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The Economic Effects of Capital Gains Taxation

Description: One provision of the 1913 individual income tax that generated a great deal of confusion was the taxation of income from the sale of property (i.e., capital gains income). This initial confusion has led to almost 100 years of legislative debates over capital gains. Beginning in 1922 capital gains were first subject to lower tax rates than ordinary income. This preferential treatment has continued throughout most of the history of the income tax. Proposals dealing with the taxation of capital gains have ranged from the outright elimination of capital gains taxation to the reduction of capital gains tax rates for certain classes of taxpayers to the elimination of the preferential tax treatment. This report discusses the manner in which capital gains are taxed, including rates and revenue figures. It also examines various economic issues regarding such taxes.
Date: June 18, 2010
Creator: Hungerford, Thomas L.
Partner: UNT Libraries Government Documents Department

An Overview of the Tax Provisions in the American Taxpayer Relief Act of 2012

Description: This report provides an overview of the tax provisions (Titles I-IV and Title X of P.L. 112-240) included in the "fiscal cliff deal," including the permanent extension and modification of the 2001 and 2003 tax cuts, often referred to collectively as the "Bush-era tax cuts"; the temporary extension of certain tax provisions originally included as part of the American Recovery and Reinvestment Act (ARRA; P.L. 111-5), often referred to as the "2009 tax cuts"; the permanent extension of the alternative minimum tax (AMT) patch; the temporary extension of a variety of other temporary expiring provisions for individuals, businesses, and energy often referred to as "tax extenders" and the expansion of in-plan conversions of traditional employer-sponsored retirement accounts (like 401(k) plans) to employer-sponsored Roth accounts (like Roth 401(k) plans).
Date: January 10, 2013
Creator: Crandall-Hollick, Margot L.
Partner: UNT Libraries Government Documents Department

Distribution of the Tax Burden Across Individuals: An Overview

Description: This report discusses in the first section different philosophies about how the tax burden should be distributed, and what those philosophies imply for the shape of the tax system. In particular, it addresses the question of the justifications for a progressive tax system (one where the share of income collected as a tax rises as income rises). This section is presented for the interested reader, but is not a necessary preliminary to examining the analysis in the second section, which presents estimates of the distribution of the federal and total U.S. tax burden. The third section of the report discusses the measures that can be used to characterize the distributional effects of tax changes.
Date: December 13, 2004
Creator: Gravelle, Jane G. & Shvedov, Maxim
Partner: UNT Libraries Government Documents Department

Conservation Reserve Program Payments: Self-Employment Income, Rental Income, or Something Else?

Description: This report outlines the history of the Conservation Reserve Program (CRP), the changing positions of the Internal Revenue Service (IRS), pertinent case law, and other provisions of the Internal Revenue Code (IRC). Several possible approaches to the taxation of CRP payments are discussed.
Date: April 14, 2008
Creator: Pettit, Carol A.
Partner: UNT Libraries Government Documents Department

Dependent Care: Current Tax Benefits and Legislative Issues

Description: 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.
Date: February 4, 2015
Creator: Meyerson, Noah P.
Partner: UNT Libraries Government Documents Department

Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945 (Updated)

Description: Income tax rates are at the center of many recent policy debates over taxes. Some policymakers argue that raising tax rates, especially on higher income taxpayers, to increase tax revenues is part of the solution for long-term debt reduction. This report examines the top tax rates since 1945 and analyzes the ways in which tax rates affect economic growth.
Date: December 12, 2012
Creator: Hungerford, Thomas L.
Partner: UNT Libraries Government Documents Department

Individual Taxpayer Identification Number (ITIN) Filers and the Child Tax Credit: Overview and Legislation

Description: 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.
Date: March 22, 2016
Creator: Crandall-Hollick, Margot L. & Lunder, Erika K.
Partner: UNT Libraries Government Documents Department

The Foreign Tax Credit's Interest Allocation Rules

Description: 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.
Date: August 20, 2008
Creator: Gravelle, Jane G. & Marples, Donald J.
Partner: UNT Libraries Government Documents Department

The Effects of Indexation on Tax Revenues and Distributional Effects of the U.S. Individual Income Tax System: A Historical Simulation

Description: This report compares the actual tax revenues and distribution of the tax burden under the Federal individual income tax from 1971 to 1981 with estimates of what they would have been under the 1971 tax structure if indexed for inflation and under the 1971 tax structure if left unchanged. Policy implications of the comparison are discussed.
Date: June 9, 1983
Creator: Kiefer, Donald W
Partner: UNT Libraries Government Documents Department

Tax Returns of Individuals: Statistical Charts for the Five Most Recent Years

Description: This report provides answers to some of the most frequently asked questions concerning the federal individual income tax, including the number of returns filed, average tax per return, and income tax as percentage of adjusted gross income. This report will be updated as the Internal Revenue Service (IRS) releases new or revised statistics.
Date: December 12, 2002
Creator: Solomon, Arnold D.
Partner: UNT Libraries Government Documents Department

The Tax Exclusion for Employer-Provided Health Insurance: Policy Issues Regarding the Repeal Debate

Description: Employer-provided health insurance is excluded from the determination of employees' federal income taxes, resulting in significant tax savings for many workers. The federal income tax exclusion -- the focus of this report -- is criticized for several reasons. These arguments about the exclusion merit careful consideration as Congress is starting to debate broad health care reform for the first time in 15 years. This report discusses this issue at length, including advantages and disadvantages to keeping the income tax inclusion as Congress undergoes the health policy reform process.
Date: November 21, 2008
Creator: Lyke, Bob
Partner: UNT Libraries Government Documents Department

Federal Income Tax Treatment of the Family

Description: The first section summarizes the major features of the tax law affecting families and family choices, and how they developed over time, including the relatively recent introduction of large benefits for children at low and moderate income levels, a reversal of a trend in the past that tended to reduce these benefits through the erosion of the real value of the personal exemptions. It also summarizes the origin of the marriage penalty and marriage bonus. The following two sections first discuss general equity issues, and then apply the ability-to-pay standard to examine how tax burdens vary by family size, across the income spectrum. The final section examines the marriage penalties and bonuses.
Date: December 19, 2006
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

An Analysis of the Tax Treatment of Capital Losses

Description: This report provides an overview of issues related to the tax treatment of capital losses. It explains the current income tax treatment of losses, describes the historical treatment of losses, provides examples of the tax gaming opportunities associated with the net loss deduction, examines the distributional issues, and discusses the possible stimulative effects of an increase in the net loss deduction.
Date: October 9, 2002
Creator: Esenwein, Gregg A. & Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department