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Tax Day 2019 Charts: Working Families Should Be Priority of Restructured 2017 Tax Law

April 12, 2019

As people rush to file their income tax returns by Tax Day (April 15), a few reminders: First, as the Brookings Institution’s Vanessa Williamson explained: “Residents of the United States are unusually likely [compared to other countries] to see chipping in their share as a civic duty, a...

Most of Budget Goes Toward Defense, Social Security, and Major Health Programs

House GOP Tax Fix for Restaurant, Retail Owners Leaves Out Millions of Their Workers

December 6, 2018

The House Republican tax package making “technical corrections” to the 2017 tax law repeats one of the law’s fundamental flaws: cutting...

Baker with bread

House Republican “2.0” Tax Plan Favors Wealthiest, Makes Fiscal Problems Worse

September 6, 2018

Update, September 14: we’ve updated this post to incorporate new Tax Policy Center data on the plan’s cost estimate and its impact on different income groups.

The House is expected to vote this month on its “2.0” tax plan, which would double down on the...

House GOP's 2.0 Tax Plan Delivers Largest Tax Cuts to Most Well-Off

House GOP Shouldn’t Again Shortchange Working Families With “2.0” Tax Plan’s Child Credit

September 6, 2018

If, as expected, House Republicans vote later this month on their “2.0” tax-cut plan despite its severe flaws, they should fix the glaring shortcomings in its Child Tax Credit (CTC) provision. But there has been no indication that House GOP leaders intend to do so.

Nor would improving the CTC provision do enough to address the overall plan’s flaws. As explained...

Lowest-Income Families Largely Left Out of 2017 Tax Law’s Child Tax Credit Increase

CBO Forecast of Weak Revenues Under Trump Policies Shows Impact of 2017 Tax Law

May 24, 2018

The new Congressional Budget Office (CBO) analysis of President Trump’s 2019 budget shows how seriously his tax policies — particularly the 2017 tax law, which will cost $1.9 trillion over the next decade (and even more if policymakers make any of its temporary tax cuts permanent) — are eroding the nation’s revenue base.

CBO estimates...

Under Trump Policies, Revenues Will Fall Well Below Historical Average Despite Strong Economy

Real Estate Tax Breaks, Low-Income Rent Hikes Reflect Skewed Priorities

May 7, 2018

The President’s plan to raise rents on low-income working families, the elderly, and people with disabilities who receive rental assistance is particularly striking when contrasted with the real estate industry’s large tax benefits from the 2017 tax law. Commercial real...

Money House #2

Pass-Throughs and Corporations Had No Parity to Maintain

May 1, 2018

Among the 2017 tax law’s most flawed parts is a large tax break for certain “pass-through” income — which the owners of businesses such as partnerships, S corporations, and sole proprietorships report on their individual tax returns rather than pay the corporate tax. Its proponents misguidedly argued that it was needed to maintain “parity” (i.e., a level playing field) between these businesses...

Form 1040 And Refund Check

JCT Highlights Pass-Through Deduction’s Tilt Toward the Top

April 24, 2018

Some 61 percent of the benefit from the 2017 tax law’s 20 percent deduction for pass-through income will flow to the top 1 percent of households in 2024, compared to just 4 percent for the bottom two-thirds, we estimate based on new and earlier estimates from the Joint Committee on Taxation (JCT). (See chart.)...

2017 Tax Law's Pass-Through Deduction Heavily Tilted Toward Wealthy

Trump Administration’s Tax Enforcement Funding Mechanism Deserves Support

April 23, 2018

When Congress considers the IRS’s 2019 funding level in the coming weeks, it should embrace President Trump’s proposal to add funding for enforcing tax laws that doesn’t count against the 2011 Budget Control Act’s (BCA) annual cap on overall funding for non-defense appropriations. That approach to IRS enforcement funding has a long bipartisan history and is especially timely now, given the IRS...

Three-Fourths of IRS Staff Losses Due to Funding Cuts Have Been in Tax Enforcement

As Tax Day Approaches, These Charts Show Why the New Tax Law Is Fundamentally Flawed

April 10, 2018

With Americans focusing on taxes as the April 17 deadline approaches, these charts show why the tax law enacted in December needs wholesale restructuring: it will increase inequality, reduce revenues at a time when the nation needs to increase them, and invite rampant tax avoidance. As our...

New Tax Law Delivers Large Tax Cuts to Most Well-Off