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Posts on Federal Tax
May 14, 2019

Low- and moderate-income families in Puerto Rico would get a significant income boost from the Working Families Tax Relief Act, which would substantially expand the Child Tax Credit (CTC) in Puerto Rico as well as nationally and also help the Commonwealth expand...

Puerto Rico EITC Modest Compared to Federal EITC
May 8, 2019

The House Ways and Means Committee will hold a hearing tomorrow on the “tax gap” —between what taxpayers owe the federal government and what they pay on time. It’s particularly timely given the IRS’ depleted enforcement division and the challenges that the 2017 tax law poses for compliance. With some members of both parties...

High-Income Individuals Disproportionately Contribute to the Tax Gap
May 7, 2019

The approach of Mother’s Day is a good time to remember that legislation from Senators Sherrod Brown, Michael Bennet, Dick Durbin, and Ron Wyden, which another 42 senators support, would help 23 million mothers and 49 million children by expanding the Earned...

Parent and child
May 1, 2019

The Treasury Department’s latest proposed regulations on investments in opportunity zones (OZs) — low-income areas designated for special federal tax breaks — state that the program’s purpose is to “increase business activity and economic investment in qualified opportunity zones,” not to improve the economic well-being of those who live there. Indeed, the...

Stack of Bills
April 26, 2019

Taxpayers’ widespread confusion and frustration this past filing season, the first under the 2017 tax law, highlights the important role of tax preparation professionals in helping millions file their returns. Some tax preparers (e.g., certified public accountants) have...

Filing Taxes
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
April 12, 2019

Despite tax law changes and new tax forms — which require intensive new training — volunteers at free tax preparation sites continued helping millions of Americans file their taxes this year.

The IRS Volunteer Income Tax Assistance (VITA) program and the...

1040 and Schedule A
April 8, 2019

Some 15.6 million U.S. workers were self-employed in 2018, many of whom are part of the growing gig economy and are taking side jobs. Self-employment can have complicated tax implications, but CBPP’s Get It Back Campaign has a...

Aerial view of Minneapolis
March 13, 2019

As we recognize the fourth annual Volunteer Income Tax Assistance (VITA) Awareness Day today, we also celebrate 50 years of VITA. This IRS-sponsored program trains volunteers to help millions of low- and moderate-income people file their taxes by providing accurate, free, and trustworthy tax preparation assistance. VITA sites are located across the country at community settings like libraries...

Women filing application
March 12, 2019

Congress is facing renewed calls to repeal or further delay the “Cadillac tax” — the excise tax on high-cost health plans. That would be unwise for two reasons: it would lose needed revenue and would set back efforts to slow the growth of health care costs.

The Affordable...

Stethoscope on money

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