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Posts on Federal Tax
December 2, 2019

Expanding the Earned Income Tax Credit (EITC) and Child Tax Credit, as several proposals before Congress would do, could benefit hundreds of thousands of American Indian and Alaska Native (AI/AN) families nationwide, our new analysis shows.

In 2019, the EITC and Child Tax Credit will boost the incomes of about 400,000 AI/AN households, which disproportionately benefit from the tax...

Family on Beach
November 22, 2019

High-income taxpayers drive much of the “tax gap” — the gap between what taxpayers owe and what they voluntarily pay on time — finds a new paper from Professor Natasha Sarin and former Treasury Secretary Lawrence Summers, citing new...

Pass-Throughs Make Up Largest Portion of Tax Gap
November 18, 2019

Companion bills from Senate Finance Committee Ranking Member Ron Wyden and House Majority Whip James Clyburn would impose significant, and welcome, new guardrails on investments in “opportunity zones,” or low-income areas designated for special tax breaks.

Created by the 2017 tax law, the opportunity zone (OZ) provision lets investors defer taxes on capital gains (profits from the sale...

Pile of $100 bills
November 13, 2019

High-income, and especially high-wealth, tax filers enjoy many generous tax benefits that can dramatically lower their tax bills, our new report explains. Eliminating or limiting these preferences would make the tax code more progressive and help offset income...

Very Wealthy People Can Avoid Paying Annual Income Tax on Much of their Income
November 13, 2019

Policymakers who seek to raise more revenue from the nation’s wealthiest individuals could, for instance, strengthen the estate tax, raise the top personal income tax rate, end preferential treatment of capital gains and dividends, or impose new taxes on very wealthy households, our...

1040 Form
October 31, 2019

Update, November 1: we’ve updated this post.

The New York Times and ProPublica have highlighted major flaws in the 2017 tax law’s “opportunity zone” tax...

Form 1040 And Refund Check
October 31, 2019

The Earned Income Tax Credit (EITC) and Child Tax Credit together boosted the incomes of 28.1 million poor Americans in 2018, lifting 10.6 million above the poverty line and making 17.5 million others less poor, our analysis of new Census data shows. These totals include 11.9 million children, 5.5 million of whom were lifted out of poverty and another 6.4 million made less poor. The figures...

Earned Income Tax Credit and Child Tax Credit Have Powerful Anti-Poverty Impact
October 21, 2019

Policymakers should accompany any provision to aid restaurant and retail owners with provisions to help millions of people who work hard for low pay in restaurants, retail stores, and elsewhere by expanding the Earned Income Tax Credit (EITC) and the low-income part of the Child Tax Credit.

Worker rinsing pan
October 11, 2019

Latino communities across America come together between mid-September and mid-October to celebrate their diverse cultures and share their traditions. But Hispanic Heritage Month also offers a chance to recognize that expanding the Earned Income Tax Credit (EITC) and Child Tax Credit could benefit millions of Latino families nationwide.

Family of Four
October 7, 2019

The IRS didn’t collect billions of unpaid employment taxes due to inadequate funding for a key compliance program, a new report by the Treasury Inspector General for Tax Administration (TIGTA) finds. It shows that deep IRS funding cuts over the last decade have weakened the agency’s ability to perform its...

In Focus: Funding for IRS Enforcement and Operations Support Has Eroded