Congressional Research Service Reports - 10 Matching Results
Search Results
- The Crude Oil Windfall Profit Tax Act: Context and Content
- Debate over natural gas pricing has included the consideration of a windfall profit tax, with the oil windfall profit tax as a possible guide to what might be levied on natural gas at the wellhead. This report reviews the issues surrounding the enactment of the crude oil windfall profit tax, spells out its provisions, and provides data on the revenues collected and anticipated.
- Flat-Rate Tax Proposals
- In recent months there has been a growing congressional interest in the advantages and disadvantages of revamping our current tax system for a flat-rate tax method. Supporters of the new proposal argue that such a plan would promote productivity, simplify present IRS tax forms, save the public billions of dollars that presently go to tax-preparation professionals, and enhance Federal revenue by closing numerous tax loopholes and special deductions that are now enjoyed by relatively few. Opponents believe, however, that the tax burden under a flat-rate plan might fall more heavily upon the middle class and, unless exceptions were made, would hurt educational institutions and charities. Problems with popular tax deductions, such as home mortgage interest, would have to be addressed. This packet provides background materials which discuss the practical and theoretical issues that surround a flat-rate tax, including the probable redistribution of the tax burden under various rates and income bases.
- Tuition Tax Credits
- Congressional Research Service (CRS) report entailing information about tuition tax credits. Topics include, current law and legislative options, support for private elementary and secondary education, post secondary student financial assistance.
- Individual Retirement Accounts (IRAs): Tax Incentives for Retirement Savings
- This report discusses Individual Retirement Arrangements (IRA) and their tax incentives. Many workers covered by employer-sponsored retirement plans do not work long enough with one employer to be entitled to a pension. Others may be covered by a profit-sharing plan to which the employer may have little or no profits to contribute. Since these individuals were "covered" by a retirement plan, they were ineligible to make tax-deductible contributions to a tax-sheltered Individual Retirement Arrangement (IRA). Many observers considered this a tax inequity and felt that all employees should be eligible to establish their own IRAs or make tax-deductible contributions to their employer's plan. Congress responded to this situation by approving retirement savings incentives for all workers as part of the tax cut bill (H.R. 4242). All workers, whether or not covered by an employer pension plan, are now permitted tax deductible contributions to IRAs up to $2,000 a year.
- The Effects of Indexation on Tax Revenues and Distributional Effects of the U.S. Individual Income Tax System: A Historical Simulation
- This report compares the actual tax revenues and distribution of the tax burden under the Federal individual income tax from 1971 to 1981 with estimates of what they would have been under the 1971 tax structure if indexed for inflation and under the 1971 tax structure if left unchanged. Policy implications of the comparison are discussed.
- Individual Retirement Accounts (IRAs)
- 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.
- Surface Transportation Assistance Act of 1982
- No Description Available.
- Tax Reform Act of 1986: Public Law 99-514
- "This Info Pack includes a summary of the [Tax Reform Act of 1986] and provides information on the following topics: general provisions affecting individuals, treatment of real estate and second homes, retirement savings provisions and pensions, [and] corporate tax change overview" (p. 1).
- Tax Reform Effects
- No Description Available.
- Gramm-Rudman-Hollings: Potential Economic Effects of Meeting Deficit Targets
- This report discusses the reduction of federal budget deficit and the effect on the rise of interest rates.