The Tax Cuts and Jobs Act (2017) nearly doubled the standard deduction and eliminated or restricted many itemized deductions in 2018 through 2025. It also eliminated the “Pease” limitation on itemized ...

The charitable deduction subsidizes charitable giving by lowering the net cost to the donor. If the tax deduction spurs additional giving, charitable organizations can provide more services. A ...

A wealth tax is imposed on the value of some or all of a taxpayer’s assets, such as stocks, real estate, and businesses. At the federal level, the United States does not have a wealth tax, and many ...

The exclusion of employer-paid premiums for health insurance from federal income and payroll taxes is the single largest tax expenditure, costing the federal government an estimated $299 billion in ...

Proposals include providing more effective or more universal incentives for charitable giving, but often in exchange for some restrictions, such as providing incentives only above a dollar floor set ...

The Inflation Reduction Act of 2022 introduced two new taxes on US corporations. The first is a minimum tax on the reported financial income of large US corporations. The second is an excise tax on ...

After attempts to pass President Joe Biden’s Build Back Better agenda stalled in Congress, lawmakers in the latter part of 2022 enacted scaled-back legislation that increased taxes on large ...

TPC’s original analysis of historical capital gains of high-income households was incorrect and is being revised.

The Tax Cuts and Jobs Act of 2017 (TCJA) instituted the most substantial changes in taxation in decades and was designed to boost the economy via supply-side incentives. This paper reviews these ...

The federal government subsidizes charitable contributions for those taxpayers who have positive tax liability and itemize their deductions. However, especially since the passage of the 2017 Tax Cuts ...

The temporary expansion of the child tax credit (CTC) in the American Rescue Plan delivered monthly payments to most families with children from July through December 2021. We use data from the Urban ...

Institute Fellow C. Eugene Steuerle testified before the U.S. Senate Committee on Finance on options for improving the lives of charitable beneficiaries through reform of the charitable deduction. The ...