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 Collection: Congressional Research Service Reports
The Alternative Minimum Tax for Individuals
This report provides a brief overview of the alternative minimum tax (AMT) for individuals, discusses the issues associated with the current system, and describes current legislation to amend the AMT. The report will be updated as legislative action warrants. digital.library.unt.edu/ark:/67531/metacrs3439/
The Alternative Minimum Tax for Individuals
This report provides a brief overview of the alternative minimum tax (AMT) for individuals, discusses the issues associated with the current system, and describes current legislation to amend the AMT. The report will be updated as legislative action warrants. digital.library.unt.edu/ark:/67531/metacrs9738/
The Alternative Minimum Tax for Individuals: Legislative Activity in the 110th Congress
The alternative minimum tax (AMT) for individuals was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes. However, the AMT is not indexed for inflation, and this factor, combined with recent reductions in the regular income tax, has greatly expanded the potential impact of the AMT. This report explains legislation for the FY2009 budget compromise, which includes an offset AMT patch. digital.library.unt.edu/ark:/67531/metacrs10764/
The Alternative Minimum Tax for Individuals: Legislative Initiatives and Their Revenue Effects
This report discusses legislative initiatives regarding the alternative minimum tax (AMT) for individuals, which was originally enacted to ensure that all taxpayers, especially high-income taxpayers, paid at least a minimum amount of federal taxes. digital.library.unt.edu/ark:/67531/metacrs6727/
The Alternative Minimum Tax for Individuals: Legislative Initiatives and Their Revenue Effects
This report discusses legislative initiatives regarding the alternative minimum tax (AMT) for individuals, which was originally enacted to ensure that all taxpayers, especially high-income taxpayers, paid at least a minimum amount of federal taxes. digital.library.unt.edu/ark:/67531/metacrs8076/
The Alternative Minimum Tax for Individuals: Legislative Initiatives and Their Revenue Effects
This report discusses legislative initiatives regarding the alternative minimum tax (AMT) for individuals, which was originally enacted to ensure that all taxpayers, especially high-income taxpayers, paid at least a minimum amount of federal taxes. digital.library.unt.edu/ark:/67531/metacrs7471/
Alternative Minimum Taxpayers by State
This report discusses the alternative minimum tax (AMT) with respect to the percentage of taxpayers who fall under the AMT as divided by state. The report also briefly addresses related legislation. digital.library.unt.edu/ark:/67531/metacrs6775/
Alternative Minimum Taxpayers by State: 2009, 2010, and Projections for 2012
Report that breaks down, state-by-state, the percentage of taxpayers subject to Alternative Minimum Tax (AMT), and also maps out these projections for the year 2012. digital.library.unt.edu/ark:/67531/metadc228138/
“Amazon” Laws and Taxation of Internet Sales: Constitutional Analysis
This report covers ways in which states are attempting to capture taxes on Internet sales. Two basic approaches include imposing tax collection responsibilities on the retailer, and requiring remote sellers to provide tax information to the state and/or it's customers. This report covers the legality of both options. digital.library.unt.edu/ark:/67531/metadc99071/
The American Opportunity Tax Credit: Overview, Analysis, and Policy Options
This report gives an overview of the American Opportunity Tax Credit (AOTC)—enacted on a temporary basis by the American Recovery and Reinvestment Act and extended through the end of 2012 by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010— which is a partially-refundable tax credit that provides financial assistance to taxpayers who are attending college, or whose children are attending college. There are a variety of policy options mentioned in the report regarding the AOTC, including extending the credit, extending a modified AOTC, or repealing the Hope and Lifetime Credits and extending a modified AOTC that includes provisions included in these credits. digital.library.unt.edu/ark:/67531/metadc87243/
The American Opportunity Tax Credit: Overview, Analysis, and Policy Options
This report provides both an in-depth description of the American Opportunity Tax Credit, an analysis of its economic impact, and an overview of various policy options. digital.library.unt.edu/ark:/67531/metadc332894/
An Analysis of the “Buffett Rule”
