: Daily Deduction

Back In The Saddle, Under the Gun

Congress returns with a long to-do list, including spending bills.
September 9, 2019Renu Zaretsky
The Low-Income Housing Tax Credit subsidizes the construction or rehabilitation of affordable rental housing for lower-income households. According to the Treasury, this credit will cost about $100 billion in forgone tax revenue between 2019 and 2028.
September 9, 2019
Individual Taxes: Revenue Tables

T19-0046 - Revenue Impact of An Inheritance Tax Proposal with Different Lifetime Exemptions and Tax Rates with the Current-law Estate Tax Repealed, 2022-30

Table shows the revenue impact of repealing the current law estate and gift taxes and introducing inheritances and gift taxes effective on January 1, 2022.
September 6, 2019
Individual Taxes: Distribution Tables by Income Percentile

T19-0043 - 10 Percent Surtax on Adjusted Gross Income (AGI) in Excess of $2.5 Million; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2020

Table shows the effect on the distribution of federal tax burdens in calendar year 2020 of a 10 percent surtax on adjusted gross income in...
September 6, 2019
Individual Taxes: Distribution Tables by Income Level

T19-0044 - 10 Percent Surtax on Adjusted Gross Income (AGI) in Excess of $2.5 Million; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2029

Table shows the effect on the distribution of federal tax burdens in calendar year 2029 of a 10 percent surtax on adjusted gross income in...
September 6, 2019
Individual Taxes: Distribution Tables by Income Percentile

T19-0045 - 10 Percent Surtax on Adjusted Gross Income (AGI) in Excess of $2.5 Million; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2029

Table shows the effect on the distribution of federal tax burdens in calendar year 2029 of a 10 percent surtax on adjusted gross income in...
September 6, 2019
Individual Taxes: Distribution Tables by Income Level

T19-0038 - 10 Percent Surtax on Adjusted Gross Income (AGI) in Excess of $2 Million; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2020

Table shows the effect on the distribution of federal tax burdens in calendar year 2020 of a 10 percent surtax on adjusted gross income in...
September 6, 2019
Individual Taxes: Distribution Tables by Income Percentile

T19-0039 - 10 Percent Surtax on Adjusted Gross Income (AGI) in Excess of $2 Million; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2020

Table shows the effect on the distribution of federal tax burdens in calendar year 2020 of a 10 percent surtax on adjusted gross income in...
September 6, 2019
Individual Taxes: Distribution Tables by Income Level

T19-0040 - 10 Percent Surtax on Adjusted Gross Income (AGI) in Excess of $2 Million; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2029

Table shows the effect on the distribution of federal tax burdens in calendar year 2029 of a 10 percent surtax on adjusted gross income in...
September 6, 2019
Individual Taxes: Distribution Tables by Income Percentile

T19-0041 - 10 Percent Surtax on Adjusted Gross Income (AGI) in Excess of $2 Million; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2029

Table shows the effect on the distribution of federal tax burdens in calendar year 2029 of a 10 percent surtax on adjusted gross income in...
September 6, 2019
Individual Taxes: Distribution Tables by Income Level

T19-0042 - 10 Percent Surtax on Adjusted Gross Income (AGI) in Excess of $2.5 Million; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2020

Table shows the effect on the distribution of federal tax burdens in calendar year 2020 of a 10 percent surtax on adjusted gross income in...
September 6, 2019
Individual Taxes: TaxVox

Anybody Can Itemize Their Deductions. But Most Don’t Want To

It is sometimes said that the Tax Cuts and Jobs Act of 2017 (TCJA) ended the ability of millions of taxpayers to claim itemized deductions, and...
September 5, 2019Robert McClelland
Individual Taxes: TaxVox

Opportunity Zones May Someday Help Poor Communities. They Already Are A Tax Shelter For High-Income Investors

New York Times reporters Jesse Drucker and Eric Lipton wrote a well-reported piece the other day on that Tax Cuts and Jobs Act’s Opportunity Zone...
September 5, 2019Howard Gleckman
Individual Taxes: Brief

Roth IRAs Versus Traditional IRAs: Implications for Individuals and Government

This policy brief summarizes the impact of traditional individual retirement accounts and Roth individual retirement accounts on personal choices and on government finances. Although the accounts are equivalent under certain circumstances, in practice they often differ in important ways for both
September 5, 2019Leonard E. BurmanWilliam G. GaleAaron Krupkin
Business Taxes: Research report

How Shifting from Traditional IRAs to Roth IRAs Affects Personal and Government Finances

In this report, we examine the different ways that Roth individual retirement accounts (IRAs) and traditional IRAs affect their investors and the government. People who want to shelter more income per dollar deposited in the account, provide larger bequests, or eliminate uncertainty about how
September 5, 2019Leonard E. BurmanWilliam G. GaleAaron Krupkin
: TaxVox

There’s No Such Thing As A Free Lunch. Or Sales Tax Holiday.

The idea of a sales tax exemption makes sense if a state is trying to encourage first-time purchases of pricey goods like an energy efficient refrigerator. But for products that most residents will buy anyway—like school supplies—it doesn’t.
September 4, 2019Renu Zaretsky
Federal Budget and Economy: TaxVox

Forms and Follies: IRS Midcourse Corrections of Tax Forms

The great architect Louis Sullivan once wrote , “form follows function.” I can’t help but wonder if, in the less stable world of tax, new...
September 3, 2019Robert A. Weinberger
: Daily Deduction

Wealth, Compromise and Regulations

The tariff war grinds on.
September 3, 2019Renu Zaretsky
Excise taxes are imposed on goods and services like motor fuels, air travel, tobacco products, and alcoholic beverages. Over the last 85 years, this source of revenue has declined from 46% of total federal revenues in 1934 to 3% in 2018.
September 2, 2019
Federal Budget and Economy: Research report

Scaling Microsimulation Modeling in the Cloud: A Guide

This document introduces the goals of Modeling in the Cloud at the Urban Institute. It details how our cloud-based system uses continuous deployment, containers, an interface, and computing and storage components that leverage Amazon Web Services (AWS), then lists lessons learned and critical
August 30, 2019Jessica KellyKyle UeyamaAlyssa Harris
Federal Budget and Economy: TaxVox

Multi-Trillion Dollar Fiscal and Monetary Gambles

Under pressure from President Trump and worried about a worldwide economic slowdown, the Federal Reserve recently cut short-term interest rates. By continuing to push rates...
August 29, 2019C. Eugene Steuerle
State and Local Issues: TaxVox

Minnesota’s Struggles To Conform to the TCJA Made Its CPAs Happy. Taxpayers, Not So Much.

It’s an unusually glamorous time to be an accountant in Minnesota. Over the past year, certified public accountants (CPAs) and other professional tax preparers have...
August 26, 2019Erin HufferMaxwell Grozovsky
: Daily Deduction

Forecasts and Taxes and Spending, Oh My!

CBO: Federal deficit to hit $960 billion in fiscal 2019.
August 26, 2019Renu Zaretsky
The national debt held by the public was 78% of GDP in 2018. According to CBO estimates, federal debt as a share of the economy will rise to levels not seen since World War II by 2035.
August 26, 2019
Federal Budget and Economy: TaxVox

No, The US Is Not Overtaxed

No, The US Is Not Overtaxed. Despite what you may have heard, Americans are taxed less than residents of almost any other major developed country...
August 20, 2019Howard GleckmanAravind Boddupalli