In a new Tax Policy Center paper, economists draw on many recent tax-reform proposals to design a plan that separates the income tax’s work and child provisions, simplifies filing, and distributes tax benefits more equally.
Trying to parse President-elect Donald Trump’s recent threats against US manufacturers that move production overseas is not easy. One thing is sure: His tweet storm warning of new tariffs raises far more questions than it answers.
Tax Policy Center calculates that the House GOP tax blueprint would significantly reduce effective tax rates on some entrepreneurs, while Trump's most recent plan would only modestly lower their effective tax rates.
Americans are accustomed to getting substantial tax refunds soon after they file their returns, especially if they turn in their paperwork early. But starting with the coming filing season, that won’t be possible for many low-income households.
California will soon enroll millions of its private sector workers in a state-managed savings program. It's a good start in increasing access to retirement planning, but it faces limits that would be better served on the national level.
Steven Mnuchin says his tax plan would offset any reduction in upper-income taxes with fewer deductions, something that bears little resemblance to any of the multiple plans President-elect Trump proposed during the campaign.
The stock market has been ebullient since President-elect Donald Trump’s victory. Many financial experts are expecting quick congressional approval of infrastructure and defense spending and tax cuts. I would not spend the money yet, says one economist.
In a new analysis, the Tax Policy Center finds that in 2017, Trump’s cap would affect only about 160,000 singles, a tiny fraction of the 89 million single taxpayers, and about 230,000 couples out of 59 million joint filers.