Congressional Research Service Reports - 834 Matching Results
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- Individual Retirement Accounts: A Fact Sheet
- This report discusses general information about individual retirement accounts (IRAs), established by the Employee Retirement Income Security Act of 1974 (P.L. 93-406) to promote retirement saving; the accounts were limited at first to workers (and spouses) who lacked employer pension coverage.
- 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.
- PILT (Payments in Lieu of Taxes): Somewhat Simplified
- This report explains Payments in Lieu of Taxes (PILT), with an analysis of the five major factors affecting the calculation of a payment to a given county. It also describes the effects of recent legislative changes to PILT.
- The Federal Tax Treatment of Married Same- Sex Couples
- This report provides an overview of the federal tax treatment of same-sex married couples, with a focus on the federal income tax.
- Tax Reform: An Overview of Proposals in the 112th Congress
- This report gives an overview of tax reform issues. The President and leading members of Congress have stated that fundamental tax reform is a major policy objective for the 112th Congress. Some Members have said that fundamental tax reform is needed in order to raise a large amount of additional revenue, which is necessary to reduce high forecast budget deficits and the sharply rising national debt. Congressional interest has been expressed in both a major overhaul of the U.S. tax system and the feasibility of levying a consumption tax.
- 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.
- Tax Reform: An Overview of Proposals in the 112th Congress
- This report gives an overview of tax reform issues. The President and leading members of Congress have stated that fundamental tax reform is a major policy objective for the 112th Congress. Some Members have said that fundamental tax reform is needed in order to raise a large amount of additional revenue, which is necessary to reduce high forecast budget deficits and the sharply rising national debt. Congressional interest has been expressed in both a major overhaul of the U.S. tax system and the feasibility of levying a consumption tax.
- 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.
- Internet Transactions and the Sales Tax
- This report is an introduction to the economics of electronic commerce and its potential impact on sales and use tax collections. Presently, 45 states (and the District of Columbia) require that retail outlets add a fixed percentage to the sales price of all taxable items (inclusive of federally imposed excise taxes).
- 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
- Energy Tax Policy: An Economic Analysis
- The report provides background on the theory and application of tax policy as it relates to the energy sector, particularly with respect to the theory of market failure in the energy sector and the suggested policy remedies. This background provides a context for understanding how current or proposed energy tax policy may affect other policy objectives or be affected by such objectives.
- The Foreign Sales Corporation (FSC) Tax Benefit for Exporting and the WTO
- The Foreign Sales Corporation (FSC) provisions of the U.S. tax code permit U.S. firms to exempt between 15% and 30% of export income from taxation. FSC was enacted in 1984 to replace another tax benefit for exporting - the Domestic International Sales Corporation (DISC) provisions. U.S. trading partners had charged that DISC was an export subsidy, and so violated the General Agreement on Tariffs and Trade (GATT). In 1998 the European Union (EU) complained to the World Trade Organization (WTO, GATT's successor) that FSC itself is an export subsidy and violates the agreements on which the WTO is based. A WTO panel subsequently supported the EU. Under WTO procedures
- Excise Taxes on Alcohol, Tobacco, and Gasoline: History and Inflation-Adjusted Rates
- This report provides inflation-adjusted excise tax rates for alcohol, tobacco, and gasoline products. The base for computation is November 1951. All of the above cited commodities had rate increases effective for that date under the Revenue Act of 1951. The adjustments show what the tax rates would be in 1999 if they had been increased to reflect inflation
- Social Security Reform: How Much of a Role Could Private Retirement Accounts Play?
- Numerous proposals have been made calling for creation of individual retirement accounts to replace or supplement future Social Security benefits. Some believe that having workers accumulate assets based on their own contributions would be a better way to secure future retirement incomes. Others see the creation of private accounts as a way to offset cuts in Social Security that may be needed to restore the system to a sound financial footing. Much of the debate is fueled by the perception that per dollar of contributions, individual accounts invested in the private sector would exceed the value of future Social Security benefits, particularly since those benefits will likely need to be curtailed as the post World War II baby boomers retire.
- 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.
- 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.
- Comparison of 501(c )(3) and 501(c )(4) Organizations
- This paper briefly compares the differences between tax-exempt organizations described in Internal Revenue Code section 501(c)(3) and those described in section 501(c)(4). Although some organizations can qualify as either a 501(c)(3) or a 501(c)(4) organization, there are two outstanding differences between the two categories which may make one type of exemption more desirable than the other: deductibility of contributions and ability to lobby without significant limits.
