Federal Budget and Economy Archive

TweetShareSharePin0 Shares The Internal Revenue Service has limped through yet another tax filing season, reduced to plugging staffing holes in customer service and returns processing by shifting workers around—and thus creating new tax administration gaps. Thanks to months-long delays in processing millions of 2020 tax returns, the agency’s most visible vulnerabilities have shifted from enforcement

TweetShareSharePin0 Shares On April 1, 2002, a press release announced, “The Tax Policy Center, a new joint venture between the Urban Institute and the Brookings Institution” was… Source link TweetShareSharePin0 Shares

TweetShareSharePin0 Shares When the Tax Cuts and Jobs Act (TCJA) was enacted, critics claimed that reducing the tax subsidy for mortgage interest would hurt home values. But new TPC research shows that the reduced deduction had very little effect on the size of new mortgages, suggesting that the changes in the TCJA have not substantively

TweetShareSharePin0 Shares Even as Republican governors blast President Biden and congressional Democrats for both causing inflation and failing to address it, they are promoting their own tax cuts that likely will add to consumer demand and raise prices. Putting more money in people’s pockets will increase demand for goods at a time of supply shortages.

TweetShareSharePin0 Shares Democratic leaders have pledged to combat higher petroleum prices due to Russia’s invasion of the Ukraine. Shying away from a Russian oil boycott, they have proposed a federal gas tax holiday to cushion US motorists from rising pump prices. But that policy would do little to benefit consumers while worsening fiscal imbalances, air

TweetShareSharePin0 Shares The 2017 Tax Cuts and Jobs Act (TCJA) changed the way parts of the tax code are indexed for inflation. Instead of using the standard inflation measure, the CPI-U, it shifted to what’s known as chained CPI, or C-CPI-U. At the time, the Joint Committee on Taxation estimated this would raise federal revenue

TweetShareSharePin0 Shares A key issue in the congressional debate over President Biden’s Build Back Better (BBB) plan is how it would affect the economy over the next couple of years. Identifying precise effects is unusually difficult due to the economic circumstances stemming from the pandemic. But the bill’s overall short-run effects on both growth and