Income tax (individual)

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president obama signing the affordable care act
Individual Taxes

Biden May Propose Using Net Investment Income Tax Revenues to Shore Up Medicare

March 2, 2023 –
President Biden may propose allocating revenue from the 2010 Affordable Care Act’s Net Investment Income Tax (NIIT) to maintain solvency of Medicare’s Part A Hospital...
protestors advocating for racial equity
Individual Taxes

Providing Changemakers The Data They Need To Tackle Racial Inequities In The US Tax Code

February 13, 2023 –
The Internal Revenue Service does not ask tax filers about their race and ethnicity . But the US tax code can still widen racial income...
then-president donald trump signing the tax cuts and jobs act of 2017 into law
Individual Taxes

Making The TCJA’s Individual Tax Cuts Permanent Would Add More than $3 Trillion To The Federal Debt, Mostly Benefit High-Income Households

November 30, 2022 –
During the recent congressional election campaign, House Republicans said one of their top priorities would be to make permanent the individual tax changes in the...
john fetterman giving a speech while lt. governor of pennsylvania
Individual Taxes

What Will The Mid-Term Election Mean For Tax Policy?

November 16, 2022 –
With Democrats retaining narrow control of the Senate and Republicans on the cusp of winning the barest of majorities in the House, it will be...
a stack of money next to a book on inflation and a calculator
Individual Taxes

What The IRS Inflation Adjustment Really Means

October 21, 2022 –
The Internal Revenue Service announced its inflation adjustment for tax year 2023: It will be a bit more than 7 percent, the largest increase in...
Students walk to and from classes on the Indiana University campus. Thursday, Oct. 14, 2021, in Bloomington, Ind.
State and Local Issues

Which States Tax Student Loan Forgiveness, and Why Is It So Complicated?

September 15, 2022 –
The Biden administration’s plan for broad-based student loan forgiveness of up to $20,000 per individual won’t affect borrowers’ federal tax bills, but it could have...
Individual Taxes

Cryptocurrency Is Primarily An Investment, Not Money. It Should Be Taxed That Way

August 1, 2022 –
Senators Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ) have proposed exempting cryptocurrency transactions of $50 or less from capital gains taxes. While it seems like...
Individual Taxes

Rick Scott Walks Back His Tax Increase Plan...Sort Of

June 10, 2022 –
Senator Rick Scott (R-FL), who last February proposed taxing millions of low-income households that currently pay no income tax, has released a new version that...
Individual Taxes

New GAO Report Underscores Importance of Better Data To Study Race and Taxes

June 2, 2022 –
While the federal income tax system may appear “colorblind” or race-neutral to some, it can mitigate or exacerbate racial inequities . Unfortunately, the IRS does...
State and Local Issues

States Forecast Weaker Revenue Growth Ahead of Growing Uncertainties

April 19, 2022 –
Just as state governors and legislators are figuring out how to spend their unexpected budget surpluses, global events could wipe out much of those gains...