Congressional Research Service Reports - 834 Matching Results
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- The Potential Distributional Effects of the Alternative Minimum Tax
- No Description Available.
- The Potential Federal Tax Implications of United States v. Windsor (Striking Section 3 of the Defense of Marriage Act (DOMA)): Selected Issues
- This report will provide an overview of the potential federal tax implications for same-sex married couples of the U.S. Supreme Court (SCOTUS) ruling in United States v. Windsor, with a focus on the federal income tax. Estate tax issues are also discussed. Importantly, this report focuses on changes in the interpretation and administration of federal tax law that may result from the SCOTUS decision.
- President Bush's Tax Proposal: A Brief Overview
- No Description Available.
- Proposed Federal Income Tax Exclusion for Civilians Serving in Combat Zones
- No Description Available.
- Qualified Charitable Distributions from Individual Retirement Accounts: Features and Legislative History
- A provision of the Pension Protection Act of 2006 (P.L. 109-280) allows tax-free distributions from Individual Retirement Accounts (IRAs) for charitable purposes. This report describes the IRA Qualified Charitable Distribution (QCD) provision.
- Raising the Tax Rates on High-Income Taxpayers: Pros and Cons
- This report focuses on the debate over whether the top two marginal tax rates should be permitted to rise back to their 2001 levels, once the temporary tax provisions known as the "Bush tax cuts" expire on December 31, 2010. The report discusses arguments for and against raising the tax rates.
- Recent Changes in the Estate and Gift Tax Provisions
- This report describes the basic structure of the estate and gift tax, provides a brief history of recent developments, discusses the revenue effects and distribution of the tax, and briefly discusses issues and options.
- Recent Tax Changes Affecting Installment Sales
- On December 17, 1999, President Clinton signed the Work Incentives Improvement Act of 1999 (H.R. 1180; P.L. 106-170). This Act contained revenue provisions extending several popular tax benefits such as the work opportunity tax credit, the welfare to work tax credit, and the applicability of the nonrefundable personal tax credits to the individual alternative minimum tax. To pay for the extension of these tax benefits the Act also included several tax changes that increased revenue. Among these revenue offset provisions was a modification and limitation on the use of the installment method of reporting asset sales for taxpayers who normally use the accrual method of accounting.
- Recent Trends in the Federal Tax Burden
- No Description Available.
- Recently Expired Charitable Tax Provisions ("Tax Extenders"): In Brief
- This report discusses the four charitable tax provisions are discussed in this report: the enhanced charitable deduction for contributions of food inventory; tax-free distributions from individual retirement accounts for charitable purposes; basis adjustment to stock of S corporations making charitable contributions of property; and special rules for contributions of capital gain real property for conservation purposes.
- Recently Expired Charitable Tax Provisions ("Tax Extenders"): In Brief
- This report briefly summarizes the temporary charitable tax provisions that expired at the end of 2013 and are being considered for extension. The report also discusses the economic impact of these charitable tax provisions.
- Recently Expired Community Assistance Related Tax Provisions ("Tax Extenders"): In Brief
- This report briefly summarizes four community assistance-related tax provisions included in the EXPIRE Act, which are (1) the New Markets Tax Credit, (2) Empowerment Zone Tax Incentives, (3) allocation of bond limitations for Qualified Zone Academy Bonds, and (4) the American Samoa Economic Development Credit.
- Recently Expired Community Assistance Related Tax Provisions ("Tax Extenders"): In Brief
- This report briefly summarizes four community assistance-related tax provisions included in the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, which are the New Markets Tax Credit, Empowerment Zone Tax Incentives, allocation of bond limitations for Qualified Zone Academy Bonds, and the American Samoa Economic Development Credit. The EXPIRE Act would extend each of these provisions for two years (through 2015). A discussion of their economic impact and related extension bills in the 113th Congress is also included.
- Recently Expired Individual Tax Provisions (Tax Extenders"): In Brief
- This report provides background information on three individual income tax provisions (Tax Exclusion for Canceled Mortgage Debt, Mortgage Insurance Premium Deductibility, and Above-the-Line Deduction for Qualified Tuition and Related Expenses) that expired in 2017.
