TaxVox: Federal Budget and Economy

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The voices of Tax Policy Center's researchers and staff

Individual Taxes

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

September 5, 2019 –
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...
Federal Budget and Economy

Forms and Follies: IRS Midcourse Corrections of Tax Forms

September 3, 2019 –
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...
Federal Budget and Economy

Multi-Trillion Dollar Fiscal and Monetary Gambles

August 29, 2019 –
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...
Federal Budget and Economy

No, The US Is Not Overtaxed

August 20, 2019 –
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...

States Must Be Aware Of How Big Changes In Federal Law Affect Their Revenue Codes

August 19, 2019 –
All states with an income tax link to the federal tax system to some degree. This system of federal-state conformity helps taxpayers by standardizing the...
Federal Budget and Economy

The US Economy Reverts To A Pre-Tax Cut Growth Rate

August 1, 2019 –
The economic benefits of the Tax Cuts and Jobs Act (TCJA) seem to have petered out. The US economy grew robustly in late 2017, perhaps...

Rethinking The Presidential Election Campaign Fund

July 25, 2019 –
When you filed your tax return last spring, did you check off the "Presidential Election Campaign" box on the Form 1040? Didn’t think so. Hardly...
Federal Budget and Economy

Post TCJA Bonuses Were Mostly a Timing Shift, Not A Boost In Long-Term Worker Pay

July 16, 2019 –
A spike in announcements of bonus payments for workers followed the passage of the Tax Cuts and Jobs Act (TCJA) in December 2017, and President...
Individual Taxes

Most AMT Taxpayers Paid Lower Taxes After TCJA, Despite SALT Cap

July 10, 2019 –
A new Tax Policy Center analysis finds that the vast majority of households that paid the Alternative Minimum Tax (AMT) before the 2017 Tax Cuts...
Federal Budget and Economy

CBO Predicts Historic Levels of Debt By Mid-Century

June 25, 2019 –
CBO Predicts Historic Levels of Debt By Mid-Century If the US continues today’s patterns of taxes and spending, the national debt will almost triple as...