Items tagged with Tax:
News & Updates:
Based on a thesis presented in a PPI article entitled Addressing Personal-Income-Tax Manipulation with Tools from Psychology, Professor Alex Ree-Jones discusses how governments should utilize the behavioral tendencies of tax payers to minimize losses and maximize rewards in order to create the most generative tax revenue systems.
New NAFTA replacement deal signed; Trump administration loosens coverage requirements by allowing states to apply for waivers to distribute subsidies for beneficiaries that don’t meet ACA requirements; Ways and Means Chairman proposes to eliminate fringe benefits for employees of churches and other nonprofits; Interest rates anticipated to be hiked in December.
Negotiations on farming bill makes headway in House and Senate; Trump administration attacks Climate Change report as ‘radical’ and not ‘data-driven’; Multinational companies may not enjoy benefits initially anticipated after tax cuts based on new proposed regulations; Jobless claims increase suggesting slowing in labor market; The number of pending housing sales continues to decline.
Bipartisan carbon tax bill introduced that would charge $15 per ton for carbon emissions; Undocumented immigration reaches a low in 2016; GDP grows by 3.5%
Trade tensions between China and the US rise with another imminent round of tariffs likely on the wayTrump indicates that another round of tariffs on Chinese imports may be on their way; House Republicans present a new tax package for approval; Trump reveals a new proposal to reduce Medicare drug prices by relaxing regulations on mandatory drug for insurance providers; Despite an underperformance by the consumer confidence index, metrics reveal an overall optimism; Though home prices rise, they do so at the slowest rate in months.
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