Items tagged with tax:
News & Updates:
U.S. Treasury declines to label China a currency manipulator; Trump’s tax law does little for wages; House Republican delays emergency aid package; Global bond yields falling.
Penn Med Professor Christina Roberto’s research found that in Philadelphia and Baltimore “Taxing sugar-sweetened beverages is one of the most effective policy strategies to reduce the purchase of these unhealthy drinks. It is a public health no-brainer and a policy win-win.”
Trump administration files brief calling for the end of the Affordable Care Act; CBO publishes new report on Medicare for All; Lawmakers feel pressure to fix loophole in 2017 tax law; Jobless claims unchanged from last week.
White House considers President Trump’s sanctuary cities proposal; First Tax Day under President Trump’s law; Affordable Care Act (ACA) is popular despite President Trump’s opposition; Former Federal Reserve officials worry about the institution’s political independence.
In light of productive negotiations, Trump to delay the imposition of tariffs on Chinese imports; Nearly two dozen former congressional GOP members signed a letter urging GOP legislators to reject President Trump’s declaration of a National Emergency; White House Panel will reassess previous government climate analysis and counter conclusions linking the burning of fossil fuels to environmental damage; Lawmaker efforts to repeal cap on tax deductions start to gain traction; Wholesale inventories post largest gain in over five years.
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