Items tagged with tax:
News & Updates:
The recently unveiled Republican tax reform plan has been particularly unpopular with many in the real estate industry. The plan caps the mortgage interest deduction at $500,000 for new purchases and the property tax deduction at $10,000, but eliminates deductions for state and local tax payments. Faculty Affiliate Michael Knoll, co-director of the Center for Tax Law and Policy at the University of Pennsylvania Law School, discussed what the bill would mean for individual homeowners and for the housing market.
Faculty Affiliate Jennifer Blouin says it may be hard to tell. “The trouble is, we really don’t have a good way to measure what the effects on growth are, because once we have the rate cut, other things start happening over time,” she says.
“We have natural disasters. We have failures in commodity markets. The whole credit crisis. And so once you mix that into the fold, how can you predict what the aggregate effect of just that piece of tax legislation is? And I would argue we really don’t know.”
Senate passes defense bill and sends to Trump’s desk for signature; U.S. Housing Starts Increase More Than Expected in October.
President Trump calls for repeal of ObamaCare’s individual mandate and cuts to top tax rate; Annual defense policy bill nearly complete; Analysis determines that Senate tax bill would make taxes jump for many earning under $200,000.
Senate GOP takes different approach to tax reform than House; Trump Administration taking steps to crack down on opioid trafficking; Consumer sentiment reaches 97.8 in November compared to 100.9 estimate.
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