Congressional Research Service Reports - 694 Matching Results

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Political Organizations Under Section 527 of the Internal Revenue Code
No Description Available.
Political Organizations Under Section 527 of the Internal Revenue Code
No Description Available.
A History of Federal Estate, Gift, and Generation-Skipping Taxes
In this report, the history of the federal transfer taxes, has been divided into four parts: (1) the federal death and gift taxes utilized in the period 1789 to 1915; (2) the development of the modern estate and gift taxes from 1916 through 1975; (3) the creation and refinement of a unified estate and gift tax system, supplemented by a generation-skipping transfer tax; and (4) the phase out and repeal of the estate and generation-skipping taxes, with the gift tax being retained as a device to protect the integrity of the income tax.
A History of Federal Estate, Gift, and Generation-Skipping Taxes
In this report, the history of the federal transfer taxes, has been divided into four parts: (1) the federal death and gift taxes utilized in the period 1789 to 1915; (2) the development of the modern estate and gift taxes from 1916 through 1975; (3) the creation and refinement of a unified estate and gift tax system, supplemented by a generation-skipping transfer tax; and (4) the phase out and repeal of the estate and generation-skipping taxes, with the gift tax being retained as a device to protect the integrity of the income tax.
State Sales Taxation of Internet Transactions
No Description Available.
State Sales Taxation of Internet Transactions
No Description Available.
The Alternative Minimum Tax for Individuals: Legislative Activity in the 110th Congress
The alternative minimum tax (AMT) for individuals was originally enacted to ensure that all taxpayers, especially high-income taxpayers, pay at least a minimum amount of federal taxes. However, the AMT is not indexed for inflation, and this factor, combined with recent reductions in the regular income tax, has greatly expanded the potential impact of the AMT. This report explains legislation for the FY2009 budget compromise, which includes an offset AMT patch.
State Taxation of Internet Transactions
This report intends to clarify significant issues in the remote sales tax collection debate, beginning with a description of state and local sales and use taxes. Congress has a role in this issue because interstate commerce, in most cases, falls under the Commerce Clause of the Constitution. Congress will likely be asked to choose between taking either an active or passive role in the debate. In the 111th Congress, H.R. 5660 (former Representative Delahunt) would have granted SSUTA member states the authority to compel out-of- state vendors to collect sales and use taxes.
Tax Havens: International Tax Avoidance and Evasion
The federal government loses both individual and corporate income tax revenue from the shifting of profits and income into low-tax countries, often referred to as tax havens. The revenue losses from this tax avoidance and evasion are difficult to estimate, but some have suggested that the annual cost of offshore tax abuses may be around $100 billion per year. Recent actions by the Organization for Economic Cooperation and Development (OECD) and the G-20 industrialized nations have targeted tax haven countries, focusing primarily on evasion issues. There are also a number of legislative proposals that address these issues including the Stop Tax Haven Abuse Act (S. 506, H.R. 1265); draft proposals by the Senate Finance Committee; two other related bills, S. 386 and S. 569; and a proposal by President Obama. This report discusses this issue in detail.
Tax Credit Bonds: Overview and Analysis
Tax Credit Bonds (TCBs) are a type of bond that offers the holder a federal tax credit instead of interest. This report explains the tax credit mechanism and describes the market for the bonds. It also discusses related pieces of legislation and what the most common uses of the proceeds from TCBs are.
Restrictions on Itemized Tax Deductions: Policy Options and Analysis
This report analyzes various proposals to restrict itemized deductions--both across-the-board and individually tailored--using standard economic criteria of economic efficiency, distribution, simplicity, and estimated revenue effects. In particular, this report estimates each proposal's potential to contribute to revenue-neutral reductions in income tax rates and the consequences for economic behavior.
The Bush Tax Cuts and the Economy
This report examines the Bush tax cuts within the context of the current and long-term economic and budgetary environment.
The Medical Device Excise Tax: Economic Analysis
This report reviews the issues surrounding the medical devices tax within the framework of basic principles surrounding the choice of commodities to tax under excise taxes. The next section describes the tax and its legislative origins. After that, the report analyzes the arguments for retaining and repealing the tax.
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.
Recently Expired Community Assistance Related Tax Provisions ("Tax Extenders"): In Brief
This report briefly summarizes four community assistance-related tax provisions included in the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, which are the New Markets Tax Credit, Empowerment Zone Tax Incentives, allocation of bond limitations for Qualified Zone Academy Bonds, and the American Samoa Economic Development Credit. The EXPIRE Act would extend each of these provisions for two years (through 2015). A discussion of their economic impact and related extension bills in the 113th Congress is also included.
Recently Expired Charitable Tax Provisions ("Tax Extenders"): In Brief
This report discusses the four charitable tax provisions are discussed in this report: the enhanced charitable deduction for contributions of food inventory; tax-free distributions from individual retirement accounts for charitable purposes; basis adjustment to stock of S corporations making charitable contributions of property; and special rules for contributions of capital gain real property for conservation purposes.
Selected Recently Expired Individual Tax Provisions ("Extenders"): In Brief
This report briefly summarizes and discusses items categorized as individual tax provisions. These and other temporary tax provisions that are regularly extended for one or two years are often referred to as "tax extenders."
