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House and Senate Republicans are seeking to enact President Donald Trump’s tax agenda, which includes extending the expiring pieces of the 2017 Tax Cuts and Jobs Act (TCJA) and restoring TCJA business ...
Tax Policy CenterLíon na míonna: 7
What are the OECD Pillar 1 and Pillar 2 international taxation reforms?
The Organization for Economic Cooperation and Development (OECD) and G-20 countries started the Base Erosion and Profit Shifting (BEPS) initiative in 2013 to combat aggressive tax avoidance by ...
Tax Policy CenterLíon na míonna: 7
What are the sources of revenue for state and local governments?
State and local governments collected a combined $4.1 trillion of general revenues in fiscal year 2021, from a mix of income taxes, sales taxes, property taxes, charges for specific government ...
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What are state balanced budget requirements and how do they work?
Balanced budget requirements (BBRs) are constitutional or statutory rules that generally prohibit states from spending more than they collect in revenue in a fiscal year. However, these state rules ...
Tax Policy CenterLíon na míonna: 7
Who pays the AMT?
Before the 2017 Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) primarily affected well-off households, but not those with the very highest incomes. It was also more likely ...
Tax Policy CenterLíon na míonna: 7
How does the federal income tax deduction for state and local taxes work?
Taxpayers who itemize deductions on their federal income tax returns can deduct state and local taxes--specifically property taxes plus either income taxes or general sales taxes. However, the Tax ...
Tax Policy CenterLíon na míonna: 7
How do state and local revenues from fines, fees, and forfeitures work?
Fines, fees, and forfeitures are financial penalties imposed for violations of the law. State and local governments collected a combined $13 billion in revenue from fines, fees, and forfeitures in ...
Tax Policy CenterLíon na míonna: 7
How did the Tax Cuts and Jobs Act change personal taxes?
The Tax Cuts and Jobs Act made significant changes to individual income taxes and the estate tax. Almost all these provisions expire after 2025. The Tax Cuts and Jobs Act (TCJA) made substantial ...
Tax Policy CenterLíon na míonna: 7
What is the difference between carryover basis and a step-up in basis?
The difference is whether heirs who sell an inherited asset will pay tax on the capital gains from the time the asset was originally purchased or from the time it was inherited. The difference in tax ...
Tax Policy CenterLíon na míonna: 6
Income Measure Used in Distributional Analyses by the Tax Policy Center
Tax Policy Center (TPC) uses a broad measure of pre-tax income, which we call “expanded cash income” or ECI, to analyze the distribution of federal taxes. The purpose of an income classifier is to ...
Tax Policy CenterLíon na míonna: 7
What is the Medicare trust fund, and how is it financed?
The Medicare trust fund finances health services for beneficiaries of Medicare, a government insurance program for the elderly, the disabled, and people with qualifying health conditions specified by ...
Tax Policy CenterLíon na míonna: 7
Do immigrants pay taxes?
Yes – immigrants of all legal statuses in the US pay federal, state, and local taxes. Like all other residents, immigrants of all legal statuses are required to pay income, payroll, property, sales, ...