The tax expenditure budget displays the estimated revenue losses from special exclusions, exemptions, deductions, credits, deferrals, and preferential tax rates in federal income tax law. Every year, ...

Credits reduce taxes directly and do not depend on tax rates. Deductions reduce taxable income; their value thus depends on the taxpayer’s marginal tax rate, which rises with income. Tax credits are ...

With large pieces of the 2017 Tax Cuts and Jobs Act (TCJA) set to expire in 2025, taxes will be a top priority for ...

What’s to become of IRA funding of the IRS? TaxNotes reports (paywall) that the stopgap funding bill keeping the federal government funded through December 20 could rescind $20.2 billion in IRS ...

TPC: Those making over $430,000 get most of the benefit of a SALT cap repeal.

A tax bill for a $200,000 home would have climbed by about $230, opponents of the measure said. The school district says education costs have tripled since the last tax increase in 1986. Congress is ...

TPC: Those making over $430,000 get most of the benefit of a SALT cap repeal. Repealing the $10,000 cap on state and local tax (SALT) deductions would cut 2025 taxes by an average of more than ...

Former President Trump’s proposal to repeal the $10,000 cap on the state and local tax (SALT) deduction would cut 2025 taxes by an average of more than $140,000 for the highest-income 0.1 percent of ...