November 29, 2015
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 A Publication of The Federal Budget Group LLC, Charles S. Konigsberg, President



Largest sources of excise tax revenues are: Fuel, Tobacco, Airport, Health Insurance providers, and Alcohol
Largest sources of "other" revenues are: Federal Reserve Deposits, Customs Duties & Fees, and Estate and Gift tax,


"JCT" refers to the nonpartisan Joint Committee on Taxation which produces all revenue estimates for Congress. "CBO" refers to the nonpartisan Congressional Budget Office.

JCT: Overview of The Federal Tax System as in Effect for 2015

JCT: Estimated Budget Effects of the Revenue Provisions in the President's FY 2016 Budget Proposal

JCT: List of Expiring Tax Provisions

JCT: Estimates of Federal Tax Expenditures

JCT "Bluebooks" Reviewing Tax Legislation Enacted in each Congress

CBO Revenue Options for Deficit Reduction


Nov. 19: IRS releases Additional Rules Regarding Inversions and Related Transactions

Nov. 6: Politico reports that White House is calling for middle class tax relief in any "Tax Extenders" bill. Council of Economic Advisers Chair Jason Furman said, "We just set a model in the budget agreement of paying for the increases in spending. It would be hypocritical" to "pass a two-year tax extender bill without paying for it, without doing anything for the middle class and for working families. It's something this administration would oppose if we see that coming forward."

Nov. 4: House blocks a vote on a federal gas tax increase to fund a multiyear highway bill.

Fall 2015:
Legislation often considered a "must-do" item before end of the year are the so-called Tax Extenders that expired at the end of 2014; the extenders include provisions impacting businesses, individuals, nonprofits, and the energy sector. (Click here for a list of the 52 extenders.) The Senate Finance Committee has reported legislation (S. 1946) that would retroactively extend expired provisions through 2016. The House Ways & Means Committee is pursuing a different path, aiming to permanently extend only some of the 52 provisions and let the others expire in an effort to lower available revenues for future budgets -- a path strongly opposed by the White House and congressional Democrats.

October 9, 2015: G20 finance ministers formally endorsed OECD's BEPS plan. Financial Times looks at winners and losers under BEPS.

October 5, 2015: The OECD released its final package of measures to address base erosion and profit shifting (BEPS), an ambitious effort to harmonize tax laws across boundaries.

August 4, 2015: JCT releases revenue estimates for the Finance Committee's Tax Extenders bill.

July 17, 2015: JCT releases description of the Finance Committee's Extenders bill.

July 13, 2015: JCT releases backgrounder on Federal Excise Taxes

June 23, 2015: JCT releases overview of provisions relating to financing Highway infrastructure

June 22, 2015: JCT releases description of proposals on Repatriation of Foreign Earnings

June 16, 2015: JCT releases paper on Long-Term Financing of the Highway Trust Fund

April 1, 2015: JCT releases General Explanation of Tax Legislation Enacted in the 113th Congress

March 16, 2015: JCT releases Present Law and Selected Policy Issues in the U.S. Taxation of Cross-Border Income

January 26, 2015: Nonpartisan Joint Committee on Taxation report on impact of "dynamic scoring" of tax legislation.

January 15, 2015: Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) announced the launch of five bipartisan Finance Committee Tax Working Groups to spur congressional comprehensive tax reform efforts in the 114th Congress.  Policy focus areas for the working groups include: 1) Individual Income Tax; 2) Business Income Tax; 3) Savings & Investment; 4) International Tax; and 5) Community Development & Infrastructure. Click here for the 5 working groups and their co-chairs.

December 19, 2014: President signs HR 5771, the 2014 "tax extenders" legislation. JCT bill summary.

February 26, 2014: House Ways and Means Committee releases comprehensive tax reform plan.

November 18 - 21, 2013: Senate Finance Committee releases discussion drafts on reform of business taxes:

Baucus Proposal on Cost Recovery, Tax Accounting   JCT Technical Explanation

Baucus Proposal on Tax Administration       JCT Technical Explanation

Baucus Proposals for International Tax Reform          JCT Technical Explanation

August 21, 2013: With impending mark-ups this fall of tax reform legislation, the Committee for a Responsible Federal Budget has begun a series analyzing the $1.3 trillion of tax expenditures (credits, deductions, exclusions and other preferences). Link here.

July 30, 2013: Obama’s plan to link corporate tax reform, jobs spending quickly rejected by GOP. White House fact sheet.

May 6, 2013: JCT report to the House Ways & Means Committee on reform proposals submitted to its tax reform working groups.

March 2013: GAO report on corporate tax expenditures

February 13, 2013: Ways & Means Committee announces tax reform working groups

February 12, 2013: In State of the Union address, President Obama endorses tax reform as part of deficit reduction.

February 1, 2013: JCT releases estimates of Federal Tax Expenditures

January 10, 2013: Tax Provisions in the American Taxpayer Relief Act of 2012 (Tax Policy Center)

January 8, 2013: Overiew of federal taxes as amended by the Jan. 2013 fiscal cliff legislation

August 14, 2012: "Research Tax Credit: Current Law and Policy Issues"

August 10, 2012: Washington Post, "Tax Reform is Going to be Really, Really Hard"

August 1, 2012: Nonpartisan Tax Policy Center, Paper on Base-Broadening Income Tax Reform

July 25, 2012: "Moving to a Territorial Income Tax: Options and Challenges"

March 22, 2012: "The Challenge of Individual Income Tax Reform: An Economic Analysis of Tax Base Broadening"