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Posts on Federal Tax
February 27, 2020

As we celebrate the contributions of African Americans this month, we’d like to highlight a policy area where the Congressional Black Caucus (CBC) — created in 1971, a year after the first observance of Black History Month — has played a pivotal role and where many of its members are now working to build on past achievements. It’s the Earned Income Tax Credit (EITC), particularly the EITC for...

Person standing behind counter of diner

Senior Director of Federal Tax Policy

February 19, 2020

The gig economy has grown to about a quarter of all workers, but their participation in it varies widely: while 1 in 10 workers relies on gig work for their primary income, most gig workers are active just a...

Person in car looking at phone
February 12, 2020

Several bills in Congress, including the Economic Mobility Act that the House Ways and Means Committee approved last summer and the earthquake disaster package that the House passed last week, would give a significant boost to Puerto Rico’s low- and moderate-income families by strengthening the Commonwealth’s Earned Income Tax Credit (EITC) and the federal Child Tax Credit as it applies to...

Map of Puerto Rico
February 3, 2020

In finalizing its regulations on the 2017 tax law’s “opportunity zones,” the Treasury Department took some questionable business giveaways that were included in its proposed regulations and actually expanded them.

The Joint Committee on Taxation (JCT) has nearly doubled its estimate of the zones’ cost in lost federal revenue, and the new regulations could raise those costs even more....

Projections of Lost Revenue From Opportunity Zones Have Nearly Doubled
January 31, 2020

Today is Earned Income Tax Credit (EITC) Awareness Day, a time to bring attention to the EITC and other refundable tax credits to encourage more eligible taxpayers to claim them. Some 25 million working households claimed nearly $63 billion in federal EITCs last year.

The EITC’s critical...

Father and Kids Outside
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

Senior Director of Federal Tax Policy

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...

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