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.
Health-Related Tax Expenditures: Overview and Analysis
This report analyzes health-related tax expenditures together at the budget function level, rather than focusing on the size of any single provision. To provide some insights into common questions about health-related expenditures, this report analyzes historical data on health-related tax expenditure estimates published by the Joint Committee on Taxation (JCT).
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.
Tax Provisions that Expired in 2014 ("Tax Extenders")
This report provides a broad overview of the tax extenders that retroactively extend expired tax provisions, including the Tax Increase Prevention Act of 2014, which made tax provisions that had expired at the end of 2013 available to taxpayers for the 2014 tax year.
Tax Options for Financing Health Care Reform
This report reviews the revenue raisers proposed to fund health care reform. Other financing proposals are presented including those made by the Obama Administration and those introduced in earlier congressional work. The final sections discuss other proposals suggested by the round-table discussion participants.
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.
Tax Reform: An Overview of Proposals in the 111th Congress
This report primarily covers fundamental tax reform by discussing background and proposals for review during the 111th Congress. It includes sections about fundamental tax reform, the relationship between income and consumption, what should be taxed, types of broad-based consumption taxes, international comparisons, other types of fundamental tax reform, legislative proposals and other legislation, and sections looking at other specific kinds of taxation.
Dependent Care: Current Tax Benefits and Legislative Issues
This report discusses current tax treatment of dependent care expenses under those two provisions and options for changing those policies. Two income tax provisions help taxpayers pay for the costs of caring for children and older dependents who cannot care for themselves.
Estate Tax Options
After a brief description of the estate and gift tax and of options, this report compares the alternatives, focusing largely on a $1 million exemption and 55% rate, a $3.5 million exemption and a 45% rate, and a $5 million exemption and a 35% rate. Several policy effects and issues are analyzed: the share of decedents subject to tax, revenue effects, distributional effects, and effects on savings, charitable contributions, and compliance and administration. The report also considers other aspects of the proposals, such as whether the exemptions are indexed for inflation, a proposed inheritance of the exemption for spouses, and proposals to address perceived abuses.
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.
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.
The Earned Income Tax Credit (EITC): An Economic Analysis
This report discusses the Earned Income Tax Credit (EITC), which is a refundable tax credit available to eligible workers earning relatively low wages
Taxes and Offshore Outsourcing
This report discusses the impact of taxes on international trade and investment has been debated for decades. Most recently, a variety of bills addressing international taxation have been introduced in the 110th Congress—some would cut taxes for U.S. firms overseas, while others would increase taxes on foreign investment. The debate over taxes and foreign outsourcing has tended to grow more heated during times of domestic economic weakness and high unemployment; questions arise over whether taxes contribute to such weakness by discouraging exports (or encouraging imports) or by encouraging U.S. firms to move abroad. The debate over international taxation has again become prominent as a part of the wider debate over “outsourcing.” With taxes, the debate asks how the current system affects outsourcing, and whether policies designed to limit the phenomenon might be desirable.
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.
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.
Certain Temporary Tax Provisions Scheduled to Expire in 2009 (“Extenders”)
This report discusses numerous temporary tax provisions exist in the tax code. Often referred to as “extenders,” these provisions were originally enacted with an expiration date that has then been temporarily extended, in some cases numerous times.
Tax Reform in the 114th Congress: An Overview of Proposals
This report provides background information regarding tax reform and discusses ways to make the U.S. tax system simpler, fairer, and more efficient.
Energy Tax Policy: History and Current Issues
This report provides historical context regarding energy tax policy and discusses what may lie ahead.
Individual Taxpayer Identification Number (ITIN) Filers and the Child Tax Credit: Overview and Legislation
This report discusses the child tax credit, which was created by the Taxpayer Relief Act of 1997 (P.L. 105-34) to help ease the financial burden on families when they have children. The ACTC is available to taxpayers with little or no federal income tax liability.
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.
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.
Tax-Exempt Organizations: Political Activity Restrictions and Disclosure Requirements
This report examines the limitations that the Internal Revenue Code places on political activity -- including lobbying and campaign intervention -- by tax-exempt organizations.
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 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.
Tax Reform: An Overview of Proposals in the 111th Congress
This report examines three main categories of tax reform: fundamental tax reform, tax reform based on the elimination of the individual alternative minimum tax (AMT), and proposals for reforming the corporate income tax in the 111th Congress.
Tax Provisions that Expired in 2014 ("Tax Extenders")
This report provides a broad overview of tax extenders -- a collective of temporary tax provisions for which measures have regularly extended the provisions when expired or expiring. Fifty-two temporary tax provisions expired at the end of 2014.
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 Level of Taxes in the United States, 1941-1999
No Description Available.
President Bush's Tax Proposal: A Brief Overview
No Description Available.
Tax-Cut Legislation: The Economic Growth and Tax Relief Act of 2001 (H.R. 3)
No Description Available.
U.S. Taxation of Overseas Investment
No Description Available.
U.S. Taxation of Overseas Investment
No Description Available.