Taxes
Latest
-
There Are Plenty of Offsets for Tax Cut Extensions
As Congress considers extensions of the expiring provisions in the Tax Cuts and Jobs Act (TCJA), lawmakers will need to come up with $3.9 to $4.8...
-
Congress Should Avoid a Costly End-of-Year Package
With debt nearing record levels, interest payments surging, and major trust funds approaching insolvency, Congress should avoid worsening our already...
-
You Can’t Just Wish Away Deficit Effects by Assuming Something is Permanent
Some lawmakers are making the case that expiring tax cuts should be considered permanent in order to hide the $3.9 trillion increase in deficits that...
-
IRS Estimates a $606 Billion Tax Gap for 2022
The Internal Revenue Service (IRS) recently published its projections of the “ tax gap” – the difference between taxes owed to and collected by the...
-
Bipartisan Group of Lawmakers Introduce Employee Retention Tax Credit Repeal Act
In response to concerns over fraudulent claims over the past few years, Senators Joe Manchin (I-WV), Mitt Romney (R-UT), and Thom Tillis (R-NC)...
-
Plans to Address TCJA Expirations
UPDATE (October 2024): This piece has been updated for several plans in Peter G. Peterson Foundation’s Solutions Initiative 2024 . With large parts of...
-
Bipartisan Group Urges Congress to Pay for Tax Cut Extension
In a letter to the House Ways and Means Committee, Maya MacGuineas, president of the Committee for a Responsible Federal Budget, joins 10 other budget...
-
Donald Trump’s Proposal to End Taxes on Overtime
Former President Donald Trump recently proposed eliminating taxes on overtime pay. On a static basis, we estimate ending taxes on all overtime pay...
-
House to Vote on Emissions Rule Repeal
The House of Representatives is expected to vote this week on a joint resolution to disapprove a rule finalized by the Environmental Protection Agency...
-
IRS Cuts Would Cause $66 Billion of Revenue Loss
The continuing resolution recently introduced in the House of Representatives would extend the $20.2 billion in rescissions to the Internal Revenue...
-
How Big is the Tax Gap?
The Senate Finance Committee will hold a hearing on September 12 on tax avoidance and how it relates to the upcoming debate on extending the expiring...
-
Donald Trump’s Proposal to Lower the Corporate Tax Rate to 15%
President Trump recently proposed lowering the corporate tax rate from 21 to 15 percent for corporations that make their products in America. Under...