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Restrictions on Itemized Tax Deductions: Policy Options and Analysis

Description: 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.
Date: May 21, 2013
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

Tax Rates and Economic Growth

Description: 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.
Date: January 2, 2014
Creator: Gravelle, Jane G. & Marples, Donald J.
Partner: UNT Libraries Government Documents Department

International Corporate Tax Rate Comparisons and Policy Implications

Description: 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.
Date: January 6, 2014
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

An Analysis of the Geographic Distribution of the Mortgage Interest Deduction

Description: 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.
Date: January 30, 2014
Creator: Keightley, Mark P.
Partner: UNT Libraries Government Documents Department

The Bush Tax Cuts and the Economy

Description: The George W. Bush Administration enacted a series of tax cuts through the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. This report examines these tax cuts within the context of the current and long-term economic environment.
Date: December 10, 2010
Creator: Hungerford, Thomas L.
Partner: UNT Libraries Government Documents Department

Tax Credit Bonds: Overview and Analysis

Description: Almost all state and local governments sell bonds to finance public projects and certain qualified private activities. Most of the bonds issued are tax-exempt bonds because the interest payments are not included in the bondholder's (purchaser's) federal taxable income. In contrast, 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.
Date: July 29, 2010
Creator: Maguire, Steven
Partner: UNT Libraries Government Documents Department

Federal Proposals to Tax Marijuana: An Economic Analysis

Description: 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.
Date: November 13, 2014
Creator: Gravelle, Jane G. & Lowry, Sean
Partner: UNT Libraries Government Documents Department

Tax Expenditures and the Federal Budget

Description: Among the options likely to be considered to deal with the long-term fiscal problem is reform of the federal tax system. The growth of the alternative minimum tax (AMT) and the expiration of the 2001 and 2003 tax cuts in 2010 will likely force some action on tax policy. The perception that the federal tax system is too complex and unfair could lead to public support for tax reform. Past efforts to reform the federal tax system have included policies to rein in the use and expense of tax expenditures--the special deductions, exclusions, exemptions, and credits resulting in revenue losses. This report examines tax expenditures within the context of the federal budget and discusses tax expenditure analysis.
Date: May 26, 2010
Creator: Hungerford, Thomas L.
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 2, 2014
Creator: Keightley, Mark P. & Stupak, Jeffrey M.
Partner: UNT Libraries Government Documents Department

"Amazon Laws" and Taxation of Internet Sales: Constitutional Analysis

Description: 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.
Date: November 28, 2014
Creator: Lunder, Erika K. & Pettit, Carol A.
Partner: UNT Libraries Government Documents Department

The Medical Device Excise Tax: Economic Analysis

Description: 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.
Date: November 3, 2014
Creator: Gravelle, Jane G. & Lowry, Sean
Partner: UNT Libraries Government Documents Department

Tax Havens: International Tax Avoidance and Evasion

Description: The first section of this report reviews what countries might be considered tax havens, including a discussion of the Organization for Economic Development and Cooperation (OECD) initiatives and lists. The next two sections discuss, in turn, the corporate profit-shifting mechanisms and evidence on the existence and magnitude of profit shifting activity. The following two sections provide the same analysis for individual tax evasion. The report concludes with overviews of alternative policy options and a summary of specific legislative proposals.
Date: June 4, 2010
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

Tax Issues and the Gulf of Mexico Oil Spill: Legal Analysis of Payments and Tax Relief Policy Options

Description: This report provides analysis of various policy options for providing tax relief to oil spill victims, highlighting the circumstantial differences between previous natural disasters and the current oil spill. The report concludes with a brief summary of current legislative efforts.
Date: July 15, 2010
Creator: Sherlock, Molly F.; Lunder, Erika K.; Liu, Edward C. & Klein, Heather S.
Partner: UNT Libraries Government Documents Department

Taxation of Internet Sales and Access: Legal Issues

Description: 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.
Date: December 1, 2014
Creator: Lunder, Erika K.
Partner: UNT Libraries Government Documents Department

Federal Deductibility of State and Local Taxes

Description: 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.
Date: November 10, 2014
Creator: Maguire, Steven & Stupak, Jeffrey M.
Partner: UNT Libraries Government Documents Department

Tax Havens: International Tax Avoidance and Evasion

Description: The first section of this report reviews what countries might be considered tax havens, including a discussion of the Organization for Economic Development and Cooperation (OECD) initiatives and lists. The next two sections discuss, in turn, the corporate profit-shifting mechanisms and evidence on the existence and magnitude of profit shifting activity. The following two sections provide the same analysis for individual tax evasion. The report concludes with overviews of alternative policy options and a summary of specific legislative proposals.
Date: September 3, 2010
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department

Tax Deductible Expenses: The BP Case

Description: Following the release of BP's second quarter earning statement, which showed a $10 billion reduction in tax liability for oil-spill-related cleanup and expenses, media headlines have generated public concern, and in some cases outrage, over these tax savings. Further, the ability of BP to realize these tax savings has generated a number of inquiries as to how and why BP is entitled to this reduction in tax liability. This report discusses the nature of BP's $10 billion "credit" and the nature of corporate tax deductions.
Date: August 11, 2010
Creator: Sherlock, Molly F.
Partner: UNT Libraries Government Documents Department

Recently Expired Community Assistance Related Tax Provisions ("Tax Extenders"): In Brief

Description: 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.
Date: October 21, 2014
Creator: Lowry, Sean
Partner: UNT Libraries Government Documents Department

The Corporate Income Tax System: Overview and Options for Reform

Description: 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.
Date: December 1, 2014
Creator: Keightley, Mark P. & Sherlock, Molly F.
Partner: UNT Libraries Government Documents Department

Overview of the Federal Tax System

Description: 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.
Date: November 21, 2014
Creator: Sherlock, Molly F. & Marples, Donald J.
Partner: UNT Libraries Government Documents Department

The Earned Income Tax Credit (EITC): An Overview

Description: 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.
Date: December 3, 2014
Creator: Falk, Gene & Crandall-Hollick, Margot L.
Partner: UNT Libraries Government Documents Department