- Recently Expired Individual Tax Provisions (Tax Extenders"): In Brief
- This report provides background information on individual income tax provisions that expired in 2016. Information on costs associated with extending individual income tax expired provisions is provided in Table 1. The provisions that were extended in the PATH Act were extended for two years, retroactive for 2015 and through 2016. The estimated cost to make expired provisions permanent is as reported by the Congressional Budget Office (CBO). The CBO reports estimated deficit effects of extending expired and expiring tax provisions through the 10-year budget window (2018 – 2027).
- Reducing the Budget Deficit: Tax Policy Options
- This report analyzes various revenue options for deficit reduction, highlighting proposals made by the President's Fiscal Commission and the Debt Reduction Task Force. Others, such as House Budget Committee Chairman Paul Ryan and the Obama Administration, have noted the importance of tax reform as part of a deficit reduction plans. These plans, however, do not provide the same level of detail as the Fiscal Commission and Debt Reduction Task Force, and are therefore not reviewed in detail as part of this report.
- Reducing the Budget Deficit: Tax Policy Options
- This report analyzes various revenue options for deficit reduction, highlighting proposals made by the President's Fiscal Commission and the Debt Reduction Task Force. Others, such as House Budget Committee Chairman Paul Ryan and the Obama Administration, have noted the importance of tax reform as part of a deficit reduction plans. These plans, however, do not provide the same level of detail as the Fiscal Commission and Debt Reduction Task Force, and are therefore not reviewed in detail as part of this report.
- Reform of U.S. International Taxation: Alternatives
- This report describes and assesses the principal prescriptions that have been offered for broad reform of the current U.S. system for taxing international businesses. The report begins with an overview of current law and of possible revisions. It then sets the framework for considering economic efficiency as well as tax shelter activities. Finally, it reviews alternative approaches to revision in light of those issues.
- Reform of U.S. International Taxation: Alternatives
- This report describes and assesses the principal prescriptions that have been offered for broad reform of the international system.3 It begins with an overview of current law and possible revisions. It then sets the framework for considering economic efficiency as well as tax shelter activities. Finally, it reviews alternative approaches to revision in light of those issues.
- Renewal Communities and New Markets Initiatives: Legislation in the 106th Congress
- On May 23, 2000, President Clinton and Speaker Dennis Hastert announced a bipartisan agreement on a renewal communities and new markets legislative initiative which would provide tax credits and investment guarantees designed to draw equity capital into impoverished areas. Following two months of negotiations over the specific language of the initiative, H.R. 4923 was introduced on July 24, and passed by the House under suspension of the rules the following day
- Research and Experimentation Tax Credit: Current Status and Selected Issues for Congress
- This report examines the current status of the credit, summarizes its legislative history, discusses some key policy issues it raises, and describes legislation in the 110th Congress to modify or extend it.
- Research Tax Credit: Current Law and Policy Issues for the 114th Congress
- Technological innovation is a primary engine of long-term economic growth, and research and development (R&D) serves as the lifeblood of innovation. The federal government encourages businesses to invest more in R&D than they otherwise would in several ways, including a tax credit for increases in spending on qualified research above a base amount. This report describes the current status of the credit, summarizes its legislative history, discusses policy issues it raises, and describes legislation to modify and extend it.
- Research Tax Credit: Current Law and Policy Issues for the 114th Congress
- This report describes the current status of the research tax credit, summarizes its legislative history, discusses policy issues it raises, and describes legislation to modify and extend it.
- Residential Energy Tax Credits: Overview and Analysis
- This report discusses current residential energy tax credits, options to extend or modify them, and an analysis of their effectiveness.
- Residential Energy Tax Credits: Overview and Analysis
- This report explores one policy option for promoting residential energy efficiency: tax credits. It begins by providing an overview of the current residential energy-efficiency tax credits. The report then goes on to provide an economic rationale for residential energy-efficiency tax incentives, introducing the concept of "market failures" and "market barriers" which may lead to suboptimal or "economically inefficient" investment in energy-efficiency technologies. The final sections of this report provide an economic analysis of the primary tax incentives for residential energy efficiency and briefly review various policy options.
