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The Elimination Of The Federal Tax Deductibility Of State And Local Taxes
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Author :United States. Congress. House. Committee on the District of Columbia. Subcommittee on Fiscal Affairs and Health Publisher : ISBN 13 : Total Pages :136 pages Book Rating :4.F/5 ( download)
Book Synopsis Impact of the Elimination of State and Local Tax Deduction by : United States. Congress. House. Committee on the District of Columbia. Subcommittee on Fiscal Affairs and Health
Download or read book Impact of the Elimination of State and Local Tax Deduction written by United States. Congress. House. Committee on the District of Columbia. Subcommittee on Fiscal Affairs and Health and published by . This book was released on 1986 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Elimination of the Federal Tax Deductibility of State and Local Taxes by : John Foster
Download or read book The Elimination of the Federal Tax Deductibility of State and Local Taxes written by John Foster and published by . This book was released on 2006 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Intergovernmental Relations Publisher : ISBN 13 : Total Pages :204 pages Book Rating :4.:/5 (51 download)
Book Synopsis Federal Income Tax Deduction for State and Local Taxes by : United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Intergovernmental Relations
Download or read book Federal Income Tax Deduction for State and Local Taxes written by United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Intergovernmental Relations and published by . This book was released on 1986 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of Federal Tax Deductibility on State and Local Taxes and Spending by : Martin S. Feldstein
Download or read book The Effect of Federal Tax Deductibility on State and Local Taxes and Spending written by Martin S. Feldstein and published by . This book was released on 1986 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effect of federal deductibility of state and local taxes on the fiscal behavior of state and local governments. The primary finding is that deductibility affects the way that state-local governments finance their spending as well as the overall level of spending. More specifically, in states where federal deductibility implies a relatively low cost of using deductible personal taxes (including income, sales and property taxes), there is greater reliance on those taxes and less reliance on business taxes and other revenue sources. The effect of deductibility on the state-local financial mix implies that deductibility has a much lower cost to the federal government than has previously been assumed. Indeed, if deductibility causes a large enough shift of financing from business taxes to personal taxes, deductibility may actually raise federal tax receipts. The analysis also implies that deductibility is likely to be a more cost-effective way than direct grants for raising the general level of state-local government spending. The present study uses the individual tax return data in the NBER TAXSIM model to calculate federal tax prices for itemizers and other taxpayers in each state. The econometric analysis recognizes that the federal tax price is endogenous (because it reflects the state-local spending decisions) and therefore uses a consistent instrumental variable procedure. This use of instrumental variable estimation exacerbates the difficulty of making precise estimates from the data. The relatively large standard errors indicate the need for caution in interpreting the point estimates.
Author :United States. Congress. Joint Economic Committee. Subcommittee on Monetary and Fiscal Policy Publisher : ISBN 13 : Total Pages :164 pages Book Rating :4.:/5 (319 download)
Book Synopsis The Impact of Repeal of the Deductions for State and Local Taxes by : United States. Congress. Joint Economic Committee. Subcommittee on Monetary and Fiscal Policy
Download or read book The Impact of Repeal of the Deductions for State and Local Taxes written by United States. Congress. Joint Economic Committee. Subcommittee on Monetary and Fiscal Policy and published by . This book was released on 1986 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effect of the President's Tax Plan on State and Local Taxpayers by : United States. Congress. Joint Economic Committee
Download or read book The Effect of the President's Tax Plan on State and Local Taxpayers written by United States. Congress. Joint Economic Committee and published by . This book was released on 1985 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Withholding and Estimated Tax by :
Download or read book Tax Withholding and Estimated Tax written by and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessing the Federal Deduction for State and Local Tax Payments by : Gilbert E. Metcalf
Download or read book Assessing the Federal Deduction for State and Local Tax Payments written by Gilbert E. Metcalf and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Federal deductibility for state and local taxes constitutes one of the largest tax expenditures in the federal budget and provides a significant source of federal support to state and local governments. Deductibility was restricted in the Tax Reform Act of 198-- by removing the deduction for general sales taxes. More recently the President's Advisory Panel on Federal Tax Reform recommended eliminating the deduction altogether as one of several revenue-raising initiatives to finance comprehensive tax reform. I carry out a number of distributional analyses -- considering both variation across income and across states -- of the subsidy from deductibility as well as the distributional impact of potential partial reforms. In addition, I consider three counterfactuals for 2004 -- a tax system without the Bush tax cuts for 2001 and 2003, a tax system without the 2004 AMT patch, and a tax system without the AMT -- to see how the benefits of deductibility are affected by these changes in the tax law. Next I consider how behavioral responses affect the tax expenditure estimates. Feldstein and Metcalf (1987) argued that tax expenditures overestimate the revenue gain from eliminating deductibility as they do not take into account a likely shift away from once-deductible taxes to non-deductible taxes and fees in the absence of deductibility. Many of these latter taxes and fees are paid by businesses. As business costs rise, federal business tax collections would fall, offsetting some of the gains of ending deductibility. Feldstein and Metcalf also found that ending deductibility would have little if any impact on state and local spending itself. Using a large panel of data on state and local governments, I revisit this issue and find that the Feldstein-Metcalf results are robust to adding more years of analysis.
