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Posts by Brendan Duke

CRS: 2017 Tax Law Proponents’ Trickle-Down Claims Haven’t Materialized

June 5, 2019

The 2017 tax law likely has had little effect on economic growth, investment, and wages in 2018, the non-partisan Congressional Research Service (CRS) says in a new report.

The tax law provided large, immediate tax cuts for...

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2017 Tax Law’s Pass-Through Deduction Could Encourage “Workplace Fissuring”

December 20, 2018

As our new report explains, the 2017 tax law’s deduction for “pass-through” income may contribute to “workplace fissuring” — when firms obtain the services of workers such as truck drivers...

Tax forms

Retirement Contributions May Be Another Way to Game Pass-Through Deduction

November 29, 2018

Tax lawyers are developing complex strategies, and lobbying the IRS as it writes regulations for the 2017 tax law, to maximize the law’s “pass-through” deduction for their wealthy clients, and...

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House Republican "2.0” Tax Plan Includes Ill-Conceived “Universal Savings Account” Proposal

September 12, 2018

The House Republican “2.0” tax plan contains new provisions that are supposedly aimed at promoting savings, the most troubling of which is a proposal to introduce “Universal Savings Accounts” (USAs). A USA is a new type of tax-preferred account that’s similar to a Roth Individual Retirement Account (Roth IRA) but would have no income limits for participation and would let an individual...

Most Filers Currently Pay No Capital Gains Tax, So USAs Offer Little Incentive to Save More

House Republicans’ New Tax Plan Doubles Down on 2017 Tax Law’s Flaws

July 24, 2018

Update, July 25th: We've updated this post.

The House Republicans’ “Tax Reform 2.0” framework doubles down on the 2017 tax law’s fiscal irresponsibility,...

Making New Tax Law's Temporary Individual Provisions Permanent Delivers Largest Tax Cuts to Most Well-Off

IMF Report Describes Flaws in 2017 Tax Law

June 29, 2018

The International Monetary Fund’s (IMF) recent report on America’s economy echoes many of our criticisms of December’s tax law: it’s tilted to the top rather than the bottom, loses much-needed revenue, and creates a host of opportunities to game the tax code. To...

Form 1040 And Refund Check

Severely Flawed “Pass-Through” Deduction Is Among Costliest Tax Breaks

June 21, 2018

The 2017 tax law’s deduction for certain “pass-through” business income — income that owners of businesses such as partnerships, S corporations, and sole proprietorships claim on their individual tax returns instead of paying the corporate tax — will reduce federal revenues by $60 billion in 2021, the Joint Committee on Taxation (JCT)...

Pass-Through Deduction Projected to Cost Twice as Much as Pell Grants

TPC: 2017 Tax Law Could Leave Most Low- and Middle-Income Families Worse Off

June 20, 2018

The new tax law could wind up harming the vast majority of low- and middle-income families, an updated Tax Policy Center (TPC) analysis shows. It considers several plausible ways to pay for the tax cuts and concludes, “when the notion that the tax cuts must be paid for is taken...

Bottom Three-Fifths of Households Could Lose Under 2017 Tax Law, Once Fully Financed

Corporations Would Likelier Use “Repatriated” Profits to Buy Back Stock Than Invest

September 25, 2017

President Trump has urged “repatriating” — that is, bringing back to the United States — U.S. multinational corporations’ foreign profits as a way to “spur billions of dollars in new investments in struggling communities and throughout our nation.” But repatriating that cash...

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