Congressional Research Service Reports - 721 Matching Results

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The Individual Mandate for Health Insurance Coverage: In Brief

Description: This report provides an overview of the individual mandate, its associated penalty, and the exemptions from the mandate. It discusses the ACA reporting requirements designed, in part, to assist individuals in providing evidence of having met the mandate. The report includes some national- and state-level data on the application of the mandate's penalty in tax year (TY) 2014 and TY2015.
Date: October 11, 2017
Creator: Mach, Annie L.
Partner: UNT Libraries Government Documents Department

Border-Adjusted Consumption Taxes and Exchange Rate Movements: Theory and Evidence

Description: This report provides a basic framework for understanding how and why exchange rates could respond to a Border-Adjusted Tax (BAT). It first describes a BAT(which does not tax exports) and uses several examples to illustrate how one works. It then summarizes the standard economic theory of how exchange rates should respond to a BAT, as well as the arguments against the theoretical predictions. Finally, this report reviews the existing literature that has empirically investigated the relationship between exchange rates and BAT systems in other countries.
Date: April 18, 2017
Creator: Driessen, Grant A. & Keightley, Mark P.
Partner: UNT Libraries Government Documents Department

FATCA Reporting on U.S. Accounts: Recent Legal Developments

Description: This report discusses the Foreign Account Tax Compliance Act (FACTA) intended to curb tax evasion through the use of offshore accounts and its requirement to for foreign banks to report information on their U.S. citizen account holders to the IRS. It starts with an overview of the foreign financial instituition (FFI) reporting requirements and examines the role of the intergovernmental agreements (IGAs) in implementing them. The report then discusses the confidentiality protections provided to the information reported by FFIs and litigation in which plaintiffs have raised concerns about privacy and the use of IGAs. It ends with a summary of FATCA legislation introduced in the 114th Congress.
Date: September 7, 2016
Creator: Lunder, Erika K. & Pettit, Carol A.
Partner: UNT Libraries Government Documents Department

PILT (Payments in Lieu of Taxes): Somewhat Simplified

Description: This report discusses the Payment in Lieu of Taxes (PILT) program that compensates local jurisdictions (generally counties) for lost tax property tax revenue due to the presence of federal lands in their county. It covers all NPS, NFS, and BLM lands, some National Wildlife Refuge lands, and a few military lands. The payment calculations are based on a complicated five part system and the program has been criticized for paying vastly different amounts to some counties with similar land amounts and complicated inclusion rules Wildlife Refuge land. Past legislation and options for reform are also discussed.
Date: October 5, 2017
Creator: Hoover, Katie
Partner: UNT Libraries Government Documents Department

Business Tax Provisions That Expired in 2016 ("Tax Extenders")

Description: 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.
Date: August 28, 2017
Creator: Sherlock, Molly F.; Marples, Donald J.; Lowry, Sean & Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

Itemized Tax Deductions for Individuals: Data Analysis

Description: This report analyzes the most recently available public data from the Internal Revenue Service's (IRS) Statistics of Income (SOI) to provide an overview of who claims itemized deductions, what they claim them for, and the amount in deductions claimed. In addition, the revenue loss associated with several of the larger deductions is presented using data from the Joint Committee on Taxation's (JCT's) tax expenditure estimates. This report concludes with a brief discussion of the implications of various policy options to reform or limit itemized deductions.
Date: September 21, 2017
Creator: Lowry, Sean
Partner: UNT Libraries Government Documents Department

Recently Expired Individual Tax Provisions (Tax Extenders"): In Brief

Description: This report provides background information on individual income tax provisions that expired in 2016. Information on costs associated with extending individual income tax expired provisions is provided in Table 1. The provisions that were extended in the PATH Act were extended for two years, retroactive for 2015 and through 2016. The estimated cost to make expired provisions permanent is as reported by the Congressional Budget Office (CBO). The CBO reports estimated deficit effects of extending expired and expiring tax provisions through the 10-year budget window (2018 – 2027).
Date: August 23, 2017
Creator: Sherlock, Molly F.; Keightley, Mark P.; Gravelle, Jane G.; Lowry, Sean & Driessen, Grant A.
Partner: UNT Libraries Government Documents Department

The "Better Way" House Tax Plan: An Economic Analysis

Description: This report describes current tax law and the proposed changes under the Better Way tax reform blueprint. It discusses economic efficiency, distributional and equity issues, administrative and compliance issues, revenue effects, and other tax-related issues.
Date: August 3, 2017
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

Reform of U.S. International Taxation: Alternatives

Description: This report describes and assesses the principal prescriptions that have been offered for broad reform of the international system.3 It begins with an overview of current law and possible revisions. It then sets the framework for considering economic efficiency as well as tax shelter activities. Finally, it reviews alternative approaches to revision in light of those issues.
Date: August 1, 2017
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

