Congressional Research Service Reports - 531 Matching Results
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- The 2003 Tax Cut: Proposals and Issues
- This report provides a brief description of each tax cut proposal, including major proposals offered by the Democrats in both the House and the Senate during 2003. It discusses the distributional affects of the proposals and potential effects on short and long term economic growth.
- Frequently Asked Questions Concerning the Federal Income Tax
- This report addresses some of the frequently asked historical, constitutional, procedural, and legal questions concerning the federal income tax.
- Major Tax Issues in the 108th Congress
- This report provides an overview of major tax issues. It begins by describing three aspects of the economic context in which the tax policy debate during 2004 is likely to occur: the general state of the U.S. economy; the position of the federal budget; and the level of taxes in the United States.
- Brownfields Tax Incentive Extension
- This report discusses the brownfields tax incentive, which expires on December 31, 2007. Enacted in 1997, the provision allowed a taxpayer to fully deduct the costs of environmental cleanup in the year the costs were incurred, rather than spreading the costs over a period of years.
- Energy Tax Policy: History and Current Issues
- This report provides historical context regarding energy tax policy and discusses what may lie ahead.
- Energy Tax Policy
- This report discusses the history, current posture, and outlook for federal energy tax policy. It also discusses recent energy tax proposals, focusing on the major energy tax provisions that were debated as part of omnibus energy legislation in the 108th Congress (e.g., H.R. 6), which may be reintroduced in the 109th Congress.
- Estate and Gift Taxes: Economic Issues
- This report discusses how the estate and gift tax works and examines various policy options. The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16) repeals the estate tax after 2009. In the 108th Congress, some policymakers have proposed eliminating the sunset provision in the EGTRRA, thus making repeal of the estate tax permanent.
- Revenue Legislation in the Congressional Budget Process
- This report discusses revenue legislation, which may include changes to individual and corporate income taxes, social insurance taxes, excise taxes, or tariffs and duties. Congressional consideration of revenue legislation is governed by various constitutional provisions and procedural rules.
- The Retirement Savings Tax Credit: A Fact Sheet
- This report discusses the saver's tax credit, under which eligible individuals receive a non-refundable tax credit of up to $1,000 for contributing to a traditional IRA or an employer-sponsored retirement plan that is qualified under §401, §403 or §457 of the Internal Revenue Code. The credit was first available in 2002 but will expire after 2006 unless extended by Congress.
- Retirement Savings and Household Wealth in 2000: Analysis of Census Bureau Data
- This report examines recent trends in retirement saving and the policy implications. The aging of the American population and the impending retirement of the "baby boom" will place significant strains over the next several decades on both Social Security and on retirees' own financial resources. With continued increases in average life expectancies, retirees in the 21st century will have to stretch their savings and other assets over longer periods of retirement than were experienced by their parents and grandparents.
- Tax Benefits for Health Insurance: Current Legislation
- This report discusses a variety of potential proposals to change the tax benefits for health insurance and medical expenses, including measures that would expand the availability and attractiveness of health savings accounts (HSAs), or employer tax credits.
- Small Business Tax Relief: Proposals in the 108th Congress and Their Economic Justification
- This report examines the economic arguments for and against small business tax subsidies in the context of current congressional proposals to expand them. It begins with a brief description of current federal tax subsidies for small firms, moves on to consider the principal economic arguments for and against these subsidies, and concludes with a discussion of proposals in the 108th Congress to expand small business tax subsidies and their likely economic effects.
- The First-Time Homebuyer Tax Credit
- No Description Available.
- Anti-Tax-Shelter and Other Revenue-Raising Tax Proposals
- This report is on Anti-Tax-Shelter and Other revenue-raising Tax Proposals.
- The Cigarette Tax Increase to Finance SCHIP
- This report is on The Cigarette Tax Increase to Finance SCHIP.
- Export Tax Benefits and the WTO: Foreign Sales Corporations and the Extraterritorial Replacement Provisions
- No Description Available.
- Energy Tax Policy
- No Description Available.
- Farm Legislation and Taxes in the 110th Congress
- No Description Available.
- Tax Benefits for Families: Recent Changes for the Head of Household Filing Status
- This report describes the recent changes to file a federal income tax return as a head of household.
- The Alternative Minimum Tax for Individuals: Legislative Initiatives in the 110th Congress
- This report discusses the alternative minimum tax (AMT) for individuals that was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes.
- Value-Added Tax as a New Revenue Source
- This report discusses the valueadded tax (VAT), which has been frequently discussed as a full or partial replacement for the U.S. income tax system.
- Federal Estate, Gift, and Generation-skipping Taxes: A Description of Current Law
- This report contains an explanation of the major provisions of the Federal estate, gift, and generation-skipping transfer taxes. The discussion divides the Federal estate tax into three components: the gross estate, deductions from the gross estate, and computation of the tax, including allowable tax credits.
