Congressional Research Service Reports - 382 Matching Results

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Tax Policy and Disaster Recovery
This report discusses, in broad terms, disaster-related tax policy. Challenges associated with using the tax code to deliver federal financial assistance following natural disasters are also discussed.
An Introduction to the Low-Income Housing Tax Credit
This report provides an overview of the low-income tax credit.
Capital Gains Tax: An Overview
This report gives a brief overview of taxes and tax law regarding capital gains.
Recent Changes in the Estate and Gift Tax Provisions
This report describes the basic structure of the estate and gift tax, provides a brief history of recent developments, discusses the revenue effects and distribution of the tax, and briefly discusses issues and options.
Tax Incentives for Opportunity Zones: In Brief
This report discusses tax incentives for opportunity zones (OZ) which are low-income areas selected by state governors for revitalization efforts. This report briefly describes what census tracts are eligible to be nominated as an OZ by the "chief executive officer" (typically, the governor) of each state or territory, what types of entities can be certified as Qualified Opportunity Funds (QOFs), and the tax benefits of investments in QOFs.
Individual Income Tax Rates and Other Key Elements of the Federal Individual Income Tax: 1988 to 2017
This report summarizes the tax brackets and other key elements of the individual income tax that help determine taxpayers' marginal and average effective tax rates going back to 1988. It is updated to reflect indexation adjustments and changes in tax law.
Issues in International Corporate Taxation: The 2017 Revision (P.L. 115-97)
This report discusses international tax laws and the 2017 tax reform bill. The report begins by explaining prior international tax rules and the revisions made in the new law. The second part of the report discusses the four major issues of concern under prior law-- allocation of investment, profit shifting, repatriation, and inversions--and how the new law addresses these concerns, or raises new ones. That section also discusses issues associated with international agreements. The final section summarizes commentary about problems and issues, including legal challenges and uncertainty, within the new international tax regime and options that have been suggested. That section discusses some of the more detailed rules.
The 2017 Tax Revision (P.L. 115-97): Comparison to 2017 Tax Law
This report provides a brief summary of P.L. 115-97 (The tax revision law), comparing each provision in the act with prior tax law. The report also provides a brief legislative history of activity leading to enactment of P.L. 115-97, along with estimated revenue and distributional effects of the recently enacted law.
Business Tax Provisions that Expired in 2017 (Tax Extenders")
This report discusses twelve temporary business tax extenders which expired at the end of 2017.
The Earned Income Tax Credit (EITC): An Overview
This report provides an overview of the Earned Income Tax Credit (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 2015 tax returns, examining EITC claims by number of qualifying children, income level, tax filing status, and location of residence.
Expired Tax Provisions and "Tax Extenders"
This report discusses tax provisions which expired at the end of 2016 and were not addressed in the 2017 tax reform bill and various options for Congress to either extend them or end them.
Energy Tax Provisions That Expired in 2017 (Tax Extenders)
This report discusses energy tax provisions or "tax extenders" which expired at the end of 2017 and their economic impact.
Higher Education Tax Benefits: Brief Overview and Budgetary Effects
This report provides a brief overview of the higher education tax benefits that are currently available to students and their families. These tax benefits can be divided into three groups: incentives for current year expenses, incentives for preferential tax treatment of student loan expenses, and incentives for saving for college.
Child and Dependent Care Tax Benefits: How They Work and Who Receives Them
This report discusses the workings of the child and dependent care tax benefits and who is eligible.
Recently Expired Individual Tax Provisions (Tax Extenders"): In Brief
This report provides background information on three individual income tax provisions (Tax Exclusion for Canceled Mortgage Debt, Mortgage Insurance Premium Deductibility, and Above-the-Line Deduction for Qualified Tuition and Related Expenses) that expired in 2017.
Updated: Will the Supreme Court Address State's Power to Require that Retailers Tax Internet Sales?
This report is an update of an earlier report regarding a state's power to require retailers to tax internet sales in the purchasers state of residence. A case was brought by the state of South Dakota against Wayfair.com (South Dakota v. Wayfair) which was accepted to be heard by the Supreme Court on January 12, 2018.
The Section 179 and Section 168 (k) Expensing Allowances: Current Law and Economic Effects
This report examines the current status, legislative history, and main economic effects (including their efficacy as a tool for economic stimulus) of the Section 179 and bonus depreciation allowances.
Residential Energy Tax Credits: Overview and Analysis
This report discusses current residential energy tax credits, options to extend or modify them, and an analysis of their effectiveness.
What Happens if H.R. 1 Conflicts with U.S. Tax Treaties?
This report discusses what happens if a new U.S. tax law contradicts existing U.S. international tax treaties, with considerations for Congress.
What Share of Taxpayers Would See a Tax Increase or a Tax Decrease Under a Senate Version of the Tax Reform Bill
This report provides a brief overview and charts illustrating statistics about who would receive tax cuts, tax increases, or stay the same under the Senate version of the Tax Reform Bill.
The Federal Tax System for the 2017 Tax Year
This report describes the current federal tax structure and provides some statistics on the tax system as a whole, as of 2017.