This report examines the Buffett rule, but uses a measure of income that captures the ability to pay taxes and incorporates the effect of the corporate income tax in addition to the individual income tax and the payroll tax. The Buffet rule states that "no household making over $1 million annually should pay a smaller share of its income in taxes than middle-class families pay" and is named after Warren Buffett, the chairman of Berkshire Hathaway. The report includes figures, tables, and appendices to illustrate calculations and issues involved with the topic. digital.library.unt.edu/ark:/67531/metadc93910/
An Analysis of the Tax Treatment of Capital Losses
This report provides an overview of issues related to the tax treatment of capital losses. It explains the current income tax treatment of losses, describes the historical treatment of losses, provides examples of the tax gaming opportunities associated with the net loss deduction, examines the distributional issues, and discusses the possible stimulative effects of an increase in the net loss deduction. digital.library.unt.edu/ark:/67531/metacrs3447/
Anti-Tax-Shelter and Other Revenue-Raising Tax Proposals Considered in the 108th Congress
Several bills introduced in the 108th Congress included revenue-raising provisions, particularly those aimed at tax shelters that are generally used by corporations. In 2003, anti-sheltering provisions were included in several bills. This report is an overview of the revenue-raising provisions in the original reported versions of H.R. 2896 and S. 1637 and the final anti-sheltering bill as enacted. digital.library.unt.edu/ark:/67531/metacrs6773/
Brief Facts and Statistics
This report provides facts and statistics about Social Security that are frequently requested by Members of Congress and their staffs. It includes information about Social Security taxes and benefits, the program's impact on its recipients' incomes, federal tax receipts, federal spending and the economy, administrative information, and selected facts about Medicare. digital.library.unt.edu/ark:/67531/metadc26041/
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. digital.library.unt.edu/ark:/67531/metadc227867/
Budget Surpluses: Economic Effects of Debt Repayment, Tax Cuts, or Spending - An Overview
Updated projections released on July 15 by the Congressional Budget Office (CBO) indicate budget surpluses rising from $63 billion (0.9% of GDP) in FY1998 to more than $100 billion (1.3% to 1.5% of GDP) from FY2002 through FY2005 and over $200 billion (1.8% to 1.9%) from FY2006 through FY2008.1 digital.library.unt.edu/ark:/67531/metacrs552/
The Bush Tax Cuts and the Economy
The George W. Bush Administration enacted a series of tax cuts through the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. This report examines these tax cuts within the context of the current and long-term economic environment. digital.library.unt.edu/ark:/67531/metadc31367/
The Bush Tax Cuts and the Economy
The George W. Bush Administration enacted a series of tax cuts through the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. This report examines these tax cuts within the context of the current and long-term economic environment. digital.library.unt.edu/ark:/67531/metadc29604/
The Bush Tax Cuts and the Economy
The George W. Bush Administration enacted a series of tax cuts through the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. This report examines these tax cuts within the context of the current and long-term economic environment. digital.library.unt.edu/ark:/67531/metadc29603/
Capital Gains and Securities Transactions Taxation in Japan: Fact Sheet
This fact sheet provides information on the taxation of securities transactions and capital gains income in Japan at the national level. digital.library.unt.edu/ark:/67531/metacrs155/
Capital Gains Taxes: An Overview
The capital gains tax has been a tax cut target since the 1986 Tax Reform Act treated capital gains as ordinary income. An argument for lower capital gains taxes is reduction of the lock-in effect. Some also believe that lower capital gains taxes will cost little compared to the benefits they bring and that lower taxes induce additional economic growth, although the magnitude of these potential effects is in some dispute. Others criticize lower capital gains taxes as benefitting higher income individuals and express concerns about the budget effects, particularly in future years. Another criticism of lower rates is the possible role of a larger capital gains tax differential in encouraging tax sheltering activities and adding complexity to the tax law. digital.library.unt.edu/ark:/67531/metacrs1024/
The Challenge of Individual Income Tax Reform: An Economic Analysis of Tax Base Broadening
Congressional interest in a major reform of the individual income tax that would broaden the base and use the additional tax revenues to lower rates and/or reduce the deficit has increased. This report discusses ways in which the tax base can be broadened, tax expenditures, and impediments to broadening the base/eliminating or reducing expenditures. digital.library.unt.edu/ark:/67531/metadc86615/
