Newly revised CBPP reports show that two main Republican arguments for deep cuts to programs for low-income Americans — that program growth across the federal budget is driving the nation’s fiscal problems and that programs for people of low or modest incomes are mushrooming in cost — don’t survive scrutiny.
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Tax planning experts working for wealthy clients are already developing strategies to take advantage of the 2017 tax law’s new 20 percent deduction for certain pass-through income — or 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. As one expert recently...
Tax return audit rates, especially among high-income individuals and large corporations, continued a multi-year decline in 2017, IRS data show. That’s largely due to deep cuts in IRS funding and staffing since 2010, as former IRS Commissioner John Koskinen...
A new paper released by the U.S. Partnership on Mobility from Poverty proposes improvements to the Child Tax Credit (CTC) to enable more children in low-income working families to qualify for the full credit — highlighting research on the positive effects of...
The 2018 government funding bill, which the House and Senate have now passed, doesn’t include enough Internal Revenue Service funding.
Policymakers have cut the IRS budget sharply since 2010, weakening the agency’s ability to serve taxpayers and enforce the nation’s tax laws. Even so, House Republicans continue to target the IRS for deeper cuts. The House Appropriations Committee will consider a bill this week that cuts IRS funding by another $149 million. Adjusted for inflation, this would bring the IRS budget to $405...
“Egregious employment tax noncompliance” by employers has risen substantially in recent years while the IRS’s ability to recover the lost revenues and investigate fraud and embezzlement has fallen, a report by the Treasury Inspector General for Tax Administration (TIGTA) finds. More than 1 million employers...
While Social Security provides a foundation of economic security for people at all income levels, new research from the Social Security Administration (SSA) illustrates its importance for those in the middle. Among beneficiaries over age 65:
Treasury Secretary nominee Steven Mnuchin emphasized the importance of sufficiently funding the Internal Revenue Service (IRS) today, saying:
I am concerned about the staffing of the IRS. It is an important part of fixing the tax gap and I am very
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The Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) together lifted 9.8 million Americans out of poverty last year and made 22.0 million others less poor, CBPP analysis of new Census data shows. The data allow us to measure of the impact of the entire credits — including both the refundable and non-refundable pieces of the CTC, in addition to the EITC....
