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.
Publication Search Results
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report June 29, 2023 Corporations Reap Billions in Tax Breaks Under ‘Bonus Depreciation’
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brief June 13, 2023 Expanding the Child Tax Credit Would Help Nearly 60 Million Kids, Especially Those in Families with Low Incomes
Restoring the federal Child Tax Credit to 2021 levels would benefit nearly 60 million children. Three-quarters of the benefit would go to families in the bottom three quintiles, consisting of households with less than $86,600 in income.
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brief June 11, 2023 Trio of GOP Tax Bills Would Expand Corporate Tax Breaks While Doing Little for Americans Who Most Need Help
The trio of tax bills that cleared the House Ways and Means Committee in June include tax cuts that would mostly benefit the richest one percent of Americans and foreign investors.
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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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brief March 30, 2023 How Local Governments Raise Revenue—and What it Means for Tax Equity
Most local tax systems are falling short of their potential. Well-structured local tax policies support communities by facilitating important investments and advancing fairness, but the tax revenue sources most utilized by local governments tend to disproportionately weigh on households with fewer resources. Learning from these realities can inform the path to improved tax policies and stronger communities.
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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.
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report March 10, 2023 Revenue-Raising Proposals in President Biden’s Fiscal Year 2024 Budget Plan
President Biden’s latest budget proposal includes trillions of dollars of new revenue that would be paid by the richest Americans, both directly through increases in personal income, Medicare and estate taxes, and indirectly through increases in corporate income taxes.
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brief March 3, 2023 Tax Avoidance Continues to Fuel School Privatization Efforts
Wealthy families are overwhelmingly the ones using school voucher tax credits to opt out of paying for public education and other public services and to redirect their tax dollars to private and religious institutions instead. Most of these credits are being claimed by families with incomes over $200,000.