Characteristics of and Reporting Requirements for Selected Tax-Exempt Organizations
This report addresses in summary fashion the differences among several kinds of tax-exempt organizations described in Internal Revenue Code [IRC] subsections 501(c)(3), 501(c)(4), 501(c)(5), 501(c)(6), and section 527. Each of these types of organization has a unique statutory definition, is subject to certain statutory limitations on its activities, enjoys certain benefits from obtaining tax-exempt status, and must share certain information with the general public. Following the report is a table which summarizes this information. digital.library.unt.edu/ark:/67531/metacrs1959/
Charitable Choice, Faith-Based Initiatives, and TANF
This report is one in the series of reports that discusses the Charitable Choice Act of 2001 (Title II of the House bill) and its rules, as well as the charitable choice laws, and other areas of this program. digital.library.unt.edu/ark:/67531/metacrs9645/
Charitable Choice, Faith-Based Initiatives, and TANF
This report is one in the series of reports that discusses the Charitable Choice Act of 2001 (Title II of the House bill) and its rules, as well as the charitable choice laws, and other areas of this program. digital.library.unt.edu/ark:/67531/metacrs10198/
Charitable Choice, Faith-Based Initiatives, and TANF
The 108th Congress has resumed efforts to pass tax incentives for private giving (S. 476, passed by the Senate on April 9, and H.R. 7, introduced May 7, 2003). However, these bills do not contain provisions intended to promote religious organizations as providers of federally funded social services – charitable choice provisions.. The House voted in 2001 to extend charitable choice rules, which now apply to a limited set of programs, to numerous new programs (H.R. 7 in the 107th Congress), as the President urged, but the Senate refused. However, in an Executive Order, President Bush on December 12, 2002, directed six cabinet-level departments and the Agency for International Development (AID) to bring policies concerning social service programs into line with charitable choice principles set forth in the Order. digital.library.unt.edu/ark:/67531/metacrs5458/
Charitable Choice, Faith-Based Initiatives, and TANF
The 108th Congress has resumed efforts to pass tax incentives for private giving (S. 476, passed by the Senate on April 9, and H.R. 7, introduced May 7, 2003). However, these bills do not contain provisions intended to promote religious organizations as providers of federally funded social services – charitable choice provisions.. The House voted in 2001 to extend charitable choice rules, which now apply to a limited set of programs, to numerous new programs (H.R. 7 in the 107th Congress), as the President urged, but the Senate refused. However, in an Executive Order, President Bush on December 12, 2002, directed six cabinet-level departments and the Agency for International Development (AID) to bring policies concerning social service programs into line with charitable choice principles set forth in the Order. digital.library.unt.edu/ark:/67531/metacrs5457/
Charitable Choice, Faith-Based Initiatives, and TANF
The 107th Congress did not pass tax incentives for private giving or legislation intended to assure equal treatment of religious organizations as providers of social services (provisions in S. 1924, the original CARE bill). The House voted to extend charitable choice rules to numerous new programs (H.R. 7), as the President urged, but the Senate refused. However, in an Executive Order, President Bush on December 12, 2002, directed six cabinet-level departments and the Agency for International Development (AID) to bring policies concerning social service programs into line with charitable choice principles set forth in the Order. digital.library.unt.edu/ark:/67531/metacrs5456/
Charitable Choice, Faith-Based Initiatives, and TANF
This report is one in the series of reports that discusses the Charitable Choice Act of 2001 (Title II of the House bill) and its rules, as well as the charitable choice laws, and other areas of this program. digital.library.unt.edu/ark:/67531/metacrs3452/
Charitable Choice, Faith-Based Initiatives, and TANF
The Senate Finance Committee version of H.R. 7, approved on July 16, 2002, does not contain the “charitable choice” title of the House-passed H.R. 7; nor does it include a compromise “faith-based” provision (from S. 1924 as introduced) that sought to assure equal treatment for nongovernmental providers of almost all federally-funded social services. Remaining in the Senate Finance bill are tax incentives to promote private giving. The Charitable Choice Act of 2001 (Title II of the House bill) would apply its rules, which are significantly different from those in four existing charitable choice laws, to nine new program areas. digital.library.unt.edu/ark:/67531/metacrs3451/
