives appear to encourage giving, but by discouraging taxpayers from itemizing deductions, the Tax Cuts and Jobs Act (TCJA) left nearly 9 of every 10 households without that nudge. Policymakers could correct this by allowing people to deduct at least some of their charitable gifts of sufficient size, even if the taxpayer doesn’t itemize.
January 8, 2020Renu Zaretsky
Campaigns, Proposals, and Reforms: TaxVox

Three Largely Ignored Tax Policy Issues When Taxing The Wealthy

The current debate over wealth taxes mostly focuses on whether the very rich are undertaxed, but gives little attention to the most efficient and fairest...
January 8, 2020C. Eugene Steuerle
: Daily Deduction

State and Local Tax Breaks in Vain?

New study finds little evidence that state and local business tax incentives increase economic growth.
January 7, 2020Renu Zaretsky
Federal Budget and Economy: TaxVox

What Trillion Dollar Deficits In An Era of Full Employment Look Like

There are ugly charts, and then there is this, courtesy of the folks at the Committee for a Responsible Federal Budget. Over the past half-decade,...
January 7, 2020Howard Gleckman
: TaxVox

Effective Income Tax Rates Have Fallen For The Top One Percent Since World War II

For the individual income tax, effective tax rates — measured as federal income tax divided by adjusted gross income (AGI) —have fallen significantly over the...
January 6, 2020Robert McClellandNikhita Airi
: Daily Deduction

A Free File Fix, Abuse Unabated

The IRS makes one fix: The agency says it will make Free File more accessible.
January 6, 2020Renu Zaretsky
Income from partnerships and S corporations (which are called "pass-through" businesses) was over 20% of adjusted gross income (AGI) for taxpayers with AGI over $1 million in 2017, compared to 1% for those with AGI under $100,000.
January 6, 2020
: TaxVox

Give Sanders and Warren Credit For Leaning Away From Tax Credits

Take two tax credits, and call me in the morning. For many politicians that is the tried and true prescription for the economic and social...
December 31, 2019Janet Holtzblatt
: Daily Deduction

Closing the Book on 2019, What Will 2020 Bring?

“Should old acquaintance be forgot and never brought to mind?”
December 30, 2019Renu Zaretsky
Salaries and wages are the largest sources of income for most households. In 2017, they were almost 70% of aggregate adjusted gross income (AGI) for all individual income tax returns, but less than 20% for those taxpayers with AGI over $10 million.
December 30, 2019
Campaigns, Proposals, and Reforms: TaxVox

The 2019 Tax Act Was A Modest Step In The Wrong Direction

In the face of a looming shutdown of the federal government last week, Congress passed, and the president signed, legislation providing funding through September 30,...
December 23, 2019Safia SayedSteven M. Rosenthal
Individual Taxes: TaxVox

TaxVox’s Lump Of Coal Award For The Ten Worst Tax Policy Ideas of 2019

TaxVox’s Lump Of Coal Award For The Ten Worst Tax Policy Ideas of 2019 It is that time again. TaxVox somehow has whittled down its...
December 23, 2019Howard Gleckman
: Daily Deduction

Turning Two, A Tax Tell-All, A Steel Slide, and State Stats

Happy birthday, TCJA.
December 23, 2019Renu Zaretsky
Capital gains are a significant source of income primarily for high-income households. In 2017, capital gains were almost half of aggregate adjusted gross income (AGI) for those with AGI over $10 million, compared to less than 1% for those with AGI under $100,000.
December 23, 2019
Individual Taxes: Brief

Expanding Modeling Capability on Tax Expenditures for Charitable Contributions

Technical Methodology Report
Until now TPC’s basic distributional analysis did not separately examine charitable contributions. As part of this research project, we have created a new module that extends the capacity of our microsimulation model to simulate the effect of proposed policy changes on charitable contributions.
December 23, 2019Robert McClellandC. Eugene SteuerleChenxi Lu
: Daily Deduction

After Key Votes, Congress Heads Home for the Holidays

House passes revamped NAFTA, temporary SALT repeal.
December 20, 2019Renu Zaretsky
: Daily Deduction

A Ruling, an Appeal, Recommendations, and a Warning

House Ways & Means Committee to appeal federal district ruling on President Trump’s New York State tax returns.
December 19, 2019Renu Zaretsky
: Daily Deduction

House sends $1.4 trillion spending deal to Senate.

House approved funding package in two parts yesterday.
December 18, 2019Renu Zaretsky