The tax proposals from Vice President Kamala Harris would, on average, lead to a tax increase for the richest 1 percent of Americans and a tax cut for all other income groups.
Reports
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report October 23, 2024 A Distributional Analysis of Kamala Harris’ Tax Plan
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report October 7, 2024 A Distributional Analysis of Donald Trump’s Tax Plan
Former President Donald Trump has proposed a wide variety of tax policy changes. Taken together, these proposals would, on average, lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups.
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report September 13, 2024 Extending Temporary Provisions of the 2017 Trump Tax Law: Updated National and State-by-State Estimates
The TCJA Permanency Act would make permanent the provisions of the Tax Cuts and Jobs Act of 2017 that are set to expire at the end of 2025. The legislation… -
report July 30, 2024 Tax Payments by Undocumented Immigrants
Undocumented immigrants paid $96.7 billion in federal, state, and local taxes in 2022. Providing access to work authorization for undocumented immigrants would increase their tax contributions both because their wages would rise and because their rates of tax compliance would increase.
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report July 17, 2024 Improving Refundable Tax Credits by Making Them Immigrant-Inclusive
Undocumented immigrants who work and pay taxes but don’t have a valid Social Security number for either themselves or their children are excluded from federal EITC and CTC benefits. Fortunately, several states have stepped in to ensure undocumented immigrants are not left behind by the gaps in the federal EITC and CTC. State lawmakers should continue to ensure that immigrants who are otherwise eligible for these tax credits receive them.
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report July 16, 2024 Corporate Tax Breaks Contribute to Income and Racial Inequality and Shift Resources to Foreign Investors
Corporate tax cuts and corporate tax avoidance worsen income and racial inequality in our country. Most of the benefits flow to foreign investors and the richest 20% of Americans.
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report June 27, 2024 Who Benefits and Who Pays: How Corporate Tax Breaks Drive Inequality
Corporate tax breaks and corporate tax avoidance significantly contribute to income and racial inequality and largely benefit foreign investors.
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report June 26, 2024 States Should Enact, Expand Mansion Taxes to Advance Fairness and Shared Prosperity
The report was produced in partnership with the Center on Budget and Policy Priorities and co-authored by CBPP’s Deputy Director of State Policy Research Samantha Waxman.[1] Click here to use… -
report May 2, 2024 Corporate Taxes Before and After the Trump Tax Law
The Trump tax law slashed taxes for America’s largest, consistently profitable corporations. These companies saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2018.
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report April 11, 2024 Fairness Matters: A Chart Book on Who Pays State and Local Taxes
State and local tax codes can do a lot to reduce inequality. But they add to the nation’s growing income inequality problem when they capture a greater share of income from low- or moderate-income taxpayers. These regressive tax codes also result in higher tax rates on communities of color, further worsening racial income and wealth divides.
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report April 9, 2024 Who Pays Taxes in America in 2024
America’s tax system is just barely progressive, and not nearly as progressive as many suggest or as progressive as it could be. There is plenty of room for lawmakers to improve the progressivity of the tax code to combat economic, wealth, and racial inequality.
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report March 12, 2024 Revenue-Raising Proposals in President Biden’s Fiscal Year 2025 Budget Plan
President Biden’s most recent budget plan includes proposals that would raise more than $5 trillion from high-income individuals and corporations over a decade. Like the budget plan he submitted to Congress last year, it would partly reverse the Trump tax cuts for corporations and high-income individuals, clamp down on corporate tax avoidance, and require the wealthiest individuals to pay taxes on their capital gains income just as they are required to for other types of income, among other reforms.
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report February 29, 2024 Corporate Tax Avoidance in the First Five Years of the Trump Tax Law
The Trump tax law overhaul cut the federal corporate income tax rate from 35 percent to 21 percent, but during the first five years it has been in effect, most profitable corporations paid considerably less than that.
