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Individual Tax Expenditures, Credits, and Deductions

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Trump no tax on tips proposal to exempt tipping from income taxation

Frustrated with Tipping? No Tax on Tips Could Make It Worse

“No tax on tips” might be a catchy idea on the campaign trail. But it could create plenty of headaches, from figuring out tips on previously untipped services to an unexpectedly large loss of federal revenue.

6 min read
Placing Biden Tax Proposals and Trump Tax Proposals in Historical Context Largest Tax Increase and Largest Tax Hike in History and Largest Tax Decrease and Largest Tax Cut in History

Placing Biden and Trump Tax Proposals in Historical Context

From President Biden calling the Tax Cuts and Jobs Act the “largest tax cut in American history,” to former President Trump claiming that Biden “wants to raise your taxes by four times,” the campaign rhetoric on taxes may be sparking some confusion.

5 min read
Full TCJA extension fiscal challenges highlighted by latest CBO projections

Latest CBO Projections Highlight Fiscal Challenge of Full TCJA Extension

While neither full expiration nor a deficit-financed full extension of the TCJA would be appropriate, lawmakers should consider the incentive effects of whichever tax reform they pursue. Because taxes affect the economy, they also affect the sustainability of debt reduction.

3 min read
Tax Neutrality: Balancing Priorities

Tax Neutrality: Balancing Priorities

Neutral tax codes don’t play favorites or try to influence personal or business decisions but stick to what they’re best at – raising sufficient revenue through low rates and a broad base.

Reigning in America's $3.3 trillion tax-exempt economy of 501c3 nonprofit tax form laws

Reining in America’s $3.3 Trillion Tax-Exempt Economy

For over a century, lawmakers have exempted politically favored organizations and industries from the tax code. As a result, the tax-exempt nonprofit economy now comprises 15 percent of GDP, roughly equal to the fifth-largest economy in the world.

41 min read
National Tax Poll Results and Answers: Understanding the Tax Code

National Tax Literacy Poll: Understanding the Tax Code

To make sound financial decisions and support better tax policy, taxpayers should understand the taxes they face. Unfortunately, most U.S. taxpayers do not know or are unsure of basic tax concepts.

6 min read
2017 Tax Cuts and Jobs Act tax law has individual tax cuts expiring in 2025

Why Are the Individual Tax Cuts Expiring?

The TCJA improved the U.S. tax code, but the meandering voyage of its passing and the compromises made to get it into law show the challenges of the legislative process.

6 min read
Tax stability

Unstable Taxes and an Unpredictable Future

When the tax code is stable and predictable, individuals, families, and businesses can set goals for the future and make plans to achieve them.