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Posts on Federal Tax
June 29, 2018

The Senate Appropriations Committee-approved 2019 budget for the Internal Revenue Service (IRS) would further weaken the agency’s ability to serve taxpayers and enforce the 2017 tax law. At $11.3 billion, the committee’s proposed level for the IRS is below the...

 IRS Funding Has Fallen Sharply, Is Targeted For Deeper Cuts In Senate Committee Bill
June 21, 2018

The 2017 tax law’s deduction for certain “pass-through” business income — 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 — will reduce federal revenues by $60 billion in 2021, the Joint Committee on Taxation (JCT)...

Pass-Through Deduction Projected to Cost Twice as Much as Pell Grants
June 20, 2018

The new tax law could wind up harming the vast majority of low- and middle-income families, an updated Tax Policy Center (TPC) analysis shows. It considers several plausible ways to pay for the tax cuts and concludes, “when the notion that the tax cuts must be paid for is taken...

Bottom Three-Fifths of Households Could Lose Under 2017 Tax Law, Once Fully Financed
May 31, 2018

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...

Calculator - Tax Rates
May 24, 2018

The new Congressional Budget Office (CBO) analysis of President Trump’s 2019 budget shows how seriously his tax policies — particularly the 2017 tax law, which will cost $1.9 trillion over the next decade (and even more if policymakers make any of its temporary tax cuts permanent) — are eroding the nation’s revenue base.

CBO estimates...

Under Trump Policies, Revenues Will Fall Well Below Historical Average Despite Strong Economy
May 24, 2018

May 29, 2018: We’ve updated the cost of the proposal in this post.

Lawmakers need not look far to find ways to help struggling families with children raise their living standards.  Canada recently adopted the Canada Child Benefit (CCB), a dramatic...

Canadian-Style Child Benefit Would Be a Major Improvement for Low- and Middle-Income Families
May 24, 2018

The House Appropriations Committee’s 2019 funding bill for the IRS doesn’t begin to address the decline in enforcement funding in recent years. That’s particularly ill-advised as the IRS soon begins enforcing the 2017 tax law, which creates many new...

House Bill Would Leave IRS Enforcement Division Funding 25 Percent Below 2010 Level
May 17, 2018

The 2017 tax law not only delivers large, direct tax cuts to wealthy Americans but also creates myriad opportunities for them to push the boundaries of the tax code to reduce their tax bills further, which would make the law even costlier and more tilted to the top...

Dollar Bill
May 16, 2018

This week is the sixth annual National Infrastructure Week, a bipartisan event designed to draw attention to the severe need to rebuild the nation’s infrastructure. Policymakers appear ...

Traffic on Highway
May 7, 2018

The President’s plan to raise rents on low-income working families, the elderly, and people with disabilities who receive rental assistance is particularly striking when contrasted with the real estate industry’s large tax benefits from the 2017 tax law. Commercial real...

Money House #2

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