Tax Incentives for Charitable Giving in the Tax Cuts and Jobs Act (H.R. 1)
This report discusses provisions of the proposed Tax Cuts and Jobs Act (H.R.1) which would reduce the tax incentive for charitable giving by decreasing the deduction amounts that most taxpayers would receive from charitable gift deductions.
Child and Dependent Care Tax Benefits: How They Work and Who Receives Them
This report provides a general overview of the child and dependent care tax benefits, focusing on eligibility requirements and benefit calculation. The report also includes some summary data on these benefits which highlight some of the characteristics of claimants.
The Individual Mandate for Health Insurance Coverage: In Brief
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.
Tax Reform: The Child Credit and the Child Care Credit
This report discusses the child credit and the child care credit and what changes are being made to them in the new tax reform plan currently being debated. This report provides background to help assess who would be assisted by potential changes to either credit. It shows what types of families with children receive both credits and how the credits are distributed across the income distribution.
Energy Tax Provisions in the Tax Cuts and Jobs Acts (H.R.1)
This report discusses energy-related tax provisions in the The Tax Cuts and Jobs Act (H.R.1). These changes are summarized in Table 1. H.R. 1 includes a broad restructuring of the federal income tax system. A full analysis of the consequences of this proposal for the energy sector, or various subsets of the energy sector, is beyond the scope of this insight.
The Distribution of the Tax Policy Changes in H.R 1 and the Senate's Tax Cuts and Jobs Act
This report discusses the Joint Committee on Taxation's (JCT) November 14, 2017 distributional analysis report of the House and Senate's proposed tax reform legislation which outlines how the changes made by the bill would effect the economic well-being of American taxpayers.
Itemized Tax Deductions for Individuals: Data Analysis
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.
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.
Who Earns Pass-Through Business Income? An Analysis of Individual Tax Return Data
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.
Recently Expired Individual Tax Provisions (Tax Extenders"): In Brief
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).
Corporate Tax Reform: Issues for Congress
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.
FATCA Reporting on U.S. Accounts: Recent Legal Developments
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.
PILT (Payments in Lieu of Taxes): Somewhat Simplified
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.
Import Tariff or Border Tax: What is the Difference and Why Does it Matter?
This report briefly describes the difference between import tariffs and border taxes and whether the President may unilaterally impose them without congressional approval.
Border-Adjusted Consumption Taxes and Exchange Rate Movements: Theory and Evidence
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.
The "Better Way" House Tax Plan: An Economic Analysis
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.
Reform of U.S. International Taxation: Alternatives
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.
Patent Boxes: A Primer
This report looks at several aspects of patent boxes, including their general purpose. In addition, the report looks at the key considerations in designing a patent box, identifies the countries that currently have a patent box, describes the main elements of those boxes, and sheds light on the U.S. industries that would be likely to benefit the most from such a tax subsidy if the United States were to adopt one. The final two sections discuss what is known about the effectiveness of patent boxes and several other policy issues raised by patent boxes. The report is intended to complement a 2016 CRS report on the "expected effectiveness" of patent boxes.
The Individual Mandate for Health Insurance Coverage: In Brief
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.
Corporate Expatriation, Inversions, and Mergers: Tax Issues
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.
Base Erosion and Profit Shifting (BEPS): OECD Tax Proposals
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.
Summary of Revenue Act of 1971 as Enacted Into Law
This report describes the major provisions of the Revenue Act of 1971.
U.S. Direct Foreign Investment in Manufacturing and the Taxation of U.S. Businesses Abroad
This report presents and analyzes data and statistics on U.S. direct foreign investment, as well as the taxation of American businesses abroad. In addition, it provides a detailed summary of tax policies in the top fifteen countries for U.S. direct foreign investment.
History of the Federal Manufacturers Excise Tax on Gasoline
This report provides a brief history of the manufacturers' excise tax on gasoline and a summary of current tax rates.
An Analysis of Tax Provisions Affecting Business Investment: Depreciation and the Investment Tax Credit
This report discusses tax laws related to depreciation and business investment.
Payroll Taxes: Economic Effects and Legislative Proposals
This report discusses legislative proposals related to payroll/social security taxes and studies the effects of these taxes on the economy.
Excess Profits Taxation - Wartime Provisions and Current Proposals in the Energy Crisis
This report summarizes both the excess profits tax legislation that was enacted or proposed during years of war in the early to mid 20th century and the proposals for excess profits tax legislation from the energy crisis of the late 20th century. In terms of the early to mid 20th century, the author mainly focuses on enacted and proposed legislation from the first and second World Wars, with a brief mention of the Korean and Vietnam Wars. Furthermore, the report summarizes five of the excess profits tax proposals introduced during the energy crisis.
Estimated Federal Tax Payments By Residents of Individual States Compared to Estimated Federal Outlays in the States, Fiscal Year 1977
From summary: "This report uses statistical information designed for other purposes to develop interstate comparisons of Federal taxes paid by State residents and Federal funds expended within the State. Emphasis is given to figures showing percentage distributions, per capita data, and State rankings."
The Excise Tax on High-Cost Employer- Sponsored Health Insurance: Estimated Economic and Market Effects
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.
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