On June 13, 2003, the IRS requested public comments on a proposed EITC procedure. The goal of this new EITC procedure, known as precertification, is to reduce EITC error rates by individuals who are ineligible. Because a variety of questions have been raised about this procedure, and also...
We find that estate tax repeal would reduce charitable bequests by between 22 and 37 percent, or between $3.6 billion and $6 billion per year. Previous studies are consistent with this finding, and also imply that repeal would reduce giving during life by a similar magnitude in dollar terms. The...
In recent years, the largest budgetary decisions of Congress have been concentrated in two areas: tax cuts and expansions in health care, particularly Medicare. Given all the rhetoric that surfaced during the tax cut debate, it might be worthwhile to see how consistently these arguments have...
[ Brookings Institution] This brief argues that the time is ripe for an integrated credit that combines the Earned Income Tax Credit (EITC) and the CTC into an Earned Income Child Credit (EICC). The proposed EICC simplifies and standardizes the definition of qualifying children and those...
Events leading up to the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) highlighted the role of tax provisions that expire at a given date, which are commonly known as "sunsets." This article examines trends in the magnitude and nature of sunsets, and discusses...
[Newsday] The tax bill that President George W. Bush signed into law last week sped up most of the 2001 tax cuts' provisions that were supposed to phase in gradually. Left out, however, were provisions that would have helped low-income working familiesincluding the increase in the refund...
President Bush has proposed to eliminate individual income tax on most stock dividends and both houses of Congress have passed bills that would reduce or eliminate taxes on dividends, at least temporarily. This column looks at who has stock dividends and how dividend income is distributed.
If one is a traditional tax reformer, there was much to recommend in the president's initial approach to tax policy. As the tax "reform" process has unraveled, however, Congress has twisted various tax bills into budget packages oriented toward meeting some sound bite, such as the size of each...
The president's 2003 tax proposals include accelerating the so-called "marriage penalty" relief for middle- and upper-class married couples, rather than phasing in the change over a decade. Yet, for the largest source of cash assistance to low-income working families—the earned income tax credit...
[Los Angeles Times] On May 15, the Senate passed a tax cut that would probably prove even more costly and less responsible than the Bush Administration. The president's dividend-relief proposal would cost almost $400 billion over the next 10 years. The Senate version could end up costing...
Research Required for the EITC Precertification Procedure
On June 13, 2003, the IRS requested public comments on a proposed EITC procedure. The goal of this new EITC procedure, known as precertification, is to reduce EITC error rates by individuals who are ineligible. Because a variety of questions have been raised about this procedure, and also...
Effects of Estate Tax Reform on Charitable Giving
We find that estate tax repeal would reduce charitable bequests by between 22 and 37 percent, or between $3.6 billion and $6 billion per year. Previous studies are consistent with this finding, and also imply that repeal would reduce giving during life by a similar magnitude in dollar terms. The...
From Taxes to Health Care
In recent years, the largest budgetary decisions of Congress have been concentrated in two areas: tax cuts and expansions in health care, particularly Medicare. Given all the rhetoric that surfaced during the tax cut debate, it might be worthwhile to see how consistently these arguments have...
Tax Reform for Families
[ Brookings Institution] This brief argues that the time is ripe for an integrated credit that combines the Earned Income Tax Credit (EITC) and the CTC into an Earned Income Child Credit (EICC). The proposed EICC simplifies and standardizes the definition of qualifying children and those...
Sunsets in the Tax Code
Events leading up to the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) highlighted the role of tax provisions that expire at a given date, which are commonly known as "sunsets." This article examines trends in the magnitude and nature of sunsets, and discusses...
Give the 'Lucky Duckies' a Helping Hand, Too
[Newsday] The tax bill that President George W. Bush signed into law last week sped up most of the 2001 tax cuts' provisions that were supposed to phase in gradually. Left out, however, were provisions that would have helped low-income working familiesincluding the increase in the refund...
17 Percent of Families Have Stock Dividends
President Bush has proposed to eliminate individual income tax on most stock dividends and both houses of Congress have passed bills that would reduce or eliminate taxes on dividends, at least temporarily. This column looks at who has stock dividends and how dividend income is distributed.
Toying With the Economic Future
If one is a traditional tax reformer, there was much to recommend in the president's initial approach to tax policy. As the tax "reform" process has unraveled, however, Congress has twisted various tax bills into budget packages oriented toward meeting some sound bite, such as the size of each...
Working Poor Won't Get Quick Relief
The president's 2003 tax proposals include accelerating the so-called "marriage penalty" relief for middle- and upper-class married couples, rather than phasing in the change over a decade. Yet, for the largest source of cash assistance to low-income working families—the earned income tax credit...
Congress Morphs an 'Itty-Bitty' Tax Cut Into a Budget Buster
[Los Angeles Times] On May 15, the Senate passed a tax cut that would probably prove even more costly and less responsible than the Bush Administration. The president's dividend-relief proposal would cost almost $400 billion over the next 10 years. The Senate version could end up costing...