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More than one in three young adults would benefit from workers without children being eligible to receive the federal EITC. This policy change would bolster young adults’ economic security.

The United States needs to raise more tax revenue to fund investments in the American people. This revenue can be obtained with reforms that would require the richest and wealthiest Americans to pay their fair share to support the society that makes their fortunes possible.

President Biden’s American Families Plan (AFP) would use personal income tax increases on very well-off individuals to finance investments in people—in childcare, education, higher education, reducing child poverty, and other related measures. The following analyses provide more information about the revenue proposals in the AFP.

If the bill becomes law, in 2022 federal taxes would go up for the average taxpayer among the richest one percent and down for the average taxpayer in other income groups.

The fiscal implications of a decline in commercial property values are important because the property tax is the dominant local source of taxes, and commercial property makes up a significant portion of the property base in cities.

The EITC benefits low-income people of all races and ethnicities. But it is particularly impactful in historically excluded Black and Hispanic communities where discrimination in the labor market, inequitable educational systems, and countless other inequities have relegated a disproportionate share of people to low-wage jobs.

Congress has a historic opportunity to fix the way the preferential treatment of investment income widens the racial wealth gap and to strive toward a racially equitable tax code.

10 state personal income tax reforms that offer the most promising routes toward narrowing racial income and wealth gaps through the tax code.

There are several ways that the House leadership could avoid this problem. One approach is for lawmakers to replace the SALT cap with a different kind of limit on tax breaks for the rich that actually raises revenue and avoids disfavoring some states compared to others as the SALT cap does. ITEP has suggested a way to do this.

This report finds that the vast majority of these tax increases would be paid by the richest 1 percent of Americans and foreign investors. The bill’s most significant tax cuts — expansions of the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC) — would more than offset the tax increases for the average taxpayer in all income groups except for the richest 5 percent.