Congressional Research Service Reports - 74 Matching Results
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- Dynamic Scoring for Tax Legislation: A Review of Models
- This report first explains dynamic scoring, including the types of effects incorporated and the types of models used, as well as what groups conduct or have conducted macroeconomic analysis of tax changes. The following section discusses the specific issues associated with tax reform. The final section discusses general issues surrounding the use of various models and reviews the empirical evidence on supply side responses.
- Fact Sheet on Congressional Tax Proposals
- After passing a major multi-year tax cut in Mid-2001 (which was sunsetted after ten years) and a stimulus bill in 2002, Congress is considering energy tax subsidies, tax incentives for charitable giving deductions, pension diversification in the wake of the ENRON problems, and tax shelters. The House has passed several bills that would make the multiyear tax cut permanent as well as a bill to speed up certain provisions.
- Fact Sheet on Congressional Tax Proposals in the 108th Congress
- This report discusses the President, House and Senate tax proposals. Beyond the comprehensive tax proposals, both the House and the Senate have considered a range of targeted tax proposals. One of the first tax-related measures considered during the 108th Congress would provide tax reductions to armed services personnel. Congress has also initiated reconsideration of legislation not completed in the 107th Congress: tax incentives for charitable giving deductions, pension diversification, energy taxation, and tax shelters.
- Super-Majority Voting Requirement for Tax Increases: An Overview of Proposals for a Constitutional Amendment
- No Description Available.
- A Tax Limitation Constitutional Amendment: Issues and Options Concerning a Super-Majority Requirement
- Proposals to limit the federal government’s authority to raise taxes have been made several times in recent years. Most frequently, these proposals call for limits on Congress’s ability to pass revenue measures. Typically, limitation proposals would allow increases in tax revenues only under one of two circumstances. First, tax revenues could increase under existing tax laws as a result of economic upturns. Alternatively, they could increase because of a new law, but only if it were passed by a super-majority (typically two-thirds or three-fifths). Questions about how such proposals might be applied in practice have not been clearly answered. Congress has previously considered such proposals in 1996, 1997, 1998, 1999, 2000, and 2001. In each case the proposal has failed to achieve the two-thirds majority necessary for passage. Most recently, the House considered H.J.Res. 96 on June 12, 2002. The measure failed to achieve the necessary two-thirds, 227-178. This report will be updated to reflect any further legislative actions on such proposals.
- Internet Tax Bills in the 108th Congress
- No Description Available.
- State Taxation of Internet Transactions
- This report intends to clarify significant issues in the remote sales tax collection debate, beginning with a description of state and local sales and use taxes. Congress has a role in this issue because interstate commerce, in most cases, falls under the Commerce Clause of the Constitution. Congress will likely be asked to choose between taking either an active or passive role in the debate. In the 111th Congress, H.R. 5660 (former Representative Delahunt) would have granted SSUTA member states the authority to compel out-of- state vendors to collect sales and use taxes.
- Tax Havens: International Tax Avoidance and Evasion
- The first section of this report reviews what countries might be considered tax havens, including a discussion of the Organization for Economic Development and Cooperation (OECD) initiatives and lists. The next two sections discuss, in turn, the corporate profit-shifting mechanisms and evidence on the existence and magnitude of profit shifting activity. The following two sections provide the same analysis for individual tax evasion. The report concludes with overviews of alternative policy options and a summary of specific legislative proposals.
- Business Tax Issues in 2008
- This report details the information related to business tax issues for the year 2008.
- State Corporate Income Taxes: A Description and Analysis
- No Description Available.
- Extending the 2001, 2003, and 2004 Tax Cuts
- This report discusses the Economic Growth and Tax Relief Reconciliation Act of 2001, the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA, and the Working Family Tax Relief Act of 2004 (WFTRA). Since all of the tax reductions provisions of all three of these acts expire at some point in the future, Congress faces the issue of whether to extend and/or make the reductions permanent. Extending these tax reductions, however, is likely to significantly reduce federal revenues in the future.
