The exclusion of employer-paid premiums for health insurance from federal income and payroll taxes is the single largest tax expenditure, costing the federal government an estimated $299 billion in ...

A wealth tax is imposed on the value of some or all of a taxpayer’s assets, such as stocks, real estate, and businesses. At the federal level, the United States does not have a wealth tax, and many ...

The Inflation Reduction Act of 2022 introduced two new taxes on US corporations. The first is a minimum tax on the reported financial income of large US corporations. The second is an excise tax on ...

After attempts to pass President Joe Biden’s Build Back Better agenda stalled in Congress, lawmakers in the latter part of 2022 enacted scaled-back legislation that increased taxes on large ...

The Tax Cuts and Jobs Act (2017) nearly doubled the standard deduction and eliminated or restricted many itemized deductions in 2018 through 2025. It also eliminated the “Pease” limitation on itemized ...

Proposals include providing more effective or more universal incentives for charitable giving, but often in exchange for some restrictions, such as providing incentives only above a dollar floor set ...

A revenue-neutral national retail sales tax would be more regressive than the income tax it replaces. A national retail sales tax would create a wedge between the prices consumers pay and the amount ...

Tax expenditures for retirement savings are very large. They were over $300 billion in 2022 and will likely exceed $2 trillion over the 2022-2026 period. Tax expenditures are revenue losses ...

The charitable deduction subsidizes charitable giving by lowering the net cost to the donor. If the tax deduction spurs additional giving, charitable organizations can provide more services. A ...