economic Archive

TPC Experiments with Another Model to Estimate the Economic Effects of Tax Law Changes
July 21, 2021
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TweetShareSharePin0 Shares The Tax Policy Center has traditionally measured the macroeconomic effects of tax changes based on historical experience and empirical estimates from the economics literature. But that isn’t the only way to estimate how tax changes affect the overall economy. Another one, implemented in the OG-USA model, considers how households respond to expected future
Alternatives for Boosting Economic Growth
July 2, 2021
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TweetShareSharePin0 SharesAs policymakers take into consideration tax obligation alternatives to increase the U.S. economic climate’s long-run financial development, they need to take into consideration reforms that would certainly enhance development the most while decreasing forgone tax obligation earnings. The effect of a tax obligation adjustment on long-run financial development for each buck of profits forgone

Economic Impact Payments Were Mostly Saved, Census Data Shows
June 29, 2021
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TweetShareSharePin0 Shares In 2020 and 2021, Congress enacted three rounds of economic impact payments (EIPs) for direct relief to households amidst the pandemic-induced downturn. Survey data from the U.S. Census Bureau indicates that households increasingly saved their EIPs or used them to pay down debt rather than spend them. About 90 percent of tax filers
US IRS Flags Deadline For Q2 Estimated Tax Payments
June 9, 2021
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TweetShareSharePin0 Shares by Mike Godfrey, Tax-News.com, Washington 09 June 2021 The US Internal Revenue Service has issued a reminder to taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without incurring a penalty.
Estimated tax is the method
Biden Child Tax Credit Changes and More Head Sniffin’
June 3, 2021
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TweetShareSharePin0 Shares President Biden’s newly released budget and the Treasury Department’s “Green Book” of revenue proposals outlines a vision of more spending administered through the tax code. The proposals have revived the debate over the proper role of spending in the tax code, and relies on the Internal Revenue Service (IRS) to further expand beyond
The Deficit Is Likely To Be Bigger Than Biden Projects, But Not Because Of A Rosy Economic Forecast
June 2, 2021
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TweetShareSharePin0 Shares Those of us who have been writing about the federal budgets for too long remember the sad history of presidents trotting out wildly optimistic economic assumptions to explain away growing deficits and debt. It was a tried-and-true way to hide their unwillingness to pay for ambitious spending with too little tax revenue. Former

Repealing Tariffs Would Be a Simple Option to Boost Economic Growth
June 1, 2021
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TweetShareSharePin0 Shares Of the many tax policies modeled in our new Options for Reforming America’s Tax Code 2.0, repealing the tariffs imposed under President Trump’s administration would be one of the simplest ways policymakers could boost economic growth. Starting in 2018, the U.S. imposed tariffs on a variety of goods, including aluminum, solar panels, steel,

Reviewing the Impact of Taxes on Economic Growth
May 21, 2021
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TweetShare1SharePin1 Shares With the Biden administration proposing a variety of new taxes, it is worth revisiting the literature on how taxes impact economic growth. In 2012, we published a review of the evidence, noting that most studies find negative impacts. However, many papers have been written since, some using more sophisticated empirical methods to identify
Countries Discuss Post-Pandemic Tax Agenda At UN Council Meeting
May 12, 2021
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TweetShareSharePin0 Shares by Ulrika Lomas, Tax-News.com, Brussels 12 May 2021 Experts speaking at the UN’s Economic and Social Council’s annual Special Meeting on International Cooperation in Tax Matters concluded that the international community must do more to tackle tax base erosion and profit shifting and offshore tax evasion.
Among other pressing topics, tax policy
Texas Car Sharing Tax Will Not Help State’s Economic Recover…
May 10, 2021
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TweetShareSharePin0 Shares That enables them to monetize their lorry when it would certainly or else not be utilized. Supporters of this proposition might suggest that it makes feeling to tax obligation peer-to-peer auto sharing like the rental vehicle market. The existing rental auto tax obligation in Texas currently damages the state’s capacity to draw in