Download or read book Medical and Dental Expenses written by and published by . This book was released on 1994 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Disaggregating the State and Local Tax Deduction by : Gladriel Shobe
Download or read book Disaggregating the State and Local Tax Deduction written by Gladriel Shobe and published by . This book was released on 2018 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The appropriateness of a federal deduction for state and local taxes is a frequent point of contention among scholars and policymakers, and various proposals have been offered to limit or modify the deduction. All of the debates and proposals surrounding the deduction treat states and localities as if they were the same. This Article disaggregates state and local governments to show that the way they tax and spend is different in many ways that are relevant to the deduction. When state and local government revenues are disaggregated, it becomes clear that the “state and local tax deduction” is actually two distinct deductions, one primarily for state income taxes and another primarily for local property taxes. Property taxes, which make up nearly three-quarters of local taxes, are fully deductible. Sales taxes, which make up nearly half of state revenue, can only be deducted in lieu of income taxes, an option that few itemizing taxpayers take. When state and local expenditures are disaggregated, it becomes apparent that local expenditures provide more direct benefits to taxpayers living within relatively homogeneous localities while state expenditures provide fewer public benefits to those who pay state taxes and are more likely to result in redistribution. This Article evaluates the arguments traditionally made for and against the deduction in light of the differences between state and local revenues and expenditures, revealing that the arguments for the deduction apply more strongly to states while the arguments against the deduction apply more strongly to localities. This means that Congress currently has the deduction backwards: local taxes are proportionately more deductible than state taxes even though a deduction for local taxes is less justified than a deduction for state taxes. This Article builds on this analysis to provide an initial framework for how federal deductibility for state and local taxes could be more fairly and efficiently constructed to account for the differences between states and localities.
Book Synopsis Strengthening the Federal Revenue System by :
Download or read book Strengthening the Federal Revenue System written by and published by . This book was released on 1984 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Federal Deductibility of State and Local Taxes by :
Download or read book Federal Deductibility of State and Local Taxes written by and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The interplay between the federal and state and local tax systems through the federal deductibility of state and local taxes is the focus of this report. [...] In 2004, Congress modified the deductibility of state and local taxes - adding the sales tax deduction option for 2004 and 2005 - and the 109th Congress extended the sales tax deduction option for 2006 and 2007. [...] In 2004, Congress modified the deductibility of state and local taxes-adding the sales tax deduction option for 2004 and 2005-and the 109th Congress extended the sales tax deduction option for 2006 and 2007. [...] The deduction from federal income for state and local taxes paid dates from the inception of the current income tax under the Revenue Act of 1913.1 A provision in that act allowed the deduction for "all national, State, county, school and municipal taxes paid within the year, not including 1 The 16th Amendment allowed for the taxation of income without regard to apportionment among t [...] The federal tax savings from the deduction is equal to the taxpayer's marginal tax rate multiplied by the size of the deduction.
Book Synopsis On the Disparate Treatment of Business and Personal SALT Payments by : Michael S. Knoll
Download or read book On the Disparate Treatment of Business and Personal SALT Payments written by Michael S. Knoll and published by . This book was released on 2018 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Tax Cuts and Jobs Act, H.R. 1, would eliminate the federal income tax deduction for nonbusiness state and local taxes while maintaining the deduction for business state and local taxes. That disparate treatment has generated a storm of negative commentary. In this short essay, I consider whether the federal tax law should allow a deduction for business state and local taxes assuming that there is no deduction for nonbusiness state and local taxes. I argue that investors and businesses, including pass-through businesses, should be allowed to deduct state and local property and sales taxes, but not general income taxes.
Author :United States. Congress. House. Committee on the District of Columbia. Subcommittee on Fiscal Affairs and Health Publisher : ISBN 13 : Total Pages :0 pages Book Rating :4.:/5 (134 download)
Book Synopsis Impact of the Elimination of State and Local Tax Deduction by : United States. Congress. House. Committee on the District of Columbia. Subcommittee on Fiscal Affairs and Health
Download or read book Impact of the Elimination of State and Local Tax Deduction written by United States. Congress. House. Committee on the District of Columbia. Subcommittee on Fiscal Affairs and Health and published by . This book was released on 1986 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Deductibility of State and Local Taxes by : Daniel Feenberg
Download or read book The Deductibility of State and Local Taxes written by Daniel Feenberg and published by . This book was released on 1985 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides careful estimates of the impact of removing the deductibility of state and local taxes by state andby income class. We show how deductibility affects marginal and average tax rates for both state and federal tax systems. One striking result is that combined federal income tax and state tax burdens would generally fall under the President's tax reform proposal, even for high income people in high tax states
Book Synopsis Red States, Blue States by : Jeffrey A. Cooper
Download or read book Red States, Blue States written by Jeffrey A. Cooper and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1861, every version of the federal income tax has