The U.S. faces substantial and unsustainable budget deficits, which will require tax increases and spending cuts to resolve. A carbon tax could raise revenues, with several positive effects: it would improve environmental outcomes, increase economic efficiency, and allow the elimination of...
Split interest and partial interest gifts have been with us for over a century. Donors have had a long-standing interest in making gifts and reserving certain critical rights with respect to the property given. This paper discusses certain important aspects of the split interest and partial...
In this chapter, we propose a value-added tax (VAT) to contribute to the U.S. fiscal solution. A 5 percent broad-based VAT, paired with subsidies to offset the regressive impacts, could raise about 1 percent of GDP per year. International experience suggests that the VAT can raise substantial...
The American Taxpayer Relief Act (ATRA) made estate tax law permanent following more than a decade of constant change. Following ATRA, the estate tax remains one of the most progressive parts of the tax code. In 2013, estates with gross assets exceeding $20 million will account for nearly three-...
Gene Steuerle testifies before the Committee on Oversight and Government Reform on labor force participation, taxes, and the social welfare system. Although there is some disagreement over the extent to which the nations social welfare systems affect work efforts, there is almost no disagreement...
Gene Steuerle testifies before the Committee on Ways and Means on tax reform and charitable contributions. This testimony centers on the point that a tax subsidy like that for charitable contributions should be treated like any other program of government, examined regularly, and reformed to...
This fact sheet examines the effects of the American Taxpayer Relief Act of 2012 (ATRA) on charitable giving. The major individual income tax provisions are estimated to increase giving by $3.3 billion or 1.5 percent, relative to 2012 law, mainly because of the increase in the top marginal tax...
The fiscal cliff debate culminated in the passage of the American Taxpayer Relief Act of 2012 (ATRA). ATRA makes permanent most of the tax cuts enacted in 2001 and 2003, permanently patches the alternative minimum tax, extends for five years the enhancements to individual income tax credits...
The inventory, or stock in trade, of a business is eligible for a special "enhanced" charitable contribution deduction under the federal income tax. The many requirements to claim an enhanced deduction present unique challenges for the Internal Revenue Service (IRS). This issue brief highlights...
High marginal tax rates can make moving above poverty very difficult for low-income families. These high tax rates result from increasing direct taxes and decreasing transfer payments. A single parent with two children who increases her wages from poverty-level to 150 percent of poverty-level...
Carbon Taxes as Part of the Fiscal Solution
The U.S. faces substantial and unsustainable budget deficits, which will require tax increases and spending cuts to resolve. A carbon tax could raise revenues, with several positive effects: it would improve environmental outcomes, increase economic efficiency, and allow the elimination of...
The Charitable Contribution Deduction: Reform and Simplification
Split interest and partial interest gifts have been with us for over a century. Donors have had a long-standing interest in making gifts and reserving certain critical rights with respect to the property given. This paper discusses certain important aspects of the split interest and partial...
Creating an American Value-Added Tax
In this chapter, we propose a value-added tax (VAT) to contribute to the U.S. fiscal solution. A 5 percent broad-based VAT, paired with subsidies to offset the regressive impacts, could raise about 1 percent of GDP per year. International experience suggests that the VAT can raise substantial...
Estate Taxes After ATRA
The American Taxpayer Relief Act (ATRA) made estate tax law permanent following more than a decade of constant change. Following ATRA, the estate tax remains one of the most progressive parts of the tax code. In 2013, estates with gross assets exceeding $20 million will account for nearly three-...
Labor Force Participation, Taxes, and the Nation's Social Welfare System
Gene Steuerle testifies before the Committee on Oversight and Government Reform on labor force participation, taxes, and the social welfare system. Although there is some disagreement over the extent to which the nations social welfare systems affect work efforts, there is almost no disagreement...
Tax Reform and Charitable Contributions
Gene Steuerle testifies before the Committee on Ways and Means on tax reform and charitable contributions. This testimony centers on the point that a tax subsidy like that for charitable contributions should be treated like any other program of government, examined regularly, and reformed to...
What Does the Fiscal Cliff Deal Mean for Nonprofits?
This fact sheet examines the effects of the American Taxpayer Relief Act of 2012 (ATRA) on charitable giving. The major individual income tax provisions are estimated to increase giving by $3.3 billion or 1.5 percent, relative to 2012 law, mainly because of the increase in the top marginal tax...
Tax Provisions in the American Taxpayer Relief Act of 2012 (ATRA)
The fiscal cliff debate culminated in the passage of the American Taxpayer Relief Act of 2012 (ATRA). ATRA makes permanent most of the tax cuts enacted in 2001 and 2003, permanently patches the alternative minimum tax, extends for five years the enhancements to individual income tax credits...
Enforcing the Enhanced Charitable Deduction: Improved Reporting on the Form 8283
The inventory, or stock in trade, of a business is eligible for a special "enhanced" charitable contribution deduction under the federal income tax. The many requirements to claim an enhanced deduction present unique challenges for the Internal Revenue Service (IRS). This issue brief highlights...
How Marginal Tax Rates Affect Families at Various Levels of Poverty
High marginal tax rates can make moving above poverty very difficult for low-income families. These high tax rates result from increasing direct taxes and decreasing transfer payments. A single parent with two children who increases her wages from poverty-level to 150 percent of poverty-level...