Corporate Tax Reform: Issues for Congress

Description: This report provides an overview of corporate tax issues and discusses potential reforms in the context of these issues, with particular attention to some of the research concerning large behavioral responses and their implications for revenue and distribution. The first section reviews the size and history of the corporate income tax, and discusses an important issue that has been given little attention by those who propose deep cuts in the corporate tax: its role in preventing the use of the corporate form as a tax shelter by wealthy business owners. This section also discusses the potential effect of behavioral responses on corporate tax revenues. The second section examines the role of the corporate tax in contributing to a progressive tax system and discusses claims that the burden falls on workers. The third section reviews arguments relating to efficiency and revenue yield, and traditional criticisms of the corporate tax as one that causes important behavioral distortions. One aspect of this discussion is the question of how the tax might be viewed differently in a more global economy. The final section examines options for reform.
Date: September 22, 2017
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

Who Earns Pass-Through Business Income? An Analysis of Individual Tax Return Data

Description: This report analyzes individual tax return data to determine who earns pass-through business income which is from sole proprietorships, partnerships, and S corporations. The analysis finds that in 2011 over 82% of net pass-through income was earned by individuals with an adjusted gross income (AGI) over $100,000, although these taxpayers accounted for just 23% of individual returns with pass-through income. Who earns pass-through income may have important implications for tax reform.
Date: October 24, 2017
Creator: Keightley, Mark P.
Partner: UNT Libraries Government Documents Department

Corporate Expatriation, Inversions, and Mergers: Tax Issues

Description: This report discusses corporate inversions and mergers; these actions change the parent company to one based in another country with a low tax rate to avoid paying U.S. corporate taxes. It discusses past attempts and legislation outlawing varying forms of inversion, the most recent regulations issued by the Treasury Department to decrease inversions, and policy options that would remove the incentive for companies to invert.
Date: August 17, 2017
Creator: Marples, Donald J. & Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

Base Erosion and Profit Shifting (BEPS): OECD Tax Proposals

Description: This report first reviews the basics of international tax rules. It then discusses the various action items organized into Action Item 1, which relates to the digital economy and proposes standards only with respect to VATS; Action Items 2-5, 7, and 8-10, items related primarily to profit shifting; Action Item 5, which relates to harmful tax practices; Action Item 6, regarding tax treaties; and Action Items 11-15, which are primarily administrative in nature.
Date: July 24, 2017
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

The Excise Tax on High-Cost Employer- Sponsored Health Insurance: Estimated Economic and Market Effects

Description: This report examines several issues related to health insurance: 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.
Date: January 12, 2017
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

U.S. International Corporate Taxation: Basic Concepts and Policy Issues

Description: This report provides a general introduction to the basic concepts and issues relevant to the U.S. international corporate tax system. The explanations provided in this report emphasize the underlying concepts of the international tax system and are intended to be as simplified as possible.
Date: December 21, 2016
Creator: Keightley, Mark P.
Partner: UNT Libraries Government Documents Department

The Internet Tax Freedom Act: In Brief

Description: This report discusses the Internet Tax Freedom Act (ITFA; P.L. 105-277) enacted in 1998, which implemented a three-year moratorium preventing state and local governments from taxing Internet access, or imposing multiple or discriminatory taxes on electronic commerce.
Date: April 13, 2016
Creator: Stupak, Jeffrey M.
Partner: UNT Libraries Government Documents Department

An Overview of Recent Tax Reform Proposals

Description: 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.
Date: February 28, 2017
Creator: Keightley, Mark P.
Partner: UNT Libraries Government Documents Department

Internet Sales and State Taxes: Policy Issues

Description: This report discusses Internet sales, which do not always include sales and use tax. Customers who do not pay sales or use tax to the vendor are typically required to remit the tax to their home state.
Date: December 1, 2016
Creator: Lowry, Sean & Lunder, Erika K.
Partner: UNT Libraries Government Documents Department

EU State Aid and Apple's Taxes

Description: This report discusses the recent investigations by the European Union (EU) regarding claims that certain countries had provided illegal state aid via favorable tax rulings.
Date: September 2, 2016
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

Mileage-Based Road User Charges

Description: This report examines mileage-based user charges as an possible source of highway funding. Federal highway and public transportation programs are funded mainly by taxes on motor fuel that flow into the Highway Trust Fund (HTF). The tax rates, set on a per-gallon basis, have not been raised since 1993, and motor fuel tax receipts have been insufficient to support the transportation programs authorized by Congress since FY2008.
Date: June 22, 2016
Creator: Kirk, Robert S. & Levinson, Marc
Partner: UNT Libraries Government Documents Department

Spending and Tax Expenditures: Distinctions and Major Programs

Description: This report identifies the largest spending and tax expenditures across eight major categories of federal activity: (1) defense and international affairs; (2) general science, space and technology, natural resources and the environment, and agriculture; (3) commerce and housing, community and regional development, and transportation; (4) education, training, employment, and social services; (5) health, including Medicare; (6) income security; (7) Social Security and veterans' benefits; and (8) administration of justice and general governance.
Date: June 17, 2016
Creator: Driessen, Grant A.
Partner: UNT Libraries Government Documents Department