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Individual Tax Expenditures, Credits, and Deductions

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Spain Recovery Plan Tax Hikes 2020 Spanish Regional Tax Competitiveness Index, Spain economic recovery, Spain recovery budget, Spain recovery plan

2020 Spanish Regional Tax Competitiveness Index

The Regional Tax Competitiveness Index (RTCI) for Spain allows policymakers, businesses, and taxpayers to evaluate and measure how their regions’ tax systems compare. This Index has been designed to analyze how well regions structure their tax system. Additionally, it serves as a road map for policymakers to reform their tax systems and make their regions more competitive and attractive for entrepreneurs and residents.

7 min read
corporate alternative minimum tax corporate amt or corporate minimum tax build back better additional relief for coronavirus, additional stimulus payments

Additional Pandemic Relief Might Be Taking Shape

With days left until government funding runs out, congressional lawmakers are down to the wire to fund the government and provide additional pandemic-related relief to the households and businesses trying to make it through the winter.

3 min read
Permanent Build Back Better middle class tax hike Tax Cuts and Jobs Act, Tax Reform

Outlining a Path for Tax Policy Compromises

While a sweeping tax policy bill is unlikely in the near future, lawmakers may be able to come together on a smaller scale. Pairing better cost recovery on a permanent basis with support for vulnerable households as well as additional pandemic-related relief would help promote a more rapid return to growth and help businesses and households weather the ongoing crisis.

4 min read
Federal tax policy after the 2020 election, upcoming federal tax increases, another round of economic relief

Prospects for Federal Tax Policy After the 2020 Election

President Biden and Congress should concentrate on areas of common ground, finding incremental places to improve the tax code. A bipartisan bill recently introduced to help retirement savings is a good model for what incremental reform may look like.

4 min read
GILTI by country not as simple

Biden’s Call for More Tax Credits Further Complicates the Tax Code

Over the course of the 2020 presidential election campaign, Democratic nominee Joe Biden has proposed new tax credits for health insurance, child care, elderly care, and homeownership, in addition to expansions of the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC).

3 min read
refundable tax credits definition What are the 2021 Tax Brackets?What are the 2020 Tax Brackets? 2021 federal income tax brackets, 2020 federal income tax brackets

2021 Tax Brackets

The IRS recently released the new 2021 tax brackets and rates. Explore updated credits, deductions, and exemptions, including the standard deduction & personal exemption, Alternative Minimum Tax (AMT), Earned Income Tax Credit (EITC), Child Tax Credit (CTC), capital gains brackets, qualified business income deduction (199A), and the annual exclusion for gifts.

6 min read

Top Rates in Each State Under Joe Biden’s Tax Plan

President Joe Biden’s tax plan would yield combined top marginal state and local rates in excess of 60 percent in three states: California, Hawaii, and New Jersey (also New York City).

4 min read
The US federal tax system is progressive overall

Congressional Budget Office Releases 2017 Data on Household Income and Tax Burdens

Contrary to the perceptions of some, new data indicate that (1) income earned after taxes and transfers has increased over the past several decades for all income groups; (2) the federal tax system is increasingly progressive; and (3) that system relies heavily on higher earners to raise revenue for government services and means-tested transfers.

3 min read

Biden’s Proposal Would Shift the Distribution of Retirement Tax Benefits

One of Biden’s tax proposals that has gotten little attention is a change that would shift the benefits of tax deferral in traditional retirement accounts toward lower- and middle-income earners. The plan would reduce the tax benefit for those earning above $80,250 but under $400,000, violating Biden’s tax pledge to not raise taxes on earners below the $400,000 threshold.

5 min read
Biden Made in America manufacturing plan to boost R&D

Reviewing Joe Biden’s Tax Vision

Biden’s tax vision is twofold: higher taxes on high-income earners and businesses paired with more generous provisions for specific activities and households.

4 min read