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report February 6, 2024 Tax Policy to Reduce Racial Retirement Wealth Inequality
Historic and ongoing discrimination have created stark racial disparities in the US, and the racial retirement wealth gap is one such example.
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report January 17, 2024 Ongoing Use of Offshore Tax Havens Demonstrates the Need for the Global Minimum Tax
Key Findings To avoid taxation, American corporations use accounting gimmicks that make profits appear to be earned in foreign jurisdictions which tax corporate profits very lightly or not at all.… -
report December 7, 2023 The Estate Tax is Irrelevant to More Than 99 Percent of Americans
The federal estate tax has reached historic lows. In 2019, only 8 of every 10,000 people who died left an estate large enough to trigger the tax. Legislative changes under presidents of both parties have increased the basic exemption from the estate tax over the past 20 years. This has cut the share of adults leaving behind taxable estates down from more than 2 percent to well under 1 percent.
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report October 30, 2023 Local Earned Income Tax Credits: How Localities Are Boosting Economic Security and Advancing Equity with EITCs
Leading localities are using refundable EITCs to boost incomes and reduce taxes for workers and families with low and moderate incomes. These local credits build on the success of EITCs at the federal and state levels, reduce economic hardship and improve the fairness of the tax code.
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report September 27, 2023 Supreme Corporate Tax Giveaway: Who Would Benefit from the Roberts Court Striking Down the Mandatory Repatriation Tax?
The Supreme Court is set to hear what could become one of the most important tax cases in a century. If decided broadly—with a ruling that strikes down the Mandatory Repatriation Tax for corporations, effectively making it unconstitutional to tax unrealized income—the Roberts Court’s decision in Moore v. US could stretch far beyond the plaintiffs themselves and would put in legal jeopardy many laws that prevent corporations and individuals from avoiding taxes and level the economic playing field.
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report August 29, 2023 Expanding the Child Tax Credit Would Advance Racial Equity in the Tax Code
Expanding the federal Child Tax Credit to 2021 levels would help nearly 60 million children next year. It would help the lowest-income children the most and would particularly help children and families of color.
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report July 11, 2023 ‘Fair Share Act’ Would Strengthen Medicare and Social Security Taxes
The Medicare and Social Security Fair Share Act would reform the taxes that Americans pay to finance these two important programs so that the richest 2 percent of Americans pay these taxes on most of their income the way that middle-class taxpayers already do.
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report June 29, 2023 Corporations Reap Billions in Tax Breaks Under ‘Bonus Depreciation’
Since TCJA expanded tax breaks for “accelerated depreciation” starting in 2018, it has reduced taxes by nearly $67 billion for the 25 profitable corporations that benefited the most. Congress is now looking at extending this policy.
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report May 11, 2023 Preventing an Overload: How Property Tax Circuit Breakers Promote Housing Affordability
Circuit breaker credits are the most effective tool available to promote property tax affordability. These policies prevent a property tax “overload” by crediting back property taxes that go beyond a certain share of income. Circuit breakers intervene to ensure that property taxes do not swallow up an unreasonable portion of qualifying households’ budgets.
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report May 4, 2023 Extending Temporary Provisions of the 2017 Trump Tax Law: National and State-by-State Estimates
The push by Congressional Republicans to make the provisions of the 2017 Tax Cuts and Jobs Act permanent would cost nearly $300 billion in the first year and deliver the bulk of the tax benefits to the wealthiest Americans.
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report March 23, 2023 State Income Tax Subsidies for Seniors
State governments provide a wide array of tax subsidies to their older residents. But too many of these carveouts focus on predominately wealthy and white seniors, all while the cost climbs.
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report March 16, 2023 Effects of President Biden’s Proposal to Expand the Child Tax Credit
In his latest budget proposal, President Biden proposes enhancing the Child Tax Credit (CTC) based on the temporary credit that was in effect for 2021 as part of the American Rescue Plan Act. In this report we analyze how that proposal would help children and families.