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Even with large changes, many in the pass-through community are arguing that small pass-throughs don’t benefit since most or all of their taxable income falls below the 25 percent maximum rate. While correct on the small point, advocates miss the greater tax reform picture. Small pass-through businesses would still benefit from a number of other changes.
The Tax Foundation is grateful for all constructive feedback on its estimates, and will continue to strive to estimate the economic, revenue, and distributional effects of tax changes with the greatest accuracy possible.
One goal of the House Tax Cuts and Jobs Act is to move international business taxation to a territorial rather than a worldwide system. Here’s how it would work.
According to the Taxes and Growth model, the House Tax Cuts and Jobs Act should increase after-tax income by 4.5 percent for those in the second-lowest quintile, and by 4.6 percent for those in the middle quintile.
The way the state and local tax deduction, alternative minimum tax, and Pease limitation interact is complex. This primer makes things easier to understand.
Considered as a whole, this plan would make the U.S. substantially more competitive, not only due to lower rates but also due to a better tax structure.
Though admittedly complex, the pass-through anti-abuse rules in the Tax Cuts & Jobs Act represent a well-thought-out approach to dealing with this issue.
The widely anticipated House Tax Cuts and Jobs Act includes hundreds of structural changes to the tax code. Here are the eight most important provisions in no particular order.
The House Tax Cuts and Jobs act would fundamentally reform the U.S. tax code for the first time in over 30 years. Here are all the important details.
To achieve meaningful tax reform, Congress will require significant base-broadeners. Saving the property tax deduction makes the math more difficult, but still leaves clear paths forward.
Corporate tax reform done right is key to growing the economy, boosting real family incomes, and making the U.S. a better place in which to do business.
The state and local tax deduction isn’t just a costly federal subsidy. It also skews state and local tax policy decisions.
The broad conclusion here is that, in drafting the Republican Framework, lawmakers have left themselves with at least one significant lever for delivering middle class tax relief: the child tax credit.
A cap on the state and local deduction would limit tax increases for high-income taxpayers but also raise about one-quarter the revenue as full repeal.