Tax expenditures are revenue losses that occur when federal tax law provisions reduce what individuals or businesses owe in taxes. They support certain activities, or they assist specific groups of ...

Several provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) affecting individual income taxes are set to expire after 2025. Key among these expiring provisions are changes to the child tax credit ...

People who filed tax returns for either 2007 or 2008 qualified for “recovery rebates.” In total, the rebates lowered the average filer’s federal tax burdens by about 5 percent in 2008 (reducing the ...

A tariff is a tax on imported goods. Despite what the President says, it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country. Thus, if the US ...

State gas taxes vary, but all states and the District of Columbia levy some kind of tax on motor fuels. In 2023, per gallon gas tax rates ranged from 8.95 cents in Alaska to 62.9 cents in California.

The American Rescue Plan Act significantly expanded the child tax credit (CTC) for 2021, but according to the Treasury Department, as many as 2.3 million children might miss out on benefits because ...

Our guest this week is Kyle Pomerleau, a senior fellow at the American Enterprise Institute. He will discuss the tax provisions in the Inflation Reduction Act and how the legislation could impact the ...

A maximum tax rate of 37 percent applies to “short-term” capital gains, or gains on an asset held for less than a year. This relatively high short-term rate incentivizes many people to hold onto their ...

Nothing is sure in life but death, taxes, and fighting over the IRS budget. The 2022 Inflation Reduction Act (IRA) boosted the IRS’s funding by nearly $80 billion over a decade, but Congress quickly, ...

Research report State Revenues Show Sluggish Growth Through the First Six Months of 2024 State Tax and Economic Review, 2024 Quarter 1 Lucy Dadayan Display Date September 17, 2024 File File Download ...

The American Rescue Plan Act of 2021 (ARP) temporarily expanded the so-called “childless” EITC, or the earned income tax credit for workers without children at home. The maximum credit for these ...

Fines and fees can impose heavy burdens on those who come into contact with the criminal legal system. Using nationally representative data from the Urban Institute’s 2023 Well-Being and Basic Needs ...