- Transportation Fuel Taxes Early in the 105th Congress
- The 105th Congress has reinstated for about half a year the federal excise taxes on fuel used by noncommercial aviation. This follows a similar move by the 104th Congress on aviation fuel taxes, and actions pertaining to the tax on diesel fuel used in recreational motorboats, and to the fuel tax credits given to first purchasers of diesel-powered cars and light trucks. The 104th Congress also debated repeal of the increase of 4.3 cents per gallon in transportation fuel taxes imposed by the Omnibus Budget Reconciliation Act of 1993 (OBRA93) (P.L. 103-66), but no new law resulted.
- Energy Tax Policy: Issues in the 112th Congress
- The economic rationale for interventions in energy markets helps inform the debate surrounding energy tax policy. This report begins by providing background on the economic rationale for energy market interventions, highlighting various market failures. After identifying possible market failures in the production and consumption of energy, possible interventions are discussed. The report concludes with an analysis of energy tax policy as it stands at the start of the 112th Congress.
- Business Investment and Employment Tax Incentives to Stimulate the Economy
- This report discusses the merit of various business tax incentives and their effectiveness in providing fiscal stimulus during the recession. The two most common measures to provide business tax incentives for new investment are investment tax credits and accelerated deductions for depreciation.
- "Amazon Laws" and Taxation of Internet Sales: Constitutional Analysis
- As more purchases are made over the Internet, states are looking for new ways to collect taxes on online sales. There is a common misperception that the U.S. Constitution prohibits states from taxing Internet sales. This report discusses "Amazon laws", which try to capture uncollected taxes on Internet sales and yet still comply with the Constitution's requirements.
- The Corporate Income Tax System: Overview and Options for Reform
- This report presents information and research on the corporate tax to help policy makers understand and evaluate arguments presented in the tax reform debate. This report first reviews the structure of the corporate income tax. Data on which companies pay the corporate tax, corporate tax revenue, and how the U.S. system compares to the rest of the world are then presented and analyzed. Next, the economic effects of the corporate tax are reviewed--including a discussion of the purpose of the corporate tax, who bears the burden of the tax, and how to evaluate alternative corporate tax systems. The report then reviews broad reform options and concludes with a comparison of specific proposals that have been offered.
- PILT (Payments in Lieu of Taxes): Somewhat Simplified
- This report explains Payments in Lieu of Taxes (PILT), with an analysis of the five major factors affecting the calculation of a payment to a given county. It also describes the effects of recent legislative changes to PILT.
- The Earned Income Tax Credit (EITC): An Overview
- The Earned Income Tax Credit (EITC) is a refundable tax credit available to eligible workers earning relatively low wages. This report provides an overview of the EITC, first discussing eligibility requirements for the credit, followed by how the credit is computed and paid. The report then provides data on the growth of the EITC since it was first enacted in 1975. Finally the report concludes with data on the EITC claimed on 2012 tax returns, examining EITC claims by number of qualifying children, income level, tax filing status, and location of residence.
- 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.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Subsidies for Health Insurance for the Uninsured: An Economic Analysis of Selected Policy Issues for Congress
- 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.
- The Foreign Sales Corporation (FSC) Tax Benefit for Exporting: WTO Issues and an Economic Analysis
- This report provides a brief overview of the U.S. international tax system, the mechanics of FSC’s partial tax exemption, and how FSC fits into the overall U.S. tax structure.
- Tax Implications of SILOs, QTEs, and Other Leasing Transactions with Tax-Exempt Entities
- No Description Available.
- Excise Taxes on Alcohol, Tobacco, and Gasoline: History and Inflation Adjusted Rates
- This report provides inflation adjusted excise tax rates for alcohol, tobacco, and gasoline products. The base for computation is November 1951; the adjustments show what the tax rates would be if they had been increased to reflect inflation. All of the above cited commodities had rate increases effective for that date under the Revenue Act of 1951. Just as the Congress was prepared to lower excise tax rates because of peacetime conditions, plans had to be revised as a result of the start of the Korean War. Thus, the Revenue Act of 1951 was born out of revenue needs due to increased military expenditures.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Subsidies for Expanding Health Insurance Coverage: Selected Policy Issues for the 108th Congress
- No Description Available.
- Tax Subsidies for Expanding Health Insurance Coverage: Selected Policy Issues for the 108th Congress
- No Description Available.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Marriage Tax Penalty Relief Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001
- No Description Available.
- Tax Cuts and Economic Stimulus: How Effective Are the Alternatives?
- No Description Available.
- Social Security Reform: How Much of a Role Could Personal Retirement Accounts Play?
- No Description Available.
- Proposed Federal Income Tax Exclusion for Civilians Serving in Combat Zones
- No Description Available.
- Marriage Penalty Tax Relief: The Gramm Amendment
- No Description Available.
- Tax Issues: National Public Opinion
- No Description Available.
- Tax Expenditures Compared with Outlays by Budget Function: Fact Sheet
- This report is on Tax Expenditures Compared with Outlays by Budget Function: Fact Sheet.