- Internet Taxation: Issues and Legislation
- The Internet Tax Freedom Act (ITFA) placed a three-year moratorium on the ability of state and local governments to (1) impose new taxes on Internet access or (2) impose any multiple or discriminatory taxes on electronic commerce. The act grandfathered the state and local access taxes that were “... generally imposed and actually enforced prior to October 1, 1998 ....” This report discusses issues of state and local taxation of Internet transactions because commerce conducted by parties in different states over the Internet.
- Major Tax Issues in the 108th Congress
- Tax policy is frequently considered by policymakers as a tool for boosting economic performance in various ways, and the likely economic effects of tax policy are often hotly debated. A brief overview of the current economic context is thus a good starting point for looking at tax issues facing the current Congress. This report provides an overview of major tax issues. The report begins by describing three aspects of the economic context in which the tax policy debate during 2004 is likely to occur: the general state of the U.S. economy; the position of the federal budget; and the level of taxes in the United States.
- Federal Excise Taxes on Tobacco Products: Rates and Revenues
- This report examines increases in excise tax rates on tobacco products contained in the Balanced Budget Act of 1997 (P.L. 105-33). Under that act, the increased rates on tobacco products became effective in two stages. The first scheduled increase in rates occurred on January 1, 2000, while the second increase in rates occurred two years later on January 1, 2002
- Business Tax Issues in 2007
- This report discusses the information related to business tax issues in the year 2007. It also discusses the business tax legislation, 2001-2006.
- Tax Gap: Administration Proposal to Require Information Reporting on Merchant Payment Card Reimbursements
- The high current and forecast budget deficits as well as pay-as-you-go (PAYGO) procedures have resulted in congressional and executive branch interest in raising additional revenue through proposals for improved tax compliance. The Bush Administration’s FY2009 budget includes a proposal (the proposal) to require each payment card processor to inform the IRS on the net dollar amount paid to reimburse each merchant (i.e., seller) for his payment card receipts in a calendar year. Payment cards consist of both credit cards and debit cards. This report examines the proposal by describing current law, presenting the proposal contained in the FY2009 budget, describing the structure of the payment card industry, analyzing the justifications for the proposal, explaining the criticisms of the proposal, and offering concluding observations.
- Tax Credits for Individual Development Accounts
- An individual development account (IDA) is a structured savings instrument for lower income individuals. This report discusses legislation introduced in the 108th Congress to establish IDA programs utilizing tax benefits to encourage program development.
- Energy Tax Incentives in the 108th Congress: A Comparison of the House and Senate Versions of H.R. 6 and the Senate Finance Committee Amendment
- This report discusses energy taxes incentives, which have long been an integral component of this nation’s energy policy. Efforts to significantly expand existing energy tax subsidies have been undertaken since the 106th Congress, but controversy over various non-tax energy policy provisions — corporate average fuel economy standards, the Alaskan National Wildlife Refuge, etc. — have helped stall the legislation.
- Taxation of Hedge Fund and Private Equity Managers
- This report provides background on hedge funds and private equity and summarizes the tax issues.
- Tax Deductions for Catastrophic Risk Insurance Reserves: Explanation and Economic Analysis
- According to the Insurance Services Office, Inc., (ISO), the property/casualty (p/c) insurance industry paid $62.2 billion in catastrophe losses from 24 disasters and more than 4.4 million claims in 2005, making 2005 the most costly year for catastrophe losses. This report begins by providing some background on the market for catastrophe insurance. It continues by describing the proposal for tax-deductible reserve accounts as set forth in H.R. 164/S. 926 of the 110th Congress, and concludes by providing an economic analysis of the plan.
- Federal Excise Tax on Tires: Where the Rubber Meets the Road
- This report examines the history of the federal excise tax on tires. The excise tax on tires was first levied in 1918 mainly because of revenue needs brought about by World War I. The tax was reduced after the war, and then repealed in 1926. The levy was reintroduced during the Great Depression at a time when federal individual income tax revenues were plummeting, and was increased to help finance World War II. Today, the premise for the excise tax on tires is that heavier vehicles cause greater damage to both roadways and bridges, and that the excise tax on tires resembles a pricing mechanism that is a proxy for highway wear-and-tear charges.
- Estate Tax Legislation in the 110th Congress
- This report examines current legislation regarding estate taxes. Under provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA, P.L. 107-16), the estate tax exclusion is scheduled to continue to rise, from $2 million for decedents dying in 2008, to $3.5 million in 2009. The estate tax is repealed for decedents dying in 2010 only.
