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Individual Tax Expenditures, Credits, and Deductions

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Inflation Reduction Act book minimum tax Inflation Reduction Act accelerated depreciation change in corporate tax liablities, book tax, or corporate minimum tax congressional budget office cbo Eliminating the alternative minimum tax eliminating the AMT inflation indexing, inflation adjusting state tax codes, traditional CPI, index brackets for inflation, index for inflation

A Closer Look at Eliminating the AMT

In our new Options for Reforming America’s Tax Code 2.0, there are several options that would simplify the tax code, including eliminating the alternative minimum tax (AMT). While this move would remove a source of complexity, policymakers should also consider reforming the deductions that created a justification for the AMT in the first place.

3 min read
Montana tax reform Gianforte tax reform (Gov Gianforte reform)

Montana Adopts Individual and Corporate Income Tax Reform

Montana adopted structural reforms to both individual and corporate income taxes during the recently adjourned legislative session, enacting three bills reducing individual tax rates, simplifying the state’s individual tax system, repealing 16 tax credits, and changing the apportionment factor for corporate income tax.

5 min read
Tax Relief for Families in Europe 2021 countries provide tax relief for families vs single worker without children

Tax Relief for Families in Europe

Most countries provide tax relief to families with children—typically through targeted tax breaks that lower income taxes. While all European OECD countries provide tax relief for families, its extent varies substantially across countries.

2 min read
Top statutory personal income tax rates in Europe 2021

Top Personal Income Tax Rates in Europe, 2021

Most countries’ personal income taxes have a progressive structure, meaning that the tax rate paid by individuals increases as they earn higher wages. The highest tax rate individuals pay differs significantly across Europe, with Denmark (55.9 percent), France (55.4 percent), and Austria (55 percent) having the highest top statutory personal income tax rates among European OECD countries.

3 min read
Evaluating Options to Help Low-Income Households Lift After-Tax Incomes

Evaluating Options to Help Low-Income Households

While strong economic growth—fueled by higher levels of investment, productivity, and jobs—will lift after-tax incomes over time, policies that provide relief by immediately boosting after-tax incomes of lower-income households are also available. As lawmakers consider such policies, they should keep in mind the trade-offs among them.

4 min read
American Jobs Plan Tax Biden Infrastructure Plan Details and Analysis Tax Foundation

Tax Policy in the First 100 Days of the Biden Administration

In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States.

4 min read

Common Tax Questions, Answered

Get answers to some of the tax policy questions we hear most often from taxpayers, businesses, and journalists. Learn everything from the basics of who pays taxes and the difference between credits and deductions, to how taxes impact the economy and what constitutes sound tax policy. Discover additional resources to explore each question and topic in more depth.

2021 tax season, tax refunds, IRS extends tax filing deadline to May 17

What to Expect During the 2021 Tax Season

The IRS recently announced the extension of tax filing and payment deadlines from April 15th to May 17th to help taxpayers navigating the many tax changes amid the pandemic and give the IRS opportunity to clear its backlog of tax returns and correspondence.

7 min read
Inflation Reduction Act stock buyback tax Making the expanded child tax credit permanent American Rescue Plan Act. House Democrats covid plan. House Ways and Means coronavirus relief legislation. House Ways and Means committee coronavirus relief legislation. Ways and Means Chairman Richard E. Neal coronavirus relief package. New coronavirus relief bill summary, Stimulus check round 2, unemployment benefits

Making the Expanded Child Tax Credit Permanent Would Cost Nearly $1.6 Trillion

As the Biden administration and Congress consider making the expanded child tax credit permanent, a nearly $1.6 trillion expansion of tax code-administered benefits, they should consider financing it in a way that doesn’t create significant headwinds to economic recovery.

3 min read
Total Covid relief (Total Covid-19 relief) in the US. Total unemployment insurance and total unemployment benefits, including total covid relief families. How much money has the US spent on covid-19 Comparing covid relief packages

U.S. COVID-19 Relief Provided More Than $60,000 in Benefits to Many Unemployed Families

During the pandemic, an unemployment family of four previously earning $60,000 will have received $50,840 in federal and state unemployment benefits from April 1, 2020 to September 6, 2021, plus $11,400 in stimulus payments, plus $7,200 in Child Tax Credit, totaling $69,440 in combined COVID-19 relief benefits.

4 min read