Items tagged with tax:
News & Updates:
Faculty Affiliate Jennifer Blouin comments on the Republican tax plan that aims to cut corporate taxes in order to incentivize spending on jobs for the middle class.
“How much of that $3 trillion is likely to come back to be used to hire folks, invest in research and development, build new plant facilities and manufacturing? I would suspect its fairly low,” says Faculty Affiliate Jennifer Blouin.
Senate Republicans Pass Tax Bill; GOP pushes to pass measure to avoid government shutdown; U.S. factory orders edge slightly lower and core capital goods orders revised up.
EPA to hold biofuels quota steady; Global trade steams ahead in uncertain geopolitics; Price pressures strengthen case for rate hike.
Sens. Marc Rubio (Fla.) and Mike Lee (Utah) plan to offer Senate tax bill amendment to further expand child tax credit; The U.S. Economy Grows Faster than Expected in Third Quarter, as GDP Expands at 3.3 Percent Annual Rate; Pending home sales rebound 3.5% in October as South recovers from hurricane.
New Federal Reserve Chair nominee pledges to continue policies of Yellen and Bernanke; 2018 global economic growth predictions strong.
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