The Tax Policy Blog

June 08, 2016

The Congressional Budget Office (CBO) has recently published their Macroeconomic Analysis of the President’s 2017 Budget. In it the CBO assessed four major topics including changes to the tax code, increased spending to reduce the federal deficit, increases in federal investment, and immigration reform.

Obama’s budget contains roughly $2 trillion in new tax proposals. Among...

Continue Reading...
June 08, 2016

The House of Representatives is about to consider the Puerto Rico Oversight, Management, and Economic Stability Act (the Act).  The Act will set up an Oversight Board to help deal with the current financial crisis on the island. The proximate cause of the crisis is the pending default on the island’s heavy debt load, run up in a decade-long burst of spending beyond the island’s...

Continue Reading...
June 08, 2016

Today is June 8, the birthday of U.S. Supreme Court Justice Byron White (1917-2002). Justice White wrote 994 opinions during his 31-year tenure on the Court, including the dissent in Quill v. North Dakota (1992), the case that reaffirmed a standard of physical presence for state sales tax jurisdiction. White...

Continue Reading...
June 08, 2016

Philadelphia City Council members are slated to vote on a tax proposal today. The original proposal by Philadelphia Mayor Jim Kenney included a 3-cent per ounce tax on sugar-sweetened beverages—48 times higher than Pennsylvania’s beer tax—that would generate $95 million annually for the...

Continue Reading...
June 07, 2016

The treatment of wine differs extensively across the states, and at higher rates than beer because of greater alcohol content. Check out today’s map below to see where your state lies on the wine tax spectrum.

...

Continue Reading...
June 07, 2016

Today is June 7, the date when the 2001 Bush tax cut, the first of two, was signed into law. (My colleague Scott Greenberg wrote a retrospective this morning.) Also today, Democratic primaries are...

Continue Reading...
June 07, 2016

Fifteen years ago, today, President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001 into law – perhaps the single most consequential piece of tax legislation enacted in the last quarter-century. A decade and a half later, it is worthwhile to review the legacy of this bill, which is often referred to as the first of two “Bush tax cuts."

The Bush tax...

Continue Reading...
June 06, 2016

It’s been clear for a while that the U.S. Congress will not pass a major tax reform bill in 2016. This means that it have been over 30 years since the last time that Congress undertook a comprehensive tax reform effort: the Tax Reform Act of 1986. Since then, the U.S. tax code has become more complex and...

Continue Reading...
June 06, 2016

Presidential candidate Hillary Clinton has a pretty good idea on taxes when it comes to itemized deductions. To explain what this idea is, though, one first needs to know a little bit of background on how itemized deductions work. Itemized deductions are the tax provisions that let people reduce their taxable incomes by listing things on their Schedule A. Some examples of itemized deductions include the deduction for mortgage interest payments, or deductions for state and local taxes.

... Continue Reading...
June 06, 2016

Today is June 6, the date in 1978 when California voters approved Proposition 13 by a wide margin of 65 percent to 35 percent. Spearheaded by activist Howard Jarvis after years of skyrocketing property tax increases, Prop. 13 immediately cut property taxes by 30 percent and capped them thereafter: property taxes are limited to 1 percent of assessed value and the assessed value can only be increased a maximum of 2 percent per...

Continue Reading...
June 03, 2016

Today is June 3, the date in 1929 when the U.S. Supreme Court decided Old Colony Trust Co. v. Commissioner, which held that a company agreeing to pay an employee’s income taxes for him is itself additional income with additional tax liability. It’s what I thought of immediately when Oprah gave away cars in 2004: the car’s $28,500...

Continue Reading...
June 02, 2016

Happy Thursday! I found some cool items in the Tax Foundation archives that can still teach us a lot of important lessons today. Here’s a few choice ones:

Economists Agree: Gross Receipts Taxes Belong in the Dustbin of Tax History (2007): In this post, Andrew Chamberlain explains how gross receipts taxes are an old and resoundingly discredited idea. From the...

Continue Reading...
June 02, 2016

Compared to taxes on alcoholic beverages such as wine and beer, distilled spirits are taxed at much higher rates across the states, ostensibly to adjust for higher alcohol content. Today’s map shows how spirit excise taxes in your state compare.
 ...

Continue Reading...
June 02, 2016

Today is June 2, the date in 1924 when the U.S. Tax Court was created to hear disputes over federal tax claims as part of that year’s Revenue Act. Originally called the U.S. Board of Tax Appeals, it was renamed in 1969.

Here are some interesting links I came across:

  • Louisiana Special Legislative Session to Start June 6: Tax changes and spending cuts...
Continue Reading...
June 01, 2016

Today is June 1, the date in 1796 when Tennessee became the 16th state. Tennessee has no income tax on wages, but a 6 percent “Hall tax” on dividends and interest that will be phased out under legislation signed last month. Sales tax is 7 percent statewide plus an average 2.46 percent in local sales taxes. Property taxes are among the lowest in...

Continue Reading...

Pages

Follow Us

About the Tax Policy Blog

Subscribe to Tax Foundation - Tax Foundation's Tax Policy Blog The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.

Monthly Archive