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 ...
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 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 ...
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 ...
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 ...
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 ...
Fines and fees can impose heavy burdens on those who come into contact with the criminal legal system. Using nationally representative data from the Urban Institute’s 2023 Well-Being and Basic Needs ...
This year, the IRS rolled out a new program that could be a gamechanger for tax preparation: Direct File, a free public alternative to commercial tax preparation software. The roll out is the latest ...
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 ...
Although it is generally blind with respect to race, the tax code can create racial disparities when factors that affect tax liability are correlated with race. In this working paper, we provide new ...
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 American Rescue Plan (ARP) Act of 2021 increased the federal earned income tax credit (EITC) and child tax credit (CTC). In turn, 28 states and the District of Columbia will see increases in their ...
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