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.
Publication Search Results
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report May 4, 2023 Extending Temporary Provisions of the 2017 Trump Tax Law: National and State-by-State Estimates
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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.
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brief February 13, 2023 Higher Stock Buyback Tax Would Raise Billions by Tightening Loophole for the Wealthy
A higher excise tax rate on buybacks is completely reasonable. Quadrupling the rate, as the President proposes, would raise more revenue and cut into the tax advantage buybacks have over dividends. When a company uses their cash holdings to repurchase their own stock, it is an admission that they have few productive investment opportunities. The public does have productive uses for the tax revenue like infrastructure and schools that create value for the entire economy.
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brief January 17, 2023 The Pitfalls of Flat Income Taxes
Flat taxes have some surface appeal but come with significant disadvantages. Critically, a flat tax guarantees that wealthy families’ total state and local tax bill will be a lower share of their income than that paid by families of more modest means.
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report November 16, 2022 State Child Tax Credits and Child Poverty: A 50-State Analysis
Regardless of future Child Tax Credit developments at the federal level, state policies can supplement the federal credit to deliver additional benefits to children and families. State credits can be specifically tailored to meet the needs of local populations while also producing long-term benefits for society as a whole
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brief November 10, 2022 Twenty-Three Corporations Saved $50 Billion So Far Under Trump Tax Law’s “Bonus Depreciation” that Many Lawmakers Want to Extend
Nearly two dozen of America’s largest corporations together received roughly $50 billion in tax breaks from 2018 through 2021 under a Trump tax law provision that many lawmakers now want to extend. Corporate lobbyists are even asking Congress to extend this “accelerated depreciation” tax break as part of a possible year-end tax bill.