Charitable Choice, Faith-Based Initiatives, and TANF
This report is one in the series of reports that discusses the Charitable Choice Act of 2001 (Title II of the House bill) and its rules, as well as the charitable choice laws, and other areas of this program. digital.library.unt.edu/ark:/67531/metacrs3450/
Charitable Choice Provisions of H.R. 7
H.R. 7, the Community Solutions Act, on July 19 won House passage without amendment by a vote of 233-198. The bill includes basic elements of President Bush’s faith-based initiatives: tax incentives for private giving–scaled back from original proposals (Title I)–and expansion of charitable choice (Title II). (Title III deals with individual development accounts.) digital.library.unt.edu/ark:/67531/metacrs1933/
Charitable Contributions of Food Inventory: Proposals for Change
Early in the 109th Congress, both S. 6, the Family and Community Protection Act of 2005, and S. 94, the Good Samaritan Hunger Relief Tax Incentive Act, have been introduced to encourage gifts of food by businesses for charitable purposes. While current law provides a deduction only to C corporations, these bills would expand the tax break to all business entities. The value of the existing deduction is the corporation’s basis in the donated product plus one half of the amount of appreciation, as long as that amount is less than twice the corporation’s basis in the product. digital.library.unt.edu/ark:/67531/metacrs9106/
The Child Tax Credit and the President's Tax Cut Plan
The child tax credit was enacted as part of the Taxpayer Relief Act of 1997. The current credit is $500 per qualifying child. President Bush has proposed increasing the child tax credit to $1,000 per qualifying child. The President has also proposed making permanent the temporary rule in current law that allows the child tax credit to offset a taxpayer’s alternative minimum tax. digital.library.unt.edu/ark:/67531/metacrs1968/
Cigarette Taxes to Fund Health Care Reform: An Economic Analysis
A cigarette excise tax increase of 75 cents per pack has been proposed to finance part of the President's universal health care program. The tax enjoys considerable public support, would raise about $11 billion per year, and would be relatively simple to administer because it would increase an existing manufacturer's excise tax. This report discusses these rationales, as well as other effects of and concerns about the tax, organized into topics of market failure as a justification for the tax (i.e., economic efficiency); potential for revenue; equity; and the job loss the tax might cause in tobacco growing regions. digital.library.unt.edu/ark:/67531/metadc26039/
Coal Excise Tax Refunds: United States v. Clintwood Elkhorn Mining Co.
In 1998, a U.S. district court held that the imposition of the coal excise tax, or black lung excise tax, on coal destined for export was unconstitutional. The process of refunding the tax has been controversial. This is because some coal producers and exporters have attempted to bypass the limitations in the Internal Revenue Code's refund scheme for bringing suit under the Export Clause in the Court of Federal Claims, seeking damages from the United States in the amount of coal excise taxes paid. The Federal Circuit Court of Appeals held the court had jurisdiction under the Tucker Act to hear the suits and allowed them as an alternative to the Code's refund process. However, in a 2008 decision, United States v. Clintwood Elkhorn Mining Co., the Supreme Court unanimously held that taxpayers must comply with the Code's administrative refund process before bringing suit. Meanwhile, H.R. 1762 and S. 373 would provide an alternative method for taxpayers to receive coal excise tax refunds. digital.library.unt.edu/ark:/67531/metacrs10743/
Comparison of 501(c )(3) and 501(c )(4) Organizations
No Description digital.library.unt.edu/ark:/67531/metacrs260/
Comparison of Tax Incentives of Domestic Manufacturing: 108th Congress
The enacted provision of this legislation (H.R. 4520), following the passage of the Senate’s version (then S. 1637) and the House bill (H.R. 4520) followed the Senate version, which allowed a deduction and would cover unincorporated firms as well as corporations. However, the proposal contained the broader definition of manufacturing in the House bill which included oil and gas extraction, utilities, construction, and electricity. This report discusses the provisions in these two versions of the subsidy as well as some of the issues surrounding alternative methods of providing a manufacturing subsidy. digital.library.unt.edu/ark:/67531/metacrs6477/
