Items tagged with Tax:
News & Updates:
The income from Philadelphia’s new soda tax for this calendar year total falls more than $13 million shy of the Kenney Administration’s fiscal year projection of $92 million.
However, Faculty Affiliate Robert Inman deems the $78.8 million in total revenue a sign of the tax’s success. Inman said that any new tax – let alone a sugary drinks tax that has little historical data to build an estimate off of – would be considered a success if it hit within “85 to 90 percent of projections.” In this case, that’s a range of $78.2 million to $82.8 million.
Faculty Affiliate Michael Knoll, a professor at the University of Pennsylvania Law School, discusses New York governor Andrew Cuomo’s plan to challenge the Republican tax plan, which he has labeled “ultimate fraud.”
Senate reaches a deal to reopen the federal government; Supreme Court rules against Trump administration on Clean Water rule; U.S. economy to grow nearly 3 percent in 2018 due to Trump tax cuts, IMF says.
Senate approaches showdown vote on Friday with government shutdown at stake; Trump administration creates new protections for health workers who have religious and moral objections to certain procedures; Consumer sentiment decreases in January, while tax reform viewed with optimism.
Companies that stockpiled trillions of dollars offshore free of U.S. income tax may get one last break before paying up – provided their fiscal years don’t follow the calendar year.The tax bill’s international provisions “were put out in a rush,” and the IRS notice “is prime evidence of this and probably a bellwether for other problems to come,” said Faculty Affiliate Chris Sanchirico.
American Petroleum Institute: Motor Fuel Taxes
The American Petroleum Institute (API) is the only national trade association that represents all aspects of America’s oil and natural gas industry. Here is a summary report on gasoline and diesel taxes. This report is updated quarterly. API collects motor fuel tax information for all 50 states and compiles a report and chart detailing changes and calculating a nationwide average.
Government Accountability Office: Tax Policy and Administration
The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for Congress. Often called the “congressional watchdog,” GAO investigates how the federal government spends taxpayer dollars. GAO supports congressional oversight by:
• auditing agency operations to determine whether federal funds are being spent efficiently and effectively;
• investigating allegations of illegal and improper activities;
• reporting on how well government programs and policies are meeting their objectives;
• performing policy analyses and outlining options for congressional consideration; and
• issuing legal decisions and opinions, such as bid protest rulings and reports on agency rules.
Quick link to Tax Policy and Administration Reports: http://www.gao.gov/browse/topic/Tax_Policy_and_Administration
Internal Revenue Service: Tax Statistics
Find statistics on business tax, individual tax, charitable and exempt organizations, IRS operations and budget, and income (SOI), as well as statistics by form, products, publications, papers, and other IRS data.
Quick link to Tax Statistics, where you will find a wide range of tables, articles, and data that describe and measure elements of the U.S. tax system: http://www.irs.gov/uac/Tax-Stats-2
Sales Tax Institute
Quick link to Resources page where you can find updated (and some historical) information regarding sales tax rates by state, sales tax holidays, sales tax amnesty programs: http://www.salestaxinstitute.com/resources
Tax Policy Center
The Tax Policy Center is a joint venture of the Urban Institute and Brookings Institution. The Center is made up of nationally recognized experts in tax, budget, and social policy who have served at the highest levels of government.
The Tax Policy Center estimates the revenue and distributional impact of tax proposals using a state-of-the-art microsimulation model of the federal tax system. Our searchable database includes distribution tables that show how proposals alter tax liabilities and after-tax income, by dollar income class and by percentiles of the income distribution. We also periodically estimate the distribution of various federal taxes under current law, show how recent tax changes have altered that distribution, and examine other important issues such as the impact of the individual alternative minimum tax (AMT) and the distribution of the estate tax under current law and alternative policy options.
Quick link to TPC’s Tax Model: http://www.taxpolicycenter.org/numbers/index.cfm