Congressional Research Service Reports - 29 Matching Results
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- Fact Sheet on Congressional Tax Proposals in the 108th Congress
- After passing a major multi-year tax cut in Mid-2001 (which was sunsetted after ten years) and a stimulus bill in 2002, Congress is considering energy tax subsidies, tax incentives for charitable giving deductions, pension diversification in the wake of the ENRON problems, and tax shelters. The House has passed several bills that would make the multiyear tax cut permanent as well as a bill to speed up certain provisions.
- State and Local Sales Tax Deductibility: Legislation in the 108th Congress
- No Description Available.
- Major Tax Issues in the 107th Congress
- No Description Available.
- 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
- An Introduction to the Low-Income Housing Tax Credit
- This report provides an overview of the low-income tax credit.
- Energy Tax Policy
- This report brief discusses the history, current posture, and outlook for federal energy tax policy.
- Transportation Fuel Taxes: Impacts of a Repeal or Moratorium
- Steep increases in the prices of gasoline, diesel, and other transportation fuels have prompted some Members of Congress to seek to ease the effects on households and businesses. Interest has focused on possible repeal or suspension of the levying of all or part of the federal excise taxes on those fuels. Current market conditions and the small amount of tax relief incorporated in most proposals, however, raise uncertainty as to whether prices to individuals and businesses would fall and whether any price decline would be meaningful to consumers. A reduction in transportation fuel taxes would result in a decrease in spending for transportation trust-fund-supported federal programs, unless Congress designated alternate sources of funding for these programs. As a result of the structure of the federal programs the effects of a fuel tax repeal on federal transportation programs would not necessarily be immediate, but depending on the length/scope of the repeal or suspension, they could be substantial.
- Business Tax Provisions That Expired in 2016 ("Tax Extenders")
- This report briefly summarizes and discusses the economic impact of selected business-related tax provisions that expired at the end of 2016. Types of business provisions covered are special business investment (cost recovery), economic development, and other miscellaneous business-related matters.
- Tax Issues: National Public Opinion
- This report provides a sample of public opinion questions concerning the current tax system, the Internal Revenue Service, and proposals for tax reform. It will be updated as new poll results become available. The report is for the use of Members as they consider legislation currently before the 105 Congress.
- The Federal Rulemaking Process: An Overview
- No Description Available.
- An Overview of Recent Tax Reform Proposals
- This report provides a review of legislative tax reform proposals introduced since the 113th Congress. Several proposals have already been introduced in the 115th Congress to replace the current income tax system.
- Federal Deductibility of State and Local Taxes
- This report provides a brief history of deductible state and local taxes, and discusses deduction for real estate property taxes, deductions for income, sales, and use taxes. The report also discusses policy alternatives and current legislation.
- Tax Incentives for Charity: An Overview of Legislative Proposals
- No Description Available.
- Economic Analysis of the Charitable Contribution Deduction for Non-Itemizers
- This report summarizes the provisions affecting charitable contribution deductions of individuals, and then analyzes the incentive such a deduction would create for increased charitable giving beginning with the original proposal for a relatively low cap and then considering other approaches including the current one. It does not attempt to estimate other types of societal impacts. The non-itemizer’s charitable deduction was the single most important tax provision in the original version of H.R. 7. In S. 1924, S. 476, and the current version of H.R. 7, the nonitemizer provision was temporary and had a higher cap (and a floor). The provision affecting rollovers from IRAs, which can also function as a deduction for nonitemizers, is also discussed briefly.
- 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.
- 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.
- Energy Tax Policy: History and Current Issues
- No Description Available.
- The Foreign Tax Credit's Interest Allocation Rules
- This report discusses the "worldwide" allocation of interest rule, which was a provision of the American Jobs Creation Act of 2004 (P.L. 108-357; the Jobs Act). The provision relates to the taxation of multi-national corporations and allows more generous rules for multinationals to use in allocating interest expense for purposes of the U.S. foreign tax credit.
- Social Security Taxes: Where Do Surplus Taxes Go and How Are They Used?
- No Description Available.
- Energy Tax Policy
- Omnibus energy legislation (H.R. 4) that is now in conference would expand energy tax incentives significantly. The House passed the bill on August 2, 2001, and the Senate approved its version April 25, 2002. Several energy tax issues are addressed in these bills: 1) tax incentives to increase the supply of oil and gas, and the demand for coal; 2) energy tax issues relating to energy conservation and energy efficiency; 3) energy tax issues relating to alternative fuels; 4) selected issues relating to electricity restructuring; and 5) expiring energy tax provisions.
- 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 the current status of energy tax policy.
- "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.
- Tax Benefits for Health Insurance: Current Legislation
- No Description Available.
- Tax Issues: National Public Opinion
- No Description Available.
- The Alternative Minimum Tax for Individuals: Legislative Initiatives in the 109th Congress
- This report describes the Alternative Minimum Tax (AMT), specifically revenue effects of modifying the AMT and Legislative Initiatives.
- Government Spending or Tax Reduction: Which Might Add More Stimulus to the Economy?
- This report provides discusses about Government Spending or Tax Reduction and check which adds more Stimulus to the Economy. This report also consider that issues in the context of conventional economic analysis.
- Pension Reform: The Economic Growth and Tax Relief Reconciliation Act of 2001
- No Description Available.
- 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.
- Retirement Savings and Household Wealth: A Summary of Recent Data
- No Description Available.