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Document Type: Article/Tax Facts

1-10 of 164     Back to Types Next>>


A Comparison of State Minimum Wages  (Article/Tax Facts)
Norton FrancisYuri Shadunsky

This Tax Fact examines minimum wages across states. The current federal minimum wage, which applies to almost all employees, is $7.25 per hour — unchanged since 2010. The District of Columbia and 21 states set minimum wages higher than the federal rate.

Published: 04/01/14
Availability:   PDF


State Policy and EITC Expansion for Childless Workers (Article/Tax Facts)
Elaine MaagBrian David Moore

President Obama and others have proposed increasing the federal earned income tax credit for workers without qualifying children. That would automatically raise state EITCs in the 23 states that calculate a state-level credit for this group as a percentage of the federal credit.

Published: 03/20/14
Availability:   PDF


The War on Poverty Moves to the Tax Code (Article/Tax Facts)
Leonard E. BurmanElaine Maag

In 1975, the federal income tax code joined the "War on Poverty" with the enactment of the earned income tax credit (EITC). Today, tax credits form some of the largest and most effective anti-poverty programs in the US. In 2012, the Census Bureau estimated that tax credits cut poverty (under a broad measure that includes the effect of programs like Supplemental Nutrition Assistance Program benefits and the EITC) by 3 percentage points – more than SNAP (1.6 points) and TANF (0.2 points). The tax credits cut child poverty by a whopping 6.7 percentage points.

Published: 01/07/14
Availability:   PDF


Property Taxes in the United States (Article/Tax Facts)
Benjamin H. HarrisBrian David Moore

This Tax Fact examines the property tax burden as a share of home value in the United States. Most counties have property tax burdens between 0.5 and 1.5 percent of home value. As a share of home values, counties in the Northeast, parts of the Midwest, and Texas tend to have higher property taxes relative to other counties.

Published: 12/04/13
Availability:   PDF


SOI Releases New Data From Form W-2 (Article/Tax Facts)
Jim Nunns

Newly released W-2 data from the Statistics of Income (SOI) Division of IRS describe in detail the wages and retirement contributions of workers from 2008 through 2010. SOI economists Kevin Pierce and Jon Gober provide an overview of the data and compare them with (much less detailed) data for prior years in an SOI Bulletin article. Three charts illustrate the depth and usefulness of the data.

Published: 10/07/13
Availability:   PDF


Who Pays No Income Tax? A 2013 Update (Article/Tax Facts)
Roberton Williams

TPC estimates that 43 percent of Americans will pay no federal income tax this year, down from the peak of 50 percent in 2008 and 2009.

Published: 09/30/13
Availability:   PDF


The Benefits of the Mortgage Interest and Property Tax Deductions (Article/Tax Facts)
Benjamin H. HarrisAmanda Eng

The benefits of itemized deductions for mortgage interest and property taxes vary by income and demographic characteristics. The two deductions increase after-tax income most for high-income families, particularly those with children, while low-income households hardly benefit at all. On average, homeowners in the highest quintile see a 1.4 percent rise in after-tax income, compared with just a 0.3 percent increase for those in the middle quintile and virtually no gain for those in the bottom two quintiles. Within each income quintile, families with children experience the largest income boost, while elderly households benefit the least.

Published: 08/27/13
Availability:   PDF


Taxes on Foreign Earned Income  (Article/Tax Facts)
Eric Toder

While taxation of overseas profits of U.S. multinational corporations has made the headlines lately, U.S. citizens who work overseas also face special rules. Unlike most countries, the United States requires that its citizens pay tax on their worldwide income (with a credit for foreign taxes paid), even when they are residing elsewhere. But the United States also allows its citizens who reside abroad exclusion for the first $97,600 of their foreign earned income and a special housing allowance.

Published: 07/24/13
Availability:   PDF


State and Local Tax Deductions (Article/Tax Facts)
Yuri Shadunsky

Federal taxpayers choose between itemizing deductions and claiming the standard deduction. Itemizers can claim deductions for state and local income and property taxes paid. (Through 2013, taxpayers may deduct state and local sales taxes paid in lieu of income taxes.) In 2011, 46.6 million taxpayers claimed the deduction for state and local taxes paid, deducting almost $470 billion from their tax returns.

Published: 07/01/13
Availability:   PDF


A Practical Challenge to Stand-Alone Corporate Tax Reform (Article/Tax Facts)
Donald Marron

Leaders in both parties appear to favor revenue-neutral corporate tax reform that would lower today's 35 percent tax rate while slashing corporate tax breaks. Individual tax reform appears much more contentious, so some observers wonder whether Congress might pursue corporate tax reform by itself, separate from any individual reforms. Such reform faces a big practical challenge, however. Many corporate tax breaks also apply to noncorporate businesses, which are taxed under the individual income tax. Efforts to broaden the corporate base could therefore have significant effects on individual income taxes, making it difficult to pursue corporate reform separately.

Published: 05/06/13
Availability:   PDF

1-10 of 164     Back to Types Next>>