- The Marriage Tax Penalty: An Overview of the Issues
- No Description Available.
- Major Tax Issues in the 107th Congress
- No Description Available.
- Major Tax Issues in the 108th Congress
- No Description Available.
- Spending and Tax Expenditures: Distinctions and Major Programs
- This report identifies the largest spending and tax expenditures across eight major categories of federal activity: (1) defense and international affairs; (2) general science, space and technology, natural resources and the environment, and agriculture; (3) commerce and housing, community and regional development, and transportation; (4) education, training, employment, and social services; (5) health, including Medicare; (6) income security; (7) Social Security and veterans' benefits; and (8) administration of justice and general governance.
- The Internet Tax Freedom Act: In Brief
- This report discusses the Internet Tax Freedom Act (ITFA; P.L. 105-277), which enacted in 1998, implemented a three-year moratorium preventing state and local governments from taxing Internet access, or imposing multiple or discriminatory taxes on electronic commerce.
- Value-Added Tax as a New Revenue Source
- President George W. Bush has stated that tax reform will be one of his top priorities in the 109th Congress. Some form of a valueadded tax (VAT) has been frequently discussed as a replacement to the U.S. income tax system. In addition, some Members of Congress have expressed interest in the feasibility of using a value-added tax to finance health care reform.
- Value-Added Tax as a New Revenue Source
- Some Members of Congress have expressed interest in the feasibility of using a value-added tax (VAT) to either replace all or part of the income tax, finance health care reform, or to fund America’s war effort. A VAT is imposed at all levels of production on the differences between firms’ sales and their purchases from all other firms. Policymakers may be interested in the following aspects of a VAT: revenue yield, international comparison of composition of taxes, vertical equity, neutrality, inflation, balance-of-trade, national saving, administrative cost, intergovernmental relations, size of government, and public opinion.
- Federal Taxation of the Pharmaceutical Industry: Effects on New Drug Development and Legislative Initiatives in the 109th Congress
- No Description Available.
- The Earned Income Tax Credit (EITC): An Economic Analysis
- This report discusses the Earned Income Tax Credit (EITC), which is a refundable tax credit available to eligible workers earning relatively low wages
- Individual Retirement Accounts (IRAs): Issues and Proposed Expansion
- No Description Available.
- Forms that Incorporate Abroad for Tax Purposes: Corporate "Inversions" and "Expatriation"
- This report presents Corporate "Inversions" and "Expatriation" related to Forms that incorporate abroad for Tax purposes.
- Firms That Incorporate Abroad for Tax Purposes: Corporate "Inversions" and "Expatriation"
- This report provides information about the Corporate "Inversions" and "Expatriation" on Firms That Incorporate Abroad for Tax Purposes where increasing number of U.S firms have altered their structure by substituting a foreign parent corporation for a domestic one.
- The Effects of Indexation on Tax Revenues and Distributional Effects of the U.S. Individual Income Tax System: A Historical Simulation
- This report compares the actual tax revenues and distribution of the tax burden under the Federal individual income tax from 1971 to 1981 with estimates of what they would have been under the 1971 tax structure if indexed for inflation and under the 1971 tax structure if left unchanged. Policy implications of the comparison are discussed.
- Individual Retirement Accounts (IRAs)
- Recent changes in the Nation's tax laws have made Individual Retirement Accounts available to many people previously excluded. This report provides general information on IRAs including material explaining these recent changes and their consequences.
- A Brief Overview of Business Types and Their Tax Treatment
- Report that provides a general overview of the tax treatment of the major business types, including sole proprietorships, partnerships, C corporations, subchapter S corporations, and limited liability companies.
- Tax Deductions for Catastrophic Risk Insurance Reserves: Explanation and Economic Analysis
- According to the Insurance Services Office, Inc., (ISO), the property/casualty (p/c) insurance industry paid $62.2 billion in catastrophe losses from 24 disasters and more than 4.4 million claims in 2005, making 2005 the most costly year for catastrophe losses. This report begins by providing some background on the market for catastrophe insurance. It continues by describing the proposal for tax-deductible reserve accounts as set forth in H.R. 164/S. 926 of the 110th Congress, and concludes by providing an economic analysis of the plan.
