Congressional Research Service Reports - 40 Matching Results
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- Tax Deductions for Individuals: A Summary
- This report first describes what tax deductions are, how they vary in their effects on reducing taxable income, and how they differ from other provisions (e.g., exclusions or credits). Next, it discusses the rationale for deductions as part of the tax code. The final section of this report includes tables that summarize each individual tax deduction, under current law. Many of these deductions are part of the permanent income tax code.
- Itemized Tax Deductions for Individuals: Data Analysis
- This report analyzes data about reforming itemized tax deductions for individuals.
- 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 Earned Income Tax Credit (EITC): An Overview
- This report discusses the earned income tax credit (EITC), established in the tax code in 1975, which offers cash aid to working parents with relatively low incomes who care for dependent children.
- Selected Recently Expired Business Tax Provisions ("Tax Extenders")
- This report briefly summarizes and discusses the economic impact of selected business-related tax provisions that expired at the end of 2013 and that are being considered for extension.
- Recently Expired Community Assistance Related Tax Provisions ("Tax Extenders"): In Brief
- This report briefly summarizes four community assistance-related tax provisions included in the EXPIRE Act, which are (1) the New Markets Tax Credit, (2) Empowerment Zone Tax Incentives, (3) allocation of bond limitations for Qualified Zone Academy Bonds, and (4) the American Samoa Economic Development Credit.
- Recently Expired Charitable Tax Provisions ("Tax Extenders"): In Brief
- This report briefly summarizes the temporary charitable tax provisions that expired at the end of 2013 and are being considered for extension. The report also discusses the economic impact of these charitable tax provisions.
- Expired and Expiring Temporary Tax Provisions ("Tax Extenders")
- This report discusses dozens of temporary tax provisions that expired at the end of 2013, and several other temporary tax provisions that are scheduled to expire at the end of 2014.
- Estate and Gift Taxes for Nonresident Aliens
- This report explains the major provisions of the federal estate and gift transfer taxes for transfers by nonresident aliens in 2014. This discussion highlights the different tax rules for estates of nonresident aliens as compared to the estates of U.S. citizens and resident aliens.
- Dynamic Scoring for Tax Legislation: A Review of Models
- This report first explains dynamic scoring, including the types of effects incorporated and the types of models used, as well as what groups conduct or have conducted macroeconomic analysis of tax changes. The following section discusses the specific issues associated with tax reform. The final section discusses general issues surrounding the use of various models and reviews the empirical evidence on supply side responses.
- The American Opportunity Tax Credit: Overview, Analysis, and Policy Options
- This report provides both an in-depth description of the American Opportunity Tax Credit, an analysis of its economic impact, and an overview of various policy options.
- An Analysis of the Geographic Distribution of the Mortgage Interest Deduction
- This report analyzes variation in the mortgage interest deduction tax expenditure across states. Tax expenditures, such as the mortgage interest deduction, can generally be viewed as government spending administered via the tax code, or as tax incentives that are intended to achieve particular policy objectives. Regardless of the interpretation, tax expenditures provide a benefit to qualifying taxpayers by lowering their federal tax liabilities.
- International Corporate Tax Rate Comparisons and Policy Implications
- This report focuses on the global issues relating to tax rate differentials between the United States and other countries. It provides tax rate comparisons; discusses policy implications, including the effect of a corporate rate cut on revenue, output, and national welfare; and discusses the outlook for and consequences of a revenue neutral corporate tax reform.
- Dynamic Scoring for Tax Legislation: A Review of Models
- This report first explains dynamic scoring, including the types of effects incorporated and the types of models used, as well as what groups conduct or have conducted macroeconomic analysis of tax changes. The following section discusses the specific issues associated with tax reform. The final section discusses general issues surrounding the use of various models and reviews the empirical evidence on supply side responses.
- 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 and will be updated as legislative developments warrant.
- 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.
- Tax Rates and Economic Growth
- This report summarizes the evidence on the relationship between tax rates and economic growth, referring in a number of cases to more-detailed CRS reports.
- Tax Reform in the 113th 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.
- Corporate Expatriation, Inversions, and Mergers: Tax Issues
- This report begins with a brief discussion of relevant portions of the U.S. corporate income tax system before examining how inversions were commonly structured. The report then looks at how Congress and Department of the Treasury have reduced the benefits of inversions. The report concludes with an examination of methods that remain to invert and policy options available to prevent or limit these inversions.
