While 19 states have enacted a tax on recreational marijuana, there is no standard cannabis tax in the US the way there is an alcohol tax, cigarette tax, and gas tax.
Instead, governments use three different types of cannabis taxes: a percentage-of-price tax, a weight-based tax, and a...
Total state tax revenue collections increased 21.7 percent in nominal terms and 13.9 percent in real terms in the first quarter of 2022 relative to a year earlier.
The double-digit growth in state tax revenues is from very volatile sources and is largely attributable to atypical revenue-...
In 2021, the American Rescue Plan Act temporarily expanded the child tax credit (CTC) to provide a credit of up to $3,000 per child ages 6 to 17 and up to $3,600 per child under age 6. Many families with very low incomes, including some not typically required to file a tax return, were eligible...
Families typically receive the child tax credit (CTC) as part of an annual refund after filing their tax returns. The American Rescue Plan Act changed that temporarily. From July to December 2021, the Internal Revenue Service automatically delivered up to half the anticipated annual credit to...
Each year, the Internal Revenue Services receives over 3 billion information returns, such as W-2s and 1099-INTs, from employers, banks, and other entities. The IRS also collects some data about taxpayers from other government agencies and the private sector. But given budget cuts and data...
On June 22, 2022, William Gale testified before the House Select Committee on Economic Disparity and Fairness in Growth in a hearing entitled, "Tackling the Tax Code: Evaluating Fairness, Efficiency, and Potential to Spur Inclusive Economic Growth."
The American Rescue Plan temporarily increased the child tax credit (CTC) in 2021, including extending the credit to families who had not previously filed tax returns. The Internal Revenue Service automatically sent monthly payments of the CTC to families that had filed a tax return in 2019 or...
Total state tax revenue collections increased 24.1 percent in nominal terms and 17.2 percent in real terms in the fourth quarter of 2021 relative to a year earlier.
Although state revenue collections have grown rapidly in the most recent months and reported revenue growth is widespread...
The 2021 temporary expansion of the child tax credit (CTC) was unprecedented in its reach, lifting 3.7 million children out of poverty as of December 2021. It provided families with up to $3,600 for every child in the household under the age of six, and up to $3,000 for every child between the...
The Pros and Cons of Cannabis Taxes
While 19 states have enacted a tax on recreational marijuana, there is no standard cannabis tax in the US the way there is an alcohol tax, cigarette tax, and gas tax.
Instead, governments use three different types of cannabis taxes: a percentage-of-price tax, a weight-based tax, and a...
State Tax and Economic Review, 2022 Quarter 1
Total state tax revenue collections increased 21.7 percent in nominal terms and 13.9 percent in real terms in the first quarter of 2022 relative to a year earlier.
The double-digit growth in state tax revenues is from very volatile sources and is largely attributable to atypical revenue-...
Lack of Awareness and Confusion over Eligibility Prevented Some Families from Getting Child Tax Credit Payments
In 2021, the American Rescue Plan Act temporarily expanded the child tax credit (CTC) to provide a credit of up to $3,000 per child ages 6 to 17 and up to $3,600 per child under age 6. Many families with very low incomes, including some not typically required to file a tax return, were eligible...
Many Adults with Lower Income Prefer Monthly Child Tax Credit Payments
Families typically receive the child tax credit (CTC) as part of an annual refund after filing their tax returns. The American Rescue Plan Act changed that temporarily. From July to December 2021, the Internal Revenue Service automatically delivered up to half the anticipated annual credit to...
Machine Learning and Tax Enforcement
Each year, the Internal Revenue Services receives over 3 billion information returns, such as W-2s and 1099-INTs, from employers, banks, and other entities. The IRS also collects some data about taxpayers from other government agencies and the private sector. But given budget cuts and data...
Tackling the Tax Code: Evaluating Fairness, Efficiency, and Potential to Spur Inclusive Economic Growth
On June 22, 2022, William Gale testified before the House Select Committee on Economic Disparity and Fairness in Growth in a hearing entitled, "Tackling the Tax Code: Evaluating Fairness, Efficiency, and Potential to Spur Inclusive Economic Growth."
Early Lessons on Increasing Participation in The Child Tax Credit
The American Rescue Plan temporarily increased the child tax credit (CTC) in 2021, including extending the credit to families who had not previously filed tax returns. The Internal Revenue Service automatically sent monthly payments of the CTC to families that had filed a tax return in 2019 or...
State Tax and Economic Review, 2021 Quarter 4
Total state tax revenue collections increased 24.1 percent in nominal terms and 17.2 percent in real terms in the fourth quarter of 2021 relative to a year earlier.
Although state revenue collections have grown rapidly in the most recent months and reported revenue growth is widespread...
Child Tax Credit Recipients Experienced a Larger Decline in Food Insecurity and a Similar Change in Employment as Nonrecipients Between 2020 and 2021
The Impacts of the 2021 Expanded Child Tax Credit on Family Employment, Nutrition, And Financial Well-Being
The 2021 temporary expansion of the child tax credit (CTC) was unprecedented in its reach, lifting 3.7 million children out of poverty as of December 2021. It provided families with up to $3,600 for every child in the household under the age of six, and up to $3,000 for every child between the...