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POLICY INSIGHT
BEYOND THE NUMBERS

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December 6, 2017

The House- and Senate-passed Republican tax bills each impose a 1.4 percent excise tax on the income from endowments of some private colleges and universities. The idea appears to stem from a larger proposal, as explained below, to boost educational opportunities for low- and moderate-income students. Congressional Republicans, however, are using the tax to help pay for tax cuts that mainly...

College graduates
December 5, 2017

The part of the federal income tax deduction for state and local taxes (SALT) that’s most valuable to taxpayers in 77 percent of House districts — not just those with relatively high taxes — is the deduction for state and local income or sales taxes. Yet that’s exactly the part of SALT that both the House- and Senate-passed tax bills would eliminate.

The SALT deduction lets...

Dollar Bill Puzzle Pieces
December 5, 2017

As we’ve explained, the tax bill that congressional Republicans are finalizing is step one of a likely two-step tax and budget agenda: enacting costly tax cuts now that are heavily skewed toward wealthy households and profitable corporations, then decrying the enlarged deficits that those tax cuts fuel — and...

Dollar and Columns
December 5, 2017

Low- and moderate-income working families are largely an afterthought in the House- and Senate-passed tax bills, which are heavily tilted to wealthy households and profitable corporations and add significantly to budget deficits. Addressing these fundamental flaws would effectively require the House-Senate conference committee that will iron out differences between the bills to start over and...

JCT and CBO: Senate Tax Bill Cuts Spending, Raises Taxes for Lower-Income Households to Help Pay for Tax Cuts
December 5, 2017

Rushing to pass a tax bill last week, Senate Republicans worsened its harmful provisions and highlighted the worst elements of their process for enacting it.

As the Senate began considering the Finance Committee-approved bill on Wednesday, Congress was already moving on a fast track on...

Capitol - wide view
December 5, 2017

The Senate-passed tax bill would double the value of estates that’s exempt from the estate tax, from $11 million per couple ($5.5 million per person) to $22 million per couple ($11 million per person). And, as explained below, Senate Finance Committee...

quarter on graph
December 1, 2017

This week at CBPP, we focused on federal taxes, the federal budget, state budgets and taxes, health, food assistance, housing, and the economy.

On federal taxes, we tracked the congressional tax debate. Chye-Ching Huang...
Total State K-12 Funding Below 2008 Levels in Most States
December 1, 2017

We’ll be posting updates here throughout the debate.

U.S. Capitol
November 30, 2017

Millions of households would face tax increases or get little from the Senate tax bill – even before most of its individual income tax provisions would sunset in 2025, new Joint Committee on Taxation (JCT) estimates released yesterday show.

E Pluribis Unum Budget
November 30, 2017

Underscoring that large, permanent tax cuts for corporations are President Trump’s highest priority for the Senate tax bill, the President is reportedly opposed to a proposed amendment from Senators...

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