Comparison of Tax Incentives of Domestic Manufacturing in Current Legislative Proposals
This report presents two approaches that have quite different implications for tax administration and Compliance. First, additional domestic investment would have both a direct tax benefit effect, and an indirect effect through increasing the ratio of domestic to world production. Secondly, if one considers the other provisions of H.R. 2896 and S. 1637, these provisions provide benefits (in some cases quite large benefits) to investment overseas that could more than offset any domestic incentive. digital.library.unt.edu/ark:/67531/metacrs6538/
Conservation Reserve Payments and Self-Employment Taxes
Farmers enrolling their land in the Department of Agriculture's Conservation Reserve Program (CRP) receive payments for refraining from farming their property and for engaging in certain conservation practices mandated by the Department of Agriculture. These payments are described in the contract with the Department of Agriculture as "rental payments." Farmers would like to treat the income as "rental income" because it would not be subject to self-employment taxes, but the Internal Revenue Service (IRS) insists that under certain conditions, the payments are income from the trade or business of farming and thus subject to self-employment taxes. digital.library.unt.edu/ark:/67531/metacrs1066/
Constitutionality of Retroactive Tax Legislation
Report that examines the constitutional provisions that might be implicated by retroactive tax legislation, including legislation that seems intended to punish past behavior. digital.library.unt.edu/ark:/67531/metadc227817/
Consumption Taxes and the Level and Composition of Saving
This report examines how the composition of saving might change with the introduction of a consumption tax. Specifically, the report analyzes the possible impact of a consumption based tax system on various forms and levels of saving. digital.library.unt.edu/ark:/67531/metacrs1950/
The Corporate Income Tax System: Overview and Options for Reform
This report (1) briefly reviews the current U.S. corporate tax system; (2) discusses economic factors that may be considered in the corporate tax reform debate; and (3) presents corporate tax reform policy options, including a brief discussion of current corporate tax reform proposals. digital.library.unt.edu/ark:/67531/metadc122253/
The Crude Oil Windfall Profit Tax Act: Context and Content
Debate over natural gas pricing has included the consideration of a windfall profit tax, with the oil windfall profit tax as a possible guide to what might be levied on natural gas at the wellhead. This report reviews the issues surrounding the enactment of the crude oil windfall profit tax, spells out its provisions, and provides data on the revenues collected and anticipated. digital.library.unt.edu/ark:/67531/metacrs8400/
Disaster Tax Relief for the Midwest
The Midwestern Disaster Tax Relief Act of 2008 is intended to assist with the recovery from the severe weather that affected the Midwest during the summer of 2008. The Jobs, Energy, Families, and Disaster Relief Act of 2008 includes some similar provisions, but these are not limited to the Midwest disaster. The disaster relief in the three bills is similar to that provided to assist with the recovery from the 2005 hurricanes and the 2007 Kansas tornadoes. This report broadly discusses the disaster relief provisions in other relevant legislation. digital.library.unt.edu/ark:/67531/metacrs10785/
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. digital.library.unt.edu/ark:/67531/metadc332891/
The Earned Income Tax Credit: Current Issues and Benefit Amounts
The earned income tax credit (EITC), established in the tax code in 1975, offers cash aid to working parents with relatively low incomes who care for dependent children. The EITC is the only federal cash aid available to all working poor families with children. For eligible filers with income tax liability, the EITC reduces their taxes. digital.library.unt.edu/ark:/67531/metacrs1317/
The Earned Income Tax Credit (EITC): An Overview
This report discusses the earned income tax credit (EITC), established in the tax code in 1975, which offers cash aid to working parents with relatively low incomes who care for dependent children. digital.library.unt.edu/ark:/67531/metadc306490/
The Earned Income Tax Credit (EITC): Percentage of Total Tax Returns and Credit Amount by State
The earned income tax credit (EITC), established in the tax code in 1975, offers cash aid to working parents with relatively low incomes who care for dependent children. The EITC is the only federal cash aid available to all working poor families with children. For eligible filers with income tax liability, the EITC reduces their taxes. digital.library.unt.edu/ark:/67531/metacrs7962/