The $10,000 cap that last year’s tax bill placed on the federal deduction for state and local taxes (SALT) overwhelmingly affects people at the top rather than the middle, new Tax Policy Center (TPC) estimates show, mirroring...
off the charts
POLICY INSIGHT
BEYOND THE NUMBERS
BEYOND THE NUMBERS
Indexing Capital Gains Would Be Yet Another Tax Cut for Top 1 Percent
August 1, 2018
President Trump’s Treasury Department is reportedly considering issuing a regulation to index capital gains for inflation, which would cost perhaps $100 to $200 billion in the first decade and deliver 86 percent of its benefits to the top 1 percent of tax filers. Along the same lines, House...
GOP’s Stated Concern for Promoting Work Absent from 2017 Tax Law
May 4, 2018
Republican policymakers claim that the damaging changes they’re proposing to SNAP (formerly food stamps), housing assistance, and...
Permanent Extension Would Double Down on 2017 Tax Law’s Fundamental Flaws
May 2, 2018
Treasury Secretary Steven Mnuchin said this week that the Trump Administration would like to “make the middle-class tax cuts permanent,” presumably referring to the 2017 tax law’s individual tax provisions, most of which are set to expire after 2025. But they’re not “middle-class tax cuts”: extending them, as many...
Senate Hearing Testimony Highlights 2017 Tax Law’s Fundamental Flaws
April 25, 2018
We’ve previously explained that the 2017 tax law disproportionately benefits the wealthy, is fiscally irresponsible, and ...
Tax Cuts Must Be Judged by Their Effect on Typical Households
April 25, 2018
The Washington Center for Equitable Growth’s Greg Leiserson provides must-read guides to assess the economic impacts of the 2017 tax law in a new paper and associated...
Hassett Changes Story on “Repatriated” Foreign Profits Under New Tax Law
February 27, 2018
With new reports that companies are using their windfall from the new tax law in ways that mostly benefit wealthy investors rather than workers, Council of Economic Advisers Chair Kevin Hassett has revised his explanation of how companies will use foreign earnings they “repatriate” to this country...
JCT: Millions of Households Face Tax Increase or No Tax Benefit Under Republican Tax Bill
December 19, 2017
Millions of households would face tax increases or get little from the tax bill that the House and Senate are soon expected to pass — even before most of its individual income tax provisions would sunset in 2025, new Joint Committee on Taxation (JCT) estimates show. That’s in stark...
Final CTC Changes Don’t Alter Tax Bill Basics: 10 Million Working Family Children Get Little or Nothing
December 15, 2017
Last-minute changes to the Child Tax Credit (CTC) that Republican leaders put in their final tax bill do not change the fundamental fact: low-income working families still would largely miss out on the full CTC increase from the current $1,000 per child to $2,000.
Republican Leaders Expanding Repatriation Gimmick in Tax Bill
December 14, 2017
Republican congressional leaders are reportedly making changes to their tax bill — such as cutting the top individual tax rate to 37 percent, from the current 39.6 — that would make the bill costlier and tilt it more to the wealthy. GOP leaders will reportedly “pay for” those added costs, which are...
