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Jan 10, 2025 | 
urban.org | Robert McClelland |Bowen Garrett |C. Eugene Steuerle |Gordon B. Mermin
Stories, Data Tools, Blogs Stories Data tools Urban Wire In their own words Data@Urban Critical Value podcast Evidence and Ideas for Change
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Oct 28, 2024 | 
inkl.com | Robert McClelland |Richard C. Auxier
Cargo containers waiting for import or export. Former President Donald Trump’s plan to raise tariffs won’t come cheap and according to a new bipartisan study, will hit some states harder than others. The Republican presidential nominee has pledged to impose a tariff as high as 20% on all foreign imports and an additional punitive 60% tax on imports from China. Trump has also floated the idea of eliminating all income taxes in favor of tariffs.
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Oct 1, 2024 | 
taxpolicycenter.org | Thomas Brosy |Thornton Matheson |Robert McClelland |Livia Mucciolo
Intangible assets, such as patents and research and development spending, represent an increasingly large fraction of investment in the economy. In this paper, we review the historic tax treatment of research and development and intangibles in the US and their economic significance. We update Tax Policy Center effective tax rate models by incorporating the capitalization of research and development, the research and experimentation tax credit, and the foreign-derived intangible income deduction.
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Oct 1, 2024 | 
philanthropy.com | Robert McClelland
For decades, the U.S. tax code has subsidized donations by allowing taxpayers to deduct contributions to nonprofits from their income. But only taxpayers who itemize when filing their tax return can take advantage of these deductions — and those with the highest incomes benefit most. When the individual provisions of the Tax Cuts and Jobs Act expire at the end of 2025, the standard deduction will decrease.
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Sep 19, 2024 | 
taxpolicycenter.org | Janet Holtzblatt |Robert McClelland |Livia Mucciolo |Safia Sayed
The Inflation Reduction Act (IRA) of 2022 enacted an $80 billion 10-year investment in the Internal Revenue Service on top of the agency’s regular annual appropriations. Although Congress cut the IRA funding by over 25 percent the following year, the agency has maintained its commitment to the transformative IRS Inflation Reduction Act Strategic Operating Plan to bring the agency into the 21st century.
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Sep 17, 2024 | 
taxpolicycenter.org | Lucy Dadayan |Robert McClelland |Livia Mucciolo |Safia Sayed
Total state government tax revenue collections rose 3.0 percent in nominal terms and 0.6 percent in real terms in the first quarter of 2024 relative to a year earlier Key tax revenue sources showed mixed performance. In the first quarter of 2024, personal income tax revenues declined by 1.4 percent in real terms compared to the previous year, while corporate income tax revenues rose by 2.4 percent.
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Sep 6, 2024 | 
taxpolicycenter.org | Margot Crandall-Hollick |Nikhita Airi |Richard C. Auxier |Robert McClelland
The American Rescue Plan Act of 2021 (ARP) temporarily expanded the so-called “childless” EITC, or the earned income tax credit for workers without children at home. The maximum credit for these workers nearly tripled to just over $1,500, and, for the first time, many workers between the ages of 19 and 24 and 65 and older became eligible.
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Aug 8, 2024 | 
taxpolicycenter.org | William G. Gale |Jeffrey L. Hoopes |Kyle Pomerleau |Robert McClelland
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Jul 10, 2024 | 
taxpolicycenter.org | Aravind Boddupalli |Luisa Godinez-Puig |Robert McClelland |Livia Mucciolo
Refundable tax credits like the child tax credit (CTC) and earned income tax credit (EITC) are proven policy tools for reducing poverty and improving health and educational outcomes for millions of families across the country. However, both legislation and administrative practices prevent many undocumented and mixed-status immigrant families from accessing these benefits.
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Jun 28, 2024 | 
taxpolicycenter.org | Lucy Dadayan |Robert McClelland |Livia Mucciolo |Safia Sayed
State revenue forecasters face multifaceted challenges in projecting revenues, especially amid rapid and significant economic, demographic, and technological changes. This report provides an in-depth examination of the challenges and complexities involved in state revenue forecasting across different economic phases. It spans from the post–Great Recession expansion through the COVID-19 pandemic and subsequent recovery.