- Restrictions on Itemized Tax Deductions: Policy Options and Analysis
- This report analyzes various proposals to restrict itemized deductions--both across-the-board and individually tailored--using standard economic criteria of economic efficiency, distribution, simplicity, and estimated revenue effects. In particular, this report estimates each proposal's potential to contribute to revenue-neutral reductions in income tax rates and the consequences for economic behavior.
- Restrictions on Itemized Tax Deductions: Policy Options and Analysis
- This report analyzes various proposals to restrict itemized deductions--both across-the-board and individually tailored--using standard economic criteria of economic efficiency, distribution, simplicity, and estimated revenue effects. In particular, this report estimates each proposal's potential to contribute to revenue-neutral reductions in income tax rates and the consequences for economic behavior.
- Retirement Plans with Individual Accounts: Federal Rules and Limits
- No Description Available.
- Retirement Plans with Individual Accounts: Federal Rules and Limits
- No Description Available.
- Retirement Savings and Household Wealth: A Summary of Recent Data
- No Description Available.
- Retirement Savings and Household Wealth in 2000: Analysis of Census Bureau Data
- This report examines recent trends in retirement saving and the policy implications. The aging of the American population and the impending retirement of the "baby boom" will place significant strains over the next several decades on both Social Security and on retirees' own financial resources. With continued increases in average life expectancies, retirees in the 21st century will have to stretch their savings and other assets over longer periods of retirement than were experienced by their parents and grandparents.
- Retirement Savings and Household Wealth in 2007
- This report discusses various issues that impact the retirement income of Americans. About half of all workers in the United States participate in an employer-sponsored retirement plan of some kind, a proportion that has remained relatively stable over the past thirty years. Because the majority of assets held in retirement accounts are invested in stocks, trends in stock prices have a significant impact on households' retirement account balances.
- Retirement Savings and Household Wealth: Trends from 2001 to 2004
- No Description Available.
- The Retirement Savings Tax Credit: A Fact Sheet
- This report discusses the saver's tax credit, under which eligible individuals receive a non-refundable tax credit of up to $1,000 for contributing to a traditional IRA or an employer-sponsored retirement plan that is qualified under §401, §403 or §457 of the Internal Revenue Code. The credit was first available in 2002 but will expire after 2006 unless extended by Congress.
- The Retirement Savings Tax Credit: A Fact Sheet
- No Description Available.
- The Retirement Savings Tax Credit: A Fact Sheet
- The Economic Growth and Tax Relief Reconciliation Act of 2001 authorized a non-refundable tax credit of up to $1,000 for eligible individuals who contribute to an IRA or an employer-sponsored retirement plan. The maximum credit is 50% of retirement contributions up to $2,000. This credit can reduce the amount of taxes owed, but the tax credit itself is non-refundable. The maximum credit is the lesser of either $1,000 or the tax that the individual would have owed without the credit. Eligibility is based on the taxpayer's adjusted gross income. The eligible income brackets are not indexed to inflation. Taxpayers under age 18 or who are full-time students are not eligible for the credit.
- Revenue Legislation in the Congressional Budget Process
- This report discusses revenue legislation, which may include changes to individual and corporate income taxes, social insurance taxes, excise taxes, or tariffs and duties. Congressional consideration of revenue legislation is governed by various constitutional provisions and procedural rules.
- Revenue Legislation in the Congressional Budget Process
- Most of the laws establishing the federal government's revenue sources are permanent and continue year after year without any additional legislative action. Congress, however, typically enacts revenue legislation, changing some portion of the existing tax system, every year. Revenue legislation may include changes to individual and corporate income taxes, social insurance taxes, excise taxes, or tariffs and duties. Congressional consideration of revenue legislation is governed by various constitutional provisions and procedural rules.
- The Role of Federal Gasoline Excise Taxes in Public Policy
- This report examines the effects of the federal excise tax on gasoline and analyzes the positive and negative effects of the tax. The report also evaluates the incentive structure that a higher gasoline tax would likely create, and examines a revised version of the tax, a variable gasoline tax.
