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Individual Taxes Archive

Retirement Tax Benefits Exacerbate Racial Inequities

TweetShareSharePin0 Shares In a recent report co-authored with University of Chicago Professor Daniel Hemel, I described how our retirement tax system favors the rich disproportionately. But it’s worse than that:  Our system of generous tax subsidies for retirement savings—such as 401(k) plans, other defined contribution plans, and individual retirement accounts (IRAs)—also exacerbates racial inequities. Due

The COVID-19 Pandemic Drove A Huge, But Temporary, Increase in Households That Did Not Pay Federal Income Tax

TweetShareSharePin0 Shares The COVID-19 pandemic and the policy response to it led to an extraordinary increase in the number of American households that owed no federal individual income tax in 2020. The Tax Policy Center estimates that last year more than 107 million households, or nearly 61 percent, owed no income tax or even received

Mega IRAs Reflect Mega Legislative Mistakes

TweetShareSharePin0 Shares Mega-IRAs are hot this summer, following a June 2021 report by the nonprofit news service ProPublica that revealed—based on leaked IRS files—that a handful of high-net-worth individuals have accumulated massive individual retirement account (IRA) balances. The congressional Joint Committee on Taxation also reported that in 2019 more than 28,000 taxpayers owned IRAs worth

Crypto Confusion Shows Why Congress Is Broken

TweetShareSharePin0 Shares In what has become common practice, a handful of senators and Administration staffers tried over a few days to draft a highly complex bit of tax legislation in a (at least a metaphorical) backroom in the dark of night. The piece of the massive infrastructure bill just approved by the Senate would require

How Can Congress Protect Families Who Receive Excessive Child Tax Credit Payments?

TweetShareSharePin0 Shares Families began receiving monthly Child Tax Credit (CTC) payments on July 15. For many, those regular payments—currently permitted through the end of the year—will combat poverty and help families keep current on monthly bills without having to borrow. But because the CTC depends on income, number of children, and marital status, some changes
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