- The American Opportunity Tax Credit: Overview, Analysis, and Policy Options
- This report provides both an in-depth description of this tax credit and an analysis of its economic impact. This report is organized to first provide an overview of the American Opportunity Tax Credit (AOTC), followed by a legislative history that highlights the evolution of education tax credits from proposals in the 1960s through the recent extension of the AOTC at the end of 2012. This report then analyzes the credit by looking at who claims the credit, the effect education tax credits have on increasing college attendance, and administrative issues with the AOTC. Finally, this report concludes with a brief overview of various policy options, including tax law changes proposed in Chairman Camp's tax reform bill3 and in the President's FY2015 budget request.
- The Earned Income Tax Credit (EITC): An Overview
- This report discusses the earned income tax credit (EITC), established in the tax code in 1975, which offers cash aid to working parents with relatively low incomes who care for dependent children.
- 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."
- 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.
- "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.
- 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.
- Taxation of Internet Sales and Access: Legal Issues
- This report first looks at the Constitution's requirement of nexus, including an examination of whether recent state laws comply with the nexus standard and federal legislation that would affect the standard. It then looks at the scope of the Internet Tax Freedom Act (ITFA) moratorium on multiple or discriminatory taxes on electronic commerce and taxes on Internet access.
- The Corporate Income Tax System: Overview and Options for Reform
- This report presents information and research on the corporate tax to help policy makers understand and evaluate arguments presented in the tax reform debate. This report first reviews the structure of the corporate income tax. Data on which companies pay the corporate tax, corporate tax revenue, and how the U.S. system compares to the rest of the world are then presented and analyzed. Next, the economic effects of the corporate tax are reviewed--including a discussion of the purpose of the corporate tax, who bears the burden of the tax, and how to evaluate alternative corporate tax systems. The report then reviews broad reform options and concludes with a comparison of specific proposals that have been offered.
- Overview of the Federal Tax System
- The major sources of federal tax revenue are individual income taxes, Social Security and other payroll taxes, corporate income taxes, excise taxes, and estate and gift taxes. This report describes the federal tax structure, provides some statistics on the tax system as a whole, and presents analysis of selected tax concepts.
- 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.
- 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 recent legislative changes to PILT.
- Federal Proposals to Tax Marijuana: An Economic Analysis
- This report focuses solely on issues surrounding a potential federal marijuana tax. First, it provides a brief overview of marijuana production. Second, it presents possible justifications for taxes and, in some cases, estimates the level of tax suggested by that rationale. Third, it analyzes possible marijuana tax designs. The report also discusses various tax administration and enforcement issues, such as labeling and tracking.
- U.S. International Corporate Taxation: Basic Concepts and Policy Issues
- 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.
- The Earned Income Tax Credit (EITC): An Overview
- The Earned Income Tax Credit (EITC) is a refundable tax credit available to eligible workers earning relatively low wages. This report provides an overview of the EITC, first discussing eligibility requirements for the credit, followed by how the credit is computed and paid. The report then provides data on the growth of the EITC since it was first enacted in 1975. Finally the report concludes with data on the EITC claimed on 2012 tax returns, examining EITC claims by number of qualifying children, income level, tax filing status, and location of residence.
- 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.
- 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 recent years.
- Addressing the Long-Run Budget Deficit: A Comparison of Approaches
- The growth of the national debt, which is considered unsustainable under current policies, continues to be one of the central issues of domestic federal policy making. On August 2, 2011, Congress adopted, and the President signed, the Budget Control Act (BCA; P.L. 112-25), which might be viewed as an initial step in addressing long-run debt issues. This report examines alternative approaches to reducing the deficit, relating to the immediate issues arising from the BCA and the extended tax cuts as well as to ongoing, longer-term decisions about how to bring the debt under control. It focuses on the trade-offs between limiting the provision of defense and domestic public goods, reducing transfers to persons including entitlements for the elderly and those with low income, reducing support for state and local governments, and raising taxes. Using projections of the debt and deficit, it also addresses how limiting reliance on one source of deficit reduction creates pressure on other sources.
- An Introduction to the Low-Income Housing Tax Credit
- This report discusses the low-income housing tax credit (LIHTC) program, which is one of the federal government’s primary policy tools for encouraging the development and rehabilitation of affordable rental housing. These non-refundable federal housing tax credits are awarded to developers of qualified rental projects via a competitive application process administered by state housing finance authorities.
- Expired and Expiring Temporary Tax Provisions (“Tax Extenders”)
- No Description Available.
- Taxation of Unemployment Benefits
- Unemployment compensation (UC) benefits have been fully subject to the federal income tax since the passage of the Tax Reform Act of 1986 (P.L. 99-514). Individuals who receive UC benefits during a year may elect to have the federal (and in some cases state) income tax withheld from their benefits. This report provides an overview of the taxation of UC benefits and legislation related to taxing UC benefits.
- Expired and Expiring Temporary Tax Provisions (“Tax Extenders”)
- No Description Available.