- The Rum Excise Tax Cover-Over: Legislative History and Current Issues
- This report provides a history and analysis of the rum cover-over program and current legislative efforts to modify the program. The congressional debate on this legislation could also lead to debate on the broader issue of the cover-over program more generally.
- Section 179 and Bonus Depreciation Expensing Allowances: Current Law, Legislative Proposals in the 112th Congress, and Economic Effects
- This report examines the current status, legislative history, and economic effects of the two expensing allowances (Section 179 and Bonus Depreciation Allowance) and also discusses initiatives in the 112th Congress to modify them. Expensing is the most accelerated form of depreciation for tax purposes. Section 179 of the Internal Revenue Code (IRC) allows a taxpayer to expense up to $125,000 of the total cost of new and used qualified depreciable assets it buys and places in service in 2012, within certain limits. In addition, Section 168(k) generally allows taxpayers to expense half the cost of qualified assets bought and placed in service in 2012.
- Section 179 and Bonus Depreciation Expensing Allowances: Current Law, Legislative Proposals in the 112th Congress, and Economic Effects
- This report examines the current status, legislative history, and economic effects of the two expensing allowances (Section 179 and Bonus Depreciation Allowance) and also discusses initiatives in the 112th Congress to modify them. Expensing is the most accelerated form of depreciation for tax purposes. Section 179 of the Internal Revenue Code (IRC) allows a taxpayer to expense up to $125,000 of the total cost of new and used qualified depreciable assets it buys and places in service in 2012, within certain limits. In addition, Section 168(k) generally allows taxpayers to expense half the cost of qualified assets bought and placed in service in 2012.
- The Section 179 and Section 168 (k) Expensing Allowances: Current Law and Economic Effects
- This report examines the current status, legislative history, and main economic effects (including their efficacy as a tool for economic stimulus) of the Section 179 and bonus depreciation allowances.
- Selected Recently Expired Business Tax Provisions ("Tax Extenders")
- This report briefly summarizes and discusses the economic impact of selected business-related tax provisions that expired at the end of 2013 and that are being considered for extension.
- Selected Recently Expired Individual Tax Provisions ("Extenders"): In Brief
- This report briefly summarizes and discusses items categorized as individual tax provisions. These and other temporary tax provisions that are regularly extended for one or two years are often referred to as "tax extenders."
- Selected Recently Expired Individual Tax Provisions ("Tax Extenders"): In Brief
- This report briefly summarizes and discusses four items categorized as individual tax provisions that are regularly extended for one or two years (tax extenders). These items include deductions for elementary and secondary school teachers, deductions for state and local taxes, deductions for tuition and related expenses, and exclusions for employer-provided transit and parking benefits.
- Selected Tax Law Changes Effective January 1, 2002
- This report is a listing of the tax changes which were enacted during 2001 and effective at the beginning of 2002
- Short-Run Macroeconomic Effects of Fundamental Tax Reform
- No Description Available.
- Should Credit Unions Be Taxed?
- Credit unions are financial cooperatives organized by people with a common bond; they are the only depository institutions that are exempt from the federal corporate income tax. As financial cooperatives, credit unions only accept deposits of members and make loans only to members, other credit unions, or credit union organizations. Many Members of Congress advocate a reliance on market forces rather than tax policy to allocate resources. Furthermore, some Members of Congress are interested in additional sources of revenue in order to either reduce the deficit, offset the cost of higher federal outlays, or make up for tax cuts elsewhere. Consequently, the exemption of credit unions from federal income taxes has been questioned.
- Should the United States Levy a Value-Added Tax for Deficit Reduction?
- Report that discusses the levying of a value-added tax (VAT), a broad-based consumption tax, to potentially assist in resolving United States fiscal problems. It considers the experiences of the 29 nations with value-added taxes (VATs) in the 30-member Organization for Economic Cooperation and Development (OECD) which are relevant to the feasibility and operation of a possible U. S. VAT.