Menu

Individual Taxes Archive

TPC Answers Two Questions About Its Analysis of the House Ways & Means Committee’s Tax Bill

TweetShareSharePin0 Shares After the Tax Policy Center published its new analysis of the House Ways & Means Committee’s budget reconciliation tax plan, commentators asked two questions: Why did TPC suddenly create two sets of distributional tables: One that includes all major provisions of the bill and another that includes the individual income tax, the payroll

Whose Child Is It Anyway? The Ways & Means Definition Makes It Harder for The IRS To Know

TweetShareSharePin0 Shares To paraphrase Tolstoy, all simple families are alike; each complicated family is complicated in its own way. So when the tax code aims to deliver benefits for kids, expect complexity. But the proposed monthly child tax credit (CTC) in the Ways and Means reconciliation bill reaches new heights. It would extend the expansions

How To Fix the Problem of Small Retirement Accounts

TweetShareSharePin0 Shares Not only do many American fail to save enough for retirement, but many workers are plagued by a different, but related problem: They have collected multiple small job-based retirement accounts such as 401(k)’s. This is a problem because, when changing jobs, workers are more likely to cash out or lose track of small

Was The Senate’s Heated Crypto Tax Reporting Debate Much Ado About Nothing?

TweetShareSharePin0 Shares When Congress debates major legislation, the public often focuses on a single narrow issue—one frequently irrelevant to the main point of the bill. It happened when the Senate debated the $1 trillion infrastructure measure last month: Many paid outsized attention to tax reporting for cryptocurrency, a proposal that would have funded less than

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

You cannot copy content of this page

Social Media Auto Publish Powered By : XYZScripts.com