Tax expenditures for retirement savings are very large. They were over $300 billion in 2022 and will likely exceed $2 trillion over the 2022-2026 period. Tax expenditures are revenue losses ...
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 ...
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 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 ...
Federal, state, and local government officials are increasingly paying attention to reforms of fines and fees. These constitute a small share of total revenues, but they can be particularly harmful ...
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 ...
A tariff is a tax on imported goods. Despite what the President says, it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country. Thus, if the US ...
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 ...
The American Rescue Plan Act of 2021 (ARP) temporarily expanded the so-called “childless” EITC, or the earned income tax credit for workers without children at home. The maximum credit for these ...
Each year, the Internal Revenue Services receives over 3 billion information returns, such as W-2s and 1099-INTs, from employers, banks, and other entities. The IRS also collects some data about ...
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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