Congressional Research Service Reports - 834 Matching Results

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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 The estate tax is scheduled to be repealed in 2010 and a provision to tax appreciation on inherited assets (in excess of a limit) will be substituted.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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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: July 7, 2005
Creator: Esenwein, Gregg A.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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Estate Tax Legislation in the 109th Congress

Description: Under provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16), the estate tax and generation-skipping transfer tax are scheduled to be repealed effective January 1, 2010. But the estate tax repeal, and all other provisions of EGTRRA, are scheduled to sunset December 31, 2010. If the sunset provision is not repealed, or the law is not otherwise changed beforehand, in 2011 estate and gift tax law will return to what it would have been had EGTRRA never bee… more
Date: June 24, 2005
Creator: Noto, Nonna A.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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The Flat Tax, Value-Added Tax, and National Retail Sales Tax: Overview of the Issues

Description: The current income tax system is criticized for costly complexity and damage to economic efficiency. Reform suggestions have proliferated, including a national retail sales tax, several versions of a value-added tax (VAT), the much-discussed “Flat Tax” on consumption (the “Hall-Rabushka” tax), the “USA” proposal for a direct consumption tax, and revisions of the income tax. The President has indicated that major tax reform will be a priority item in his second term.
Date: December 14, 2004
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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The Work Opportunity Tax Credit (WOTC) and the Welfare-to-Work (WtW) Tax Credit

Description: The Work Opportunity Tax Credit and Welfare-to-Work Tax Credit are temporary provisions of the Internal Revenue Code. Since their initiation in the mid-1990s, the Congress has allowed the credits to lapse four of the five times they were up for reauthorization. In each instance, they were reinstated retroactive to their expiration dates as part of large tax-related measures. The employment tax credits never have been addressed independently of broader legislation. This report describes the WOTC… more
Date: September 16, 2005
Creator: Levine, Linda
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: June 10, 2005
Creator: Esenwein, Gregg A.
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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State Estate and Gift Tax Revenue

Description: P.L. 107-16, the Economic Growth and Tax Relief Reconciliation Act of 2001, repeals the federal estate tax for decedents that die in 2010. In addition, the act repeals the credit for state estate taxes for decedents dying after December 31, 2004, and replaces the credit with a deduction. In most states, the repeal of the tax and the significant increase in the federal exclusion will also repeal or diminish state estate, inheritance, and gift taxes.
Date: April 8, 2005
Creator: Maguire, Steven
Item Type: Refine your search to only Report
Partner: UNT Libraries Government Documents Department
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