- Energy Tax Policy: History and Current Issues
- This report discusses the history, current posture, and outlook for the federal energy tax policy. It also discusses current energy tax proposals and major energy tax provisions enacted in the 109th Congress.
- Taxation of Hedge Fund and Private Equity Managers
- This report discusses the major issues surrounding the tax treatment of hedge fund and private equity managers.
- Employee Stock Options: Tax Treatment and Tax Issues
- No Description Available.
- Energy Tax Policy: Issues in the 111th Congress
- No Description Available.
- The Economic Effects of Capital Gains Taxation
- One provision of the 1913 individual income tax that generated a great deal of confusion was the taxation of income from the sale of property (i.e., capital gains income). This initial confusion has led to almost 100 years of legislative debates over capital gains. Beginning in 1922 capital gains were first subject to lower tax rates than ordinary income. This preferential treatment has continued throughout most of the history of the income tax. Proposals dealing with the taxation of capital gains have ranged from the outright elimination of capital gains taxation to the reduction of capital gains tax rates for certain classes of taxpayers to the elimination of the preferential tax treatment. This report discusses the manner in which capital gains are taxed, including rates and revenue figures. It also examines various economic issues regarding such taxes.
- The Individual Alternative Minimum Tax: Interaction with Marriage Penalty Relief and Other Tax Cuts
- No Description Available.
- The Level of Taxes in the United States, 1940-2000
- No Description Available.
- President Bush's Tax Proposal: A Brief Overview
- No Description Available.
- Energy Tax Policy
- Omnibus energy legislation (H.R. 4) that is now in conference would expand energy tax incentives significantly. The House passed the bill on August 2, 2001, and the Senate approved its version April 25, 2002. Several energy tax issues are addressed in these bills: 1) tax incentives to increase the supply of oil and gas, and the demand for coal; 2) energy tax issues relating to energy conservation and energy efficiency; 3) energy tax issues relating to alternative fuels; 4) selected issues relating to electricity restructuring; and 5) expiring energy tax provisions.
- Energy Tax Policy
- President Bush has issued a comprehensive energy policy initiative, which includes limited energy tax measures; the Administration has criticized such measures as being inconsistent with its free market philosophy. Several of the issues that drove energy policy and energy tax policy during the 106th Congress are extant: 1) tax incentives to increase the supply of oil and gas; 2) energy tax issues relating to energy conservation and energy efficiency; 3) energy tax issues relating to alternative fuels; 4) energy taxes/subsidies and residential energy costs; and 5) issues relating to electricity restructuring. In addition, there are certain energy tax provisions that are either expiring or are time-sensitive that the 107th Congress may choose to take action on.
- Estate Tax: Legislative Activity in 2002
- The provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16) are scheduled to sunset on December 31, 2010. On April 18, 2002, the House passed legislation, H.R. 586, that would remove the sunset provision and thereby make permanent all other provisions of the tax cut law enacted in June 2001. This includes making permanent the repeal of the estate tax. On June 6, the House passed a free-standing estate tax repeal bill. H.R. 2143 would remove the sunset provision of EGTRRA solely with respect to the estate tax provisions of the 2001 Act.
- Estate Tax Legislation in the 109th Congress
- Under provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16), the estate tax and generation-skipping transfer tax are scheduled to be repealed effective January 1, 2010. But the estate tax repeal, and all other provisions of EGTRRA, are scheduled to sunset December 31, 2010. If the sunset provision is not repealed, or the law is not otherwise changed beforehand, in 2011 estate and gift tax law will return to what it would have been had EGTRRA never been enacted. The unified estate and gift taxes will be reinstated with an exclusion amount of $1 million. The maximum tax rate will revert to 55%.
