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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.
TAX NEWS AND ANALYSIS
Jan. 12 2016: Bloomberg reports that House Ways & Means Chairman Kevin Brady intends to bring before the Committee legislation overhauling the international tax code: "I think having a system that lowers the gate, allows those profits to flow back to the United States is critical."
Dec. 18: HIGHLIGHTS OF THE $622 BILLION "PATH" TAX EXTENDERS BILL:
- House Ways & Means Committee statement on the Tax Extenders bill ("PATH" Act)
- Senate Finance Committee statement on the "PATH" Act
- Legislative Language of the "PATH" Act
- Section-by-section summary of the "PATH" Act
- JCT Technical Explanation of the provisions of the "PATH" Act
- JCT revenue estimates of the "PATH" Act
- In general, the tax bill makes 19 of the 52 so-called tax "extenders" permanent, renews the remainder for periods ranging from 2-5 years, and makes other changes at a total cost (additional federal debt) of $622 billion over 10 years
- Provisions made permanent (with modifications) include: the R&D credit; small business expensing; refundable child tax credit; AOTC college tuition credit; Earned Income Tax Credit; deductibility of state sales taxes in states w/o income tax; deduction for teachers' supplies; transit benefits; certain commercial bldg. depreciation provisions; certain charity-related provisions; and certain real estate provisions including the low-income housing credit
- Delays the effective date of the so-called "Cadillac Tax" (on high-cost employer-sponsored health plans) from 2018 to 2020
- Suspends for 2 years the 2.3% medical device excise tax (2016 and 2017)
Nov. 19: IRS releases Additional Rules Regarding Inversions and Related Transactions
Nov. 19: Kevin Brady elected Chairman of the Joint Committee on Taxation.
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:
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.
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
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"
July 25, 2012: "Moving to a Territorial Income Tax: Options and Challenges"