: Daily Deduction

The Trump Tax Flap Moves One Step Closer To Court

House Ways & Means Chair subpoenas Treasury and IRS.
May 13, 2019Renu Zaretsky
Between 1989 and 2016, the mean inflation-adjusted value of financial assets for those with a college degree more than doubled, while everyone else's remained fairly constant.
May 13, 2019
Individual Taxes: Distribution Tables by Percentile

T19-0026 - Tax Benefit of the Earned Income Tax Credit, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2019

Distribution of the tax benefits of the earned income tax credit (EITC), by income percentile under current law for 2019. Baseline is the law in...
May 10, 2019
Individual Taxes: Distribution Tables by Dollar Income Class

T19-0025 - Tax Benefit of the Earned Income Tax Credit, Baseline: Current Law, Distribution of Federal Tax Change by Expanded Cash Income Level, 2019

Distribution of the tax benefits of the earned income tax credit (EITC), by income level under current law for 2019. Baseline is the law in...
May 10, 2019
Individual Taxes: Distribution Tables by Percentile

T19-0024 - Economic Security Project Proposal - Cost-of-Living Refund (CLR) with Patch; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2019

Distributional estimate for the Economic Security Project's Cost-of-Living Refund tax proposal with patch for singles with children (by ECI percentile).
May 10, 2019
Individual Taxes: Distribution Tables by Dollar Income Class

T19-0023 - Economic Security Project Proposal - Cost-of-Living Refund (CLR) with Patch; Baseline: Current Law; Distribution of Federal Tax Change by Expanded Cash Income Level, 2019

Distributional estimate for the Economic Security Project's Cost-of-Living Refund tax proposal with patch for singles with children (by ECI level).
May 10, 2019
Individual Taxes: Revenue Tables

T19-0022 - Economic Security Project Proposal - Cost-of-Living Refund (CLR) with Patch; Baseline: Current Law; Impact on Tax Revenue ($ billions), 2019-28

Revenue estimate for the Economic Security Project's Cost-of-Living Refund tax proposal with patch for singles with children.
May 10, 2019
: Daily Deduction

Battles and Limits

The court fight over President Trump’s financial statements escalates.
May 10, 2019Renu Zaretsky
: Daily Deduction

Sportsmanship, Potency, and SALT

If you’re going to play the game, make sure you know the rules.
May 9, 2019Renu Zaretsky
Business Taxes: TaxVox

President Trump As Role Model: Avoiding Taxes For Sport

Do you consider not paying taxes “sport?” The President of the United States says he does. And that raises serious concerns about the stability of our volumtary tax system.
May 8, 2019Howard Gleckman
: Daily Deduction

Ten Years of Trump's Tax Returns Tell a Tale of Big, Big Losses

The eighties and nineties were not so good to Donald Trump.
May 8, 2019Renu Zaretsky
Federal Budget and Economy: TaxVox

The Post-TCJA Economy Continues To Grow

The beginning of the US economy’s second year under the Tax Cuts and Jobs Act was largely positive, though some troubling signs lurked just beneath...
May 7, 2019Howard GleckmanAravind Boddupalli
: Daily Deduction

Mnuchin Tells Neal: No Trump Tax Returns

Treasury Secretary Mnuchin says “nyet.”
May 7, 2019Renu Zaretsky
: Daily Deduction

Another Letter, Proposed Relief, Getting Returns, and… Infrastructure

Restarting the tariff wars.
May 6, 2019Renu Zaretsky
The Earned Income Tax Credit (EITC) was established in 1975. The total amount of credit claimed in 1975 was $1.2 billion (or $5.6 billion in 2016 dollars). In 2016, the total was $66.7 billion, almost 12 times larger in real terms.
May 6, 2019
: Daily Deduction

An Unraveling, A Near-Thing, and New State Taxes

The unraveling of that infrastructure deal.
May 3, 2019Renu Zaretsky
Individual Taxes: TaxVox

Janet And Her Terrible, Horrible, No Good, Very Bad Filing Season (With Apologies To Judith Viorst)

I believe that every person in the tax policy game—from members of the tax-writing committees to research assistants at the Tax Policy Center—should compute their...
May 2, 2019Janet Holtzblatt
: Daily Deduction

A Big “No,” A State Bill, And A Local Fight

About the TCJA rollbacks and an infrastructure plan…
May 2, 2019Renu Zaretsky
Individual Taxes: TaxVox

Washington’s Theater of Infrastructure: The Trick Is To Get The Joke

Yesterday was a classic example of Washington theater at its best. House Speaker Nancy Pelosi and top Senate Democrat Chuck Schumer left a White House...
May 1, 2019Howard Gleckman
: Daily Deduction

It’s Infrastructure Week. Again.

Did Trump, Schumer, and Pelosi agree on an infrastructure spending goal?
May 1, 2019Renu Zaretsky
State and Local Issues: TaxVox

Are Public Pension And Benefit Shortfalls And Local Taxes Worthy Of A Neighborhood Duel?

Our local elected officials were debating a new tax to help offset a big public pension shortfall... If people dueled in 2019 like Aaron Burr and Alexander Hamilton did in 1804, a couple of township trustees might have been drawing pistols at dawn.
May 1, 2019Renu Zaretsky
: Daily Deduction

Showdowns On The Horizon

Are we headed for another spending showdown?
April 30, 2019Renu Zaretsky
: TaxVox

Can One Think Charitably About The Bryce Harper Deal?

As a long-time baseball fan, I’m happy that my office moved closer to the Washington Nationals ballpark, where I expect to take in more games...
April 29, 2019C. Eugene Steuerle
: Daily Deduction

Let’s review, and then look forward.

Looking back at the 2019 tax filing season.
April 29, 2019Renu Zaretsky
About 1.8% of all individual income tax returns claimed a deduction for IRA contributions in 2016. Following the Economic Recovery Tax Act of 1981, this share exceeded 12%, until deductible IRAs were curtailed by the Tax Reform Act of 1986.
April 29, 2019