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Posts on Federal Tax
October 19, 2018

Realtors, veterinarians, and a range of other industry groups are pushing to dramatically expand the scope of the 2017 tax law’s “pass-through” deduction to allow their businesses to qualify. The wide range of requests, on full display at a recent IRS hearing, shows the creative ways that business owners and their tax planners will seek to stretch the deduction, which is essentially a giveaway...

Form 1040 And Refund Check
October 15, 2018

Major League Baseball (MLB) is pushing to let professional sports team owners benefit from the 20 percent “pass-through” deduction, a key provision of the 2017 tax law. This unwarranted change to proposed Treasury regulations to implement the law would come on top of several of the law’s...

Money Flying Away
October 11, 2018

We’ve explained that the 2017 tax law largely ignored working-class families, instead delivering large tax cuts to the most well-off and large, profitable corporations. A new analysis...

2017 Tax Law Gives White Households in Top 1% More Than All Races in Bottom 60%
October 2, 2018

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...

Repealing SALT Cap Would Add to 2017 Tax Law's Upward Tilt, Do Nothing for Working-Class Households
September 28, 2018

The House will vote today on the Ways and Means Committee’s “2.0” tax plan, which would double down on the fundamental flaws of the 2017 tax law. As we’ve explained, the bill would make permanent the law’s individual provisions and thereby favor the wealthy, worsen...

House GOP's 2.0 Tax Plan Delivers Largest Tax Cuts to Most Well-Off
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
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
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
August 31, 2018

Labor Day celebrates workers’ contributions to America’s prosperity. But even as our economy is growing, many people of color and women are struggling to get by on low wages. States can help make work pay by creating or...

Worker at a Machine
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...

Landing - Benefits of Indexing Capital Gains for Inflation Would Flow Almost Exclusively to the Top