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Republican Study Committee Budget: Tax Policy Ideas

TweetShareSharePin0 Shares While much of the tax policy now under debate aims to increase the tax burden on businesses, several policies in the newly released Republican Study Committee (RSC) budget for Fiscal Year 2022 focus on reducing the tax code’s barriers to investment and saving. The RSC budget contains many possible tax reforms, but two

State & Local Property Tax Collections per Capita

TweetShareSharePin0 Shares Property taxes are an important source of revenue for local and state governments. In fiscal year (FY) 2018 (the most recent year of data available), property taxes generated 31.1 percent of total U.S. state and local tax collections and 71.7 percent of local tax collections. Local governments rely heavily on property taxes to fund schools, roads, police

Advanced Child Tax Credit

TweetShareSharePin0 Shares Congress has passed legislation creating a much expanded child tax credit (CTC) and requiring the IRS to make advance payments of the CTC during the 2021 tax year starting in July.  The expanded credit provides a $3,600 credit for every child under 6 and a $3,000 credit for every child under 17.  The

Norms, Returns, and Refunds | Tax Policy Center

TweetShareSharePin0 Shares Treasury Secretary Yellen on corporate tax increase: A return to historical norms. In an address to the US Chamber of Commerce Global Forum on Economic Recovery, Yellen said  revenues from a corporate tax increase would reduce inequality and rebuild the country’s infrastructure. “With corporate taxes at a historical low of 1 percent of

A Comparison of the Tax Burden on Labor in the OECD, 2021

TweetShareSharePin0 Shares Key Findings Average wage earners in the OECD have their take-home pay lowered by two major taxes: individual income and payroll (both employee and employer side). Value-added (VAT) and sales taxes also place a tax burden on take-home pay used for consumption. Before accounting for VAT and sales tax, the average tax burden

How nonfilers can claim advance child tax credit payments

TweetShareSharePin0 Shares In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). To process

Further Initial Thoughts on CIC Services

TweetShareSharePin0 Shares In this brief post and following on Professor Bryan Camp’s discussion, I offer some initial observations on the Supreme Court’s CIC Services opinion.  As Keith noted in his introduction to Bryan’s post, I am not disinterested in this issue-with the Harvard Clinic and on behalf of the Center for Taxpayer Rights I helped

Payments, Patriots, and Pot | Tax Policy Center

TweetShareSharePin0 Shares Coming soon: Enhanced and advanced child tax credit payments. Beginning July 15, about 39 million families and over 65 million children will receive enhanced monthly child tax credit payments of $300 for each child under age 6 and $250 for those ages 6 to 17. The benefit will reach 88 percent of children
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