- A Value-Added Tax Contrasted with a National Sales Tax
- Proposals to replace all or part of the income tax, proposals for national health care, and a proposal to finance America’s war effort have sparked congressional interest in the possibility of a broad-based consumption tax as a newsource of revenue. A value-added tax (VAT) or a national sales tax (NST) have been frequently discussed as possible new tax sources. Both the VAT and the NST are taxes on the consumption of goods and services and are conceptually similar. Yet, these taxes also have significant differences. This issue brief discusses some of the potential policy implications associated with these differences.
- Flat Tax Proposals and Fundamental Tax Reform: An Overview
- The idea of replacing our current income tax system with a "flat-rate tax" is receiving renewed congressional interest. This report contains information on recent developments regarding flat-rate taxes, the relationship between income and consumption, international comparisons, other fundamental tax reforms, and descriptions of selected proposals.
- Estate Tax Legislation in the 108th Congress
- Under provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16, enacted June 7, 2001), the estate tax is scheduled to be repealed in 2010 but reinstated in 2011. All tax cut provisions of EGTRRA are scheduled to sunset on December 31, 2010. This report tracks actions in the 108th Congress to permanently repeal the estate tax or to retain but alter the tax.
- Estate Tax Legislation in the 108th Congress
- Under provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16, enacted June 7, 2001), the estate tax is scheduled to be repealed in 2010 but reinstated in 2011. All tax cut provisions of EGTRRA are scheduled to sunset on December 31, 2010. This report tracks actions in the 108th Congress to permanently repeal the estate tax or to retain but alter the tax.
- Tax Cut Bills in 2003: A Comparison
- No Description Available.
- Flat-Rate Tax Proposals
- In recent months there has been a growing congressional interest in the advantages and disadvantages of revamping our current tax system for a flat-rate tax method. Supporters of the new proposal argue that such a plan would promote productivity, simplify present IRS tax forms, save the public billions of dollars that presently go to tax-preparation professionals, and enhance Federal revenue by closing numerous tax loopholes and special deductions that are now enjoyed by relatively few. Opponents believe, however, that the tax burden under a flat-rate plan might fall more heavily upon the middle class and, unless exceptions were made, would hurt educational institutions and charities. Problems with popular tax deductions, such as home mortgage interest, would have to be addressed. This packet provides background materials which discuss the practical and theoretical issues that surround a flat-rate tax, including the probable redistribution of the tax burden under various rates and income bases.
- Mileage-Based Road User Charges
- This report examines mileage-based user charges as an possible source of highway funding. Federal highway and public transportation programs are funded mainly by taxes on motor fuel that flow into the Highway Trust Fund (HTF). The tax rates, set on a per-gallon basis, have not been raised since 1993, and motor fuel tax receipts have been insufficient to support the transportation programs authorized by Congress since FY2008.
- PILT (Payments in Lieu of Taxes): Somewhat Simplified
- Under current federal law, local governments are compensated through various programs for losses to their tax bases due to the presence of most federally owned land. Some of these programs are run by specific agencies, and apply only to that agency's land. The most widely applicable program, while run by the Bureau of Land Management (BLM), applies to many types of federally owned land, and is called "Payments in Lieu of Taxes" or PILT. The level of payments is calculated under a complex formula.
- Transportation Fuel Taxes, Legislative Issues, and the Transportation Equity Act
- In reauthorizing federal surface transportation programs this year (P .L 105-178), Congress has modified the attributes of some of the transportation fuel excise taxes that fluid. those programs and others. Since the federal government first started taxing transportation fuels, the issue of how the revenues should be used has played a major role in determining whether and which transportation fuels should be taxed; and by how much. Congress changed several aspects of transportation fuel taxation in 1997, most notably redirecting revenues from deficit reduction to the trust funds established for transportation-related projects This report provides the context for federal excise taxes on transportation fuels describes recent developments, and outlines the structure of those taxes on the major fuels with respect to levels, disposition of revenues, effective dates, and expiration dates. This report will be updated as legislative activity warrants.
- Marriage Tax Penalty Relief Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001
- No Description Available.
- Marriage Penalty Tax Relief: The Gramm Amendment
- No Description Available.