Congressional Research Service Reports - 834 Matching Results

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Individual Retirement Accounts (IRAs)

Description: 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.
Date: June 28, 1983
Creator: Library of Congress. Congressional Research Service.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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The Alternative Minimum Tax for Individuals: Legislative Initiatives and Their Revenue Effects

Description: This report discusses legislative initiatives regarding the alternative minimum tax (AMT) for individuals, which was originally enacted to ensure that all taxpayers, especially high-income taxpayers, paid at least a minimum amount of federal taxes.
Date: November 25, 2005
Creator: Esenwein, Gregg A.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Extending the 2001, 2003, and 2004 Tax Cuts

Description: 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 fu… more
Date: November 25, 2005
Creator: Esenwein, Gregg A.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Taxes and Fiscal Year 2006 Budget Reconciliation: A Brief Summary

Description: On April 28, 2005, Congress approved an FY2006 budget resolution (H.Con.Res.95) with reconciliation instructions calling for three bills: a bill containing spending cuts ($1.5 billion in FY2006 and $34.7 billion over five years); a bill increasing the public debt limit by $781 billion (to $8,965 billion); and a bill containing tax cuts.
Date: November 16, 2005
Creator: Brumbaugh, David L.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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The Earned Income Tax Credit (EITC): Percentage of Total Tax Returns and Credit Amount by State

Description: 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.
Date: November 4, 2005
Creator: Scott, Christine
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Homeland Security: 9/11 Victim Relief Funds

Description: In the first days following the terrorist attacks of September 11, 2001, an unprecedented number of Americans contributed over $2.7 billion in donations to assist in the relief of victims. According to a 2004 Rand Corporation study, that money amounted to only a modest share (7%) of the $38.1 billion “quantified benefits” provided to victims of the terrorist attacks. The Rand Study reported that payments worth $19.6 billion (51%) were disbursed by insurers and $15.8 billion (42%) were disbursed… more
Date: December 10, 2004
Creator: Wolfe, M. Ann
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Tax Benefits Enacted in the 108th Congress for Military Personnel

Description: The Military Families Tax Relief Act (MFTRA) contains several provisions that: 1) increase the death gratuity payment and make it fully tax-exempt; 2) provide members of the military with extended time to defer capital gains resulting from the sale of their principal residences; 3) exempt from income benefits received from the Department of Defense Homeowners Assistance Program; 4) expand combat zone filing rules to include military personnel involved in contingency operations; 5) extend the cr… more
Date: November 17, 2004
Creator: Jackson, Pamela J.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Social Security: Raising or Eliminating the Taxable Earnings Base

Description: Social Security taxes are levied on earnings up to a maximum level set each year. In 2004, this maximum — or what is referred to as the taxable earnings base — is $87,900. There is no similar base for the Medicare Hospital Insurance (HI) portion of the tax; all earnings are taxable for HI purposes. Elimination of the HI base was proposed by President Clinton and enacted in 1993, effectively beginning in 1994. Recently others have proposed that the base for Social Security be raised or eliminate… more
Date: January 20, 2004
Creator: Haltzel, Laura
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Estate Taxes and Family Businesses: Economic Issues

Description: The 2001 tax revision began a phaseout of the estate tax, by increasing exemptions and lowering rates. The estate tax is scheduled to be repealed in 2010 and a provision to tax appreciation on inherited assets (in excess of a limit) will be substituted. The 2001 tax provisions sunset, however, so that absent a change making them permanent the estate tax will revert, in 2011, to prior, pre-2001, law.
Date: September 8, 2005
Creator: Gravelle, Jane G. & Maguire, Steven
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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List of Temporary Tax Provisions: "Extenders" Expiring in 2005

Description: Several temporary tax provisions will expire this year. Often referred to as “extenders,” these provisions were originally enacted with an expiration date that may well be extended. Several have been extended numerous times in the past, sometimes after their expiration date. The extenders provide special tax treatment for certain types of activities and investment and benefit both individuals and corporations. They occur in a variety of policy areas including wage credits to support employment … more
Date: April 19, 2005
Creator: Jackson, Pamela J.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Should Credit Unions Be Taxed?

Description: 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 … more
Date: May 23, 2005
Creator: Bickley, James M.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Hurricane Katrina: The Response by the Internal Revenue Service

Description: After Hurricane Katrina, the Internal Revenue Service (IRS) announced several tax relief measures to aid affected individuals and businesses. They cover a range of subjects, from postponing deadlines for paying taxes and filing returns for individuals, employee benefit plans and tax-exempt bond issuers, to waiving penalties for certain fuel excise taxes. This report summarizes these measures and discusses the statutory authority for the IRS’s actions.
Date: September 14, 2005
Creator: Lunder, Erika
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Income Tax Relief in Times of Disaster

Description: In response to the devastation caused by Hurricane Katrina, disaster areas have been designated in 64 parishes in Louisiana, 52 counties in Mississippi, six counties in Alabama, and three counties in Florida. Special provisions are available for taxpayers to help recover from the impact of a disaster.
Date: September 9, 2005
Creator: Jackson, Pamela J.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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The Effect of the President’s Dividend Relief Proposal on Corporate Tax Subsidies

Description: The first section of this report explains how these excludable dividend amounts (EDAs) work and how they affect the value of corporate tax preferences. The second section of the report details alternative approaches and their effects on corporate tax subsidies. The next section of the report explores the rationale for EDAs. The final section concludes with a review of general policy issues, including a discussion of the general types of corporate tax preferences currently allowed and a discussi… more
Date: March 13, 2003
Creator: Esenwein, Gregg A. & Gravelle, Jane G.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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