Every year, the Office of Management and Budget (OMB) and the congressional Joint Committee on Taxation (JCT) publish lists of tax expenditures. These lists, sometimes called the Tax Expenditure ...

State government current receipts were just under $2.5 trillion in 2021. Tax receipts (largely from income and sales taxes) were 50 percent of the total, contributions to social insurance programs ...

BEPS 2, in contrast, would modify the fundamental rules for allocating multinational profits among countries. It consists of two main “pillars.” Pillar 1 would re-allocate part of the profits of the ...

Tax expenditures are revenue losses attributable to special exclusions, exemptions, deductions, credits, and other provisions in the tax code. The Congressional Joint Committee on Taxation (JCT) ...

After the TCJA’s changes, the SALT deduction is now claimed almost exclusively by high-income households. In 2020, only 3 percent of tax filers with adjusted gross income (AGI) between $20,000 and $50 ...

Corporate Tax Rate and Corporate Alternative Minimum Tax The Tax Cut and Jobs Act (TCJA) reduced the federal top corporate income tax rate from 35 percent to 21 percent, bringing the combined US ...

Dynamic estimates JCT’s original dynamic score found that the TCJA would boost economic activity (not the annual rate of growth) by an average of about 0.7 percent over the budget window. That growth ...

The federal government directly transferred $988 billion to state governments and $133 billion to local governments in 2021. These funds accounted for 18 percent of the federal government’s budget in ...

A capital gain occurs if a capital asset is sold or exchanged at a price higher than its “basis,” the original purchase cost plus the cost of improvements less depreciation. When a person inherits an ...

The 2017 Tax Cuts and Jobs Act (TCJA) imposed a new tax on a small group of private nonprofit colleges and universities. Institutions enrolling at least 500 students that have endowment assets ...

Exempting If, by contrast, a good or business is “exempt,” the government doesn’t tax the sale of the good, but producers cannot claim a credit for the VAT they pay on inputs to produce it. Because ...

TCJA changed the structure of several major itemized deductions. Under prior law, itemizers could claim deductions for all state and local property taxes and the greater of their state and local ...