- State Unemployment Taxes and SUTA Dumping
- This report provides a summary of the State Unemployment Tax Acts (SUTA) Dumping Prevention Act of 2004, P.L. 108-295. The term "SUTA dumping" refers to a variety of tax planning strategies used by employers to minimize the tax burden of federally mandated state unemployment taxes.
- Farm Legislation and Taxes in 2007
- No Description Available.
- Additional Standard Tax Deduction for the Blind: A Description and Assessment
- This report covers the history, reasoning, and current policy that surrounds tax deductions for the blind. Moreover, the report highlights the current policy (as of May 7th 2008) as one that recognizes the higher cost of living for a blind person because many blind taxpayers have low incomes. However, the report points out that because of this many of them have access to an additional deduction for being in a lower income bracket.
- Flat Tax Proposals and Fundamental Tax Reform: An Overview
- This report discusses the idea of replacing our current income tax system with a flat-rate tax, including background and analysis and various Congressional proposals.
- Export Tax Benefits and the WTO: The Extraterritorial Income Exclusion and Foreign Sales Corporations
- No Description Available.
- Federal Taxation of the Pharmaceutical Industry: Effects on New Drug Development and Legislative Initiatives in the 109th Congress
- No Description Available.
- Alcohol Beverages: Labeling and Health Claims
- This report concerns rules created in 2003 by the Alcohol and Tobacco and Trade Bureau that prohibits manufacturers from advertising substantive health benefits from alcoholic beverages. Moreover, the report covers the history and debate on this issue and of the Bureau.
- Federal Aviation Administration Reauthorization: An Overview of Selected Provisions in Proposed Legislation
- No Description Available.
- An Introduction to the Design of the Low-Income Housing Tax Credit
- This report discusses the Low-Income Housing Tax Credit (LIHTC), which is a federal provision that reduces the income tax liability of taxpayers claiming the credit. These taxpayers are typically investors in real estate development projects that have traded cash for the tax credits to support the production of affordable housing. The credit is intended to lower the financing costs of housing developments so that the rental prices of units can be lower than market rates, and thus, presumably, affordable.
- Education Tax Benefits: Are They Permanent or Temporary?
- This report very briefly describes the education tax benefits available to individuals and highlights their permanent-versus-temporary features.
- Federal Income Tax Treatment of the Family
- The first section summarizes the major features of the tax law affecting families and family choices, and how they developed over time, including the relatively recent introduction of large benefits for children at low and moderate income levels, a reversal of a trend in the past that tended to reduce these benefits through the erosion of the real value of the personal exemptions. It also summarizes the origin of the marriage penalty and marriage bonus. The following two sections first discuss general equity issues, and then apply the ability-to-pay standard to examine how tax burdens vary by family size, across the income spectrum. The final section examines the marriage penalties and bonuses.
- Estate and Gift Taxes: Economic Issues
- The unified estate and gift tax is levied on the transfer of assets that occurs when someone dies or gives a gift. Filing an estate tax return can be difficult depending on the value and complexity of the estate. The purpose here is to outline the mechanics of the estate and gift tax. The first section begins with a brief review of the general rules accompanied with a numerical example. There are some minor provisions of the law that are not discussed here, however, such as the phase out of the graduated rates and the credit for taxes on property recently transferred. The second section summarizes the special rules for farms and small businesses. And, the final section briefly describes the generation skipping transfer tax. The appendix of this report provides detailed data from returns filed in 2005, the latest year for which data are available.
- The Alternative Minimum Tax (AMT): Income Entry Points and “Take Back” Effects
- This report examines the alternative minimum tax for individuals (AMT), which was originally enacted to ensure that high-income taxpayers paid a fair share of the federal income tax.
- The First-Time Homebuyer Tax Credit
- No Description Available.
- Tax Returns of Individuals: Statistical Charts for the Five Most Recent Years
- This report provides answers to some of the most frequently asked questions concerning the federal individual income tax, including the number of returns filed, average tax per return, and income tax as percentage of adjusted gross income. This report will be updated as the Internal Revenue Service (IRS) releases new or revised statistics.
- Economic Analysis of the Charitable Contribution Deduction for Non-Itemizers
- The 107th Congress version of (H.R. 7), passed by the House, had eight new tax provisions designed to benefit charities and charitable giving, the most important one being the charitable deduction for non-itemizers.This report focuses on the economic effect of the deduction for nonitemizers, assessing the incentive such deductions would create for increased charitable giving.
- Tax Gap: Proposals in the 110th Congress to Require Brokers to Report Basis on Publicly Traded Securities
- Recent and projected large deficits and the need for revenue to offset spending or tax reduction proposals generated congressional and executive branch interest in different proposals to reduce the tax gap; and consequently, raise additional revenue. Proposals in the 110th Congress to require brokers to report adjusted basis on publicly traded securities sold by individuals are examined in this report.