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Fact Sheet on Congressional Tax Proposals
A general tax cut (H.R. 2488), costing $792 billion over 10 years, was vetoed in September 1999. A more narrowly focused bill (H.R. 1180) extending certain expiring provisions was adopted in December. Several tax proposals have been or are likely to be considered in 2000. The largest of these was marriage penalty legislation (H.R. 6 and S. 2346). Tax provisions are also included in health care legislation and minimum wage legislation; the latter passed the House on March 9 and included distressed communities legislation and a repeal of the installment sales provision included in the extenders bill. A number of separate tax bills are also under consideration. The general tax cut proposal included across-the-board tax cuts, benefits for married couples, phase-out of the alternative minimum tax, a reduction in capital gains taxes, a phase-out of the estate tax and provisions relating to education and health.
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
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.
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.
Tax Activity in the 107th Congress
No Description Available.
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.
How Unanimous Consent Agreements Regulate Senate Floor Action
No Description Available.
Economic Issues Surrounding the Estate and Gift Tax: A Brief Summary
Supporters of the estate and gift tax argue that it provides progressivity in the federal tax system, provides a backstop to the individual income tax and appropriately targets assets that are bestowed on heirs rather than assets earned through their hard work and effort. However, progressivity can be obtained through the income tax and the estate and gift tax is an imperfect backstop to the income tax. Critics argue that the tax discourages savings, harms small businesses and farms, taxes resources already subject to income taxes, and adds to the complexity of the tax system.
Economic Issues Surrounding the Estate and Gift Tax: A Brief Summary
Supporters of the estate and gift tax argue that it provides progressivity in the federal tax system, provides a backstop to the individual income tax and appropriately targets assets that are bestowed on heirs rather than assets earned through their hard work and effort. However, progressivity can be obtained through the income tax and the estate and gift tax is an imperfect backstop to the income tax. Critics argue that the tax discourages savings, harms small businesses and farms, taxes resources already subject to income taxes, and adds to the complexity of the tax system.
527 Organizations: Reporting Requirements Imposed on Political Organizations after the Enactment of P.L. 106-230
On July 1, 2000, President Clinton signed H.R. 4762, P.L. 106-230. The law amended the Internal Revenue Code [IRC] to require political organizations described in IRC § 527 to disclose their political activities, if they were not already required to do so by the Federal Election Campaign Act [FECA]. This report summarizes the three major changes made by the law and some of the major responses to the legislation. First, all 527 organizations which expect to have over $25,000 in gross receipts during a taxable year and which are not required to report to the Federal Election Commission [FEC] are required to register with the IRS within 24 hours of their formation, whether they are involved in state, local, or federal elections. Second, 527 issue advocacy organizations, which previously reported neither to the IRS nor the FEC, are required to file regular disclosure statements with the IRS. Third, all 527 organizations with gross receipts in excess of $25,000 per year are required to file annual reports with the IRS. The registration statements, disclosure forms, and annual reports will be made public. H.R. 527 and S. 527 in the 107th Congress would exempt most state and local 527 organizations from the requirements of P.L. 106-230.
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.
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.
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.
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.
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.
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.
President Bush's Tax Proposal: A Brief Overview
No Description Available.
Tax-Cut Legislation: The Economic Growth and Tax Relief Act of 2001 (H.R. 3)
No Description Available.
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.
Marriage Tax Penalty Relief Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001
No Description Available.
Marriage Tax Penalty Relief Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001
No Description Available.
Economic and Revenue Effects of Permanent and Temporary Capital Gains Tax Cuts
Recent proposals have been made to enact either a temporary or a permanent capital gains tax cut. The former would probably gain revenue in the first 2 years but lose that revenue and more, most likely within the following 3 years. H.R. 3090, passed by the House, would lower the top tax rate from 20% to 18% for assets held at least a year. The Senate Finance Committee version of H.R. 3090, does not reduce capital gains taxes. A capital gains tax cut appears the least likely of any permanent tax cut to stimulate the economy in the short run; a temporary capital gains tax cut is unlikely to provide any stimulus. Permanently lower capital gains taxes can contribute to economic efficiency in some ways and detract from it in others. Capital gains tax cuts would favor high income individuals, with about 80% of the benefit going to the top 2% of taxpayers.
Economic and Revenue Effects of Permanent and Temporary Capital Gains Tax Cuts
Recent proposals have been made to enact either a temporary or a permanent capital gains tax cut. The former would probably gain revenue in the first 2 years but lose that revenue and more, most likely within the following 3 years. H.R. 3090, passed by the House, would lower the top tax rate from 20% to 18% for assets held at least a year. The Senate Finance Committee version of H.R. 3090, does not reduce capital gains taxes. A capital gains tax cut appears the least likely of any permanent tax cut to stimulate the economy in the short run; a temporary capital gains tax cut is unlikely to provide any stimulus. Permanently lower capital gains taxes can contribute to economic efficiency in some ways and detract from it in others. Capital gains tax cuts would favor high income individuals, with about 80% of the benefit going to the top 2% of taxpayers.
Tax Cuts and Economic Stimulus: How Effective Are the Alternatives?
No Description Available.
Tax Cuts and Economic Stimulus: How Effective Are the Alternatives?
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Taxpayer Protection and IRS Accountability Act of 2002, H.R. 3991
No Description Available.
Taxpayer Protection and IRS Accountability Act of 2003, H.R. 1528
No Description Available.
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: 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.
Fact Sheet on Congressional Tax Proposals in the 108th Congress
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.
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.
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.
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.
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.
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.
Minimum Distribution Requirements for Foundations: Proposal to Disallow Administrative Costs
No Description Available.
Internet Tax Bills in the 105th Congress
"This report tracks the evolution and content of the Internet tax freedom bills" (p. i).
Internet Tax Legislation: Distinguishing Issues
No Description Available.
Internet Tax Legislation: Distinguishing Issues
The Internet Tax Freedom Act (ITFA), enacted in 1998, placed a three-year moratorium on the ability of state and local governments to impose new taxes on Internet access, or to impose any multiple or discriminatory taxes on electronic commerce. The moratorium is scheduled to expire on October 21, 2001.
Internet Tax Legislation: Distinguishing Issues
No Description Available.
Internet Tax Bills in the 107th Congress: A Brief Comparison
No Description Available.
Extending the Internet Tax Moratorium and Related Issues
The Internet Tax Freedom Act, enacted in 1998, placed a 3-year moratorium on the ability of state and local governments 1) to impose new taxes on Internet access or 2) to impose multiple or discriminatory taxes on electronic commerce. It grandfathered existing taxes on Internet access. The original moratorium expired on October 21, 2001. Numerous bills to extend the moratorium were introduced in the first session of the 107th Congress. The Congress approved H.R. 1552 (P.L. 107-75, enacted November 28, 2001) which extended the prior moratorium by 2 years, until November 1, 2003.
Internet Tax Bills in the 108th Congress
No Description Available.
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