TaxVox

The voices of Tax Policy Center's researchers and staff

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Individual Taxes

Details Emerge On How The IRS Will Navigate The $400K Pledge

April 25, 2023 –
The veil has lifted (at least partway) on the administration’s two-year-old pledge that the IRS would not use its $80 billion budget boost to increase...
Individual Taxes

Monthly Payments Could Provide Low-Income Families With More Transparency Than Unpredictable Tax Refunds

April 20, 2023 –
Benefits from safety net programs such as the Supplemental Nutrition Assistance Program (SNAP, formerly food stamps) and tax programs such as the Earned Income Tax...
treasury deputy secretary wally adeyemo speaking at an April 17 Urban-Brookings Tax Policy Center event on the tax filing season
Individual Taxes

Fixing The IRS Will Require Much More Than Hiring Additional Staff

April 19, 2023 –
As usual, the politicians are missing the point: Success or failure of the IRS’s ambitious plan to spend $80 billion in new money won’t be...
Federal Budget and Economy

The IRS Thinks Big About How To Spend $80 Billion

April 11, 2023 –
The Internal Revenue Service has taken a major step forward with its release of a plan detailing how the agency will invest the ten-year $80...
Individual Taxes

Venmo, The $600 Threshold, And You: What’s An (Honest) Taxpayer To Do?

April 5, 2023 –
Without better outreach and communication from the IRS, the new $600 reporting threshold might drive more otherwise law-abiding taxpayers to work around the reporting rule.
US Treasury building
Federal Budget and Economy

The President’s Budget Priorities Still Don’t Change Its Long-Term Trajectory

April 4, 2023 –
Like all presidential budgets, President Biden’s fiscal year 2024 proposals reflect the priorities he would set for the nation. As in prior years, Biden would...
closeup of a pen, paper and calculator
Individual Taxes

Biden’s Child Tax Proposal Would Help Many But Presents Administrative Challenges

March 31, 2023 –
President Biden’s fiscal year 2024 budget would revive 2021’s enhanced child tax credit (CTC) with some new twists that seek to make the credit work...
Federal Budget and Economy

A Rundown of Biden’s Proposed Changes To The Taxation Of Foreign Income

March 31, 2023 –
As expected, President Biden’s 2024 proposed budget included several changes to the tax treatment of foreign income. Although prior attempts to rewrite these tax rules...
Individual Taxes

$4 Trillion In US Wealth Is Stashed Overseas, Much Of It In Tax Havens

March 28, 2023 –
$4 Trillion In US Wealth Is Stashed Overseas, Much Of It In Tax Havens A handful of extremely wealthy US taxpayers holds trillions of dollars...
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Federal Budget and Economy

Biden’s Budget Would Raise Taxes On High-Income Households, Cut Them For Many Others

March 23, 2023 –
The revenue provisions of President Biden’s fiscal year 2024 budget would lower after-tax incomes by an average of about $2,300 next year, according to a...