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The Marriage Tax Penalty: An Overview of the Issues
No Description Available.
Social Security: Raising or Eliminating the Taxable Earnings Base
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 eliminated as well. They complain that taxing earnings only up to a certain level creates a regressive tax. They point out that 94% of all workers whose earnings fall below this level have a greater proportion of earnings taxed than the 6% whose earnings exceed it.
The Excise Tax on High-Cost Employer-Sponsored Health Insurance: Estimated Economic and Market Effects
This report examines several issues: it evaluates the potential of the Cadillac tax to affect health insurance coverage (and, therefore, the health market), and examines the expected incidence (burden) of the tax--that is, which group will pay the price of the tax.
The Excise Tax on High-Cost Employer-Sponsored Health Coverage: Background and Economic Analysis
This report gives a brief description of the excise tax on high-cost employer-sponsored coverage, commonly referred to as the Cadillac tax, including the legislative origins of the tax and an analysis of the revenue effects of the tax. It also analyzes the Cadillac tax using standard economic criteria of efficiency, equity, and administrative simplicity as well as an analysis of health insurance premium data to provide insights into what share of health insurance plans could exceed the Cadillac tax threshold and how the threshold could affect more health plans over time.
The Rum Excise Tax Cover-Over: Legislative History and Current Issues
This report provides a history and analysis of the rum cover-over program and current legislative efforts to modify the program. The congressional debate on this legislation could also lead to debate on the broader issue of the cover-over program more generally.
Passthrough Organizations Not Taxed As Corporations
This report describes the various forms of tax conduit organizations found in the Internal Revenue Code (IRC), or the Internal Revenue Services (IRS) regulations and discusses how the form of organization affects the tax situation of the owners. It is organized according to the major types of conduit organization.
Energy Tax Policy
This report brief discusses the history, current posture, and outlook for federal energy tax policy.
Selected Recently Expired Individual Tax Provisions ("Tax Extenders"): In Brief
This report briefly summarizes and discusses four items categorized as individual tax provisions that are regularly extended for one or two years (tax extenders). These items include deductions for elementary and secondary school teachers, deductions for state and local taxes, deductions for tuition and related expenses, and exclusions for employer-provided transit and parking benefits.
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.
Firms That Incorporate Abroad for Tax Purposes: Corporate "Inversions" and "Expatriation"
This report provides information about the Corporate "Inversions" and "Expatriation" on Firms That Incorporate Abroad for Tax Purposes where increasing number of U.S firms have altered their structure by substituting a foreign parent corporation for a domestic one.
Tax Incentives for Charity: An Overview of Legislative Proposals
No Description Available.
Energy Tax Policy
No Description Available.
Taxation of Hedge Fund and Private Equity Managers
This report discusses the major issues surrounding the tax treatment of hedge fund and private equity managers.
A Value-Added Tax Contrasted with a National Sales Tax
Proposals to replace all or part of the income tax and proposals for national health care have sparked congressional interest in possible sources of additional revenue. A value-added tax (VAT) or a national sales tax (NST) have been frequently discussed as possible new tax services. Both the VAT and the NST are taxes on the consumption of goods and services and are conceptually similar. Yet, these taxes also have significant differences. This issue brief discusses some of the potential policy implications associated with these differences.
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.
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 certain legislative changes to PILT in 2009 and 2012.
The Foreign Tax Credit's Interest Allocation Rules
This report discusses the foreign tax credit's interest allocation rules, which alleviate the double-taxation that would result if U.S. investors' overseas income were to be taxed by both the United States and a foreign country.
Tax Benefits for Health Insurance: Current 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.
Step-Up vs. Carryover Basis for Capital Gains: Implications for Estate Tax Repeal
No Description Available.
U.S. Renewable Electricity: How Does the Production Tax Credit (PTC) Impact Wind Markets?
This report discusses the use of wind as a power source, including: production tax credits (PTC), U.S. electricity demand growth, and the price of natural gas. Issues for Congress include whether or not the PTC will be extended.
Tax-Exempt Organizations: Political Activity Restrictions and Disclosure Requirements
No Description Available.
Federal Farm Promotion ("Check-off") Programs
The U.S. Supreme Court in 2005 affirmed the constitutionality of the so-called beef check-off program, one of the 18 generic promotion programs for agricultural products that are now active nationally. Supporters view check-offs as economically beneficial self-help activities that need minimal government involvement or taxpayer funding. Producers, handlers, and/or importers are required to pay an assessment, usually deducted from revenue at time of sale - thus the name check-off. However, some farmers contend they are being "taxed" for advertising and related activities they would not underwrite voluntarily. The Supreme Court's decision to uphold the beef check-off is considered significant for the future of the other programs, although the Court left open the possibility of additional challenges.
International Tax Provisions of the American Competitiveness and Corporate Accountability Act (H.R. 5095)
No Description Available.
Disaster Tax Relief for the Midwest
The Midwestern Disaster Tax Relief Act of 2008 is intended to assist with the recovery from the severe weather that affected the Midwest during the summer of 2008. The Jobs, Energy, Families, and Disaster Relief Act of 2008 includes some similar provisions, but these are not limited to the Midwest disaster. The disaster relief in the three bills is similar to that provided to assist with the recovery from the 2005 hurricanes and the 2007 Kansas tornadoes. This report broadly discusses the disaster relief provisions in other relevant legislation.
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