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Details and Analysis of Repealing Head of Household Filing Status
Blog

Repealing Head of Household Filing Status: Details and Analysis

As lawmakers prepare for the debate over the expiration of the 2017 Tax Cuts and Jobs Act (TCJA), they may face increasing pressure to offset the cost of lowering tax rates by changing other parts of the tax code. One potential option to raise additional revenue to cover the cost of the TCJA’s reforms—like lower rates, a larger standard deduction, and a larger child tax credit—would be to repeal the head of household filing status.

5 min read
Taxes in the Internet Age, World Wide Web, E-file, and Internet Tax Policy
Blog
Short Form

Taxes in the Internet Age

Today marks 55 years since two students sent the first message across the Advanced Research Projects Agency Network (ARPANET) between computers at four universities, which would later become the internet we enjoy today.

5 min read
Donald Trump Americans Abroad Tax Compliance Relief Proposal
Blog

Americans Abroad Need Compliance Cost Relief

Trump’s proposal would bring the US more in line with most other developed economies, which tax only those who live and work within their borders.

4 min read
Kamala Harris unrealized capital gains tax proposal billionaire minimum tax
Blog

Analysis of Harris’s Billionaire Minimum Tax on Unrealized Capital Gains

In her campaign for president, VP Kamala Harris has embraced all the tax increases President Biden proposed in the White House FY 2025 budget—including a new idea that would require taxpayers with net wealth above $100 million to pay a minimum tax on their unrealized capital gains from assets such as stocks, bonds, or privately held companies.

5 min read
TCJA compliance and TCJA complexity costs did the Tax Cuts and Jobs Act simplify the US tax code?
Blog

How Did the Tax Cuts and Jobs Act Simplify the Tax Code?

Not every change in the Tax Cuts and Jobs Act simplified the tax code. However, the TCJA reduced compliance costs overall for individual filers, and allowing fundamental structural improvements to expire would make the tax code worse.

5 min read
IRS compliance costs tax complexity and tax compliance costs US
Data

Tax Complexity Now Costs the US Economy Over $546 Billion Annually

Americans will spend more than 7.9 billion hours complying with IRS tax filing and reporting requirements in 2024. This is equal to 3.8 million full-time workers doing nothing but tax return paperwork—roughly equal to the population of Los Angeles.

7 min read
Sources of personal income tax return data as of 2024 Tax Foundation
Data

Sources of Personal Income, Tax Year 2021

Reviewing reported income helps to understand the composition of the federal government’s revenue base and how Americans earn their taxable income. The individual income tax, the federal government’s largest source of revenue, is largely a tax on labor.

9 min read
National Tax Poll Results and Answers: Understanding the Tax Code
Blog

National Tax Literacy Poll: Understanding the Tax Code

To make sound financial decisions and support better tax policy, taxpayers should understand the taxes they face. Unfortunately, most U.S. taxpayers do not know or are unsure of basic tax concepts.

6 min read
Summary of the Latest Federal Income Tax Data, 2024 Update
Data

Summary of the Latest Federal Income Tax Data, 2024 Update

The 2021 tax year was the fourth since the Tax Cuts and Jobs Act (TCJA) made many significant, but temporary, changes to the individual income tax code to lower tax rates, widen brackets, increase the standard deduction and child tax credit, and more.

9 min read
US deficits, spending, and taxes CBO Budget and Economic Outlook 2024
Blog

Major Takeaways from CBO’s Updated Long-Term Outlook

The CBO projects deficits will be higher than historical levels, largely due to growth in mandatory spending programs While some recent legislation has reduced the deficit, the Inflation Reduction Act is proving to be more expensive than originally promised.

5 min read
Moore tax case of Moore vs United States consumption tax base
Blog

Why Moore v. U.S. Won’t Get Us a Consumption Tax Base

At first glance, a ruling for the plaintiffs in Moore might seem to solve some of the timing problems with the U.S. tax system. Unfortunately, upon greater inspection, such a ruling might create new timing problems. And the more rigid the ruling, the harder it would be to fix the timing problems it would create.

5 min read
Nonprofits are Financially Healthy and Doing Big Business Nonprofit Hospitals and Universities Untaxed Income
Blog

Nonprofits are Financially Healthy and Doing Big Business

Can an organization rightfully be called a “nonprofit” if it almost always makes money? And what if most of that organization’s income comes from “business income,” should it legitimately be considered a “charity”?

7 min read
Podcast

The Inflation Reduction Act One Year Later

One year after its enactment, there are concerns about the Inflation Reduction Acts overall fiscal impact, the additional complexity it introduces to the tax system, and the sustainability of its initiatives.

College sports tax exemption and tax-free college sports discussions
Blog

The Big Business of Tax-Free College Sports

Moving from one athletic conference to another can mean millions in additional revenue sharing from lucrative broadcasting contracts and other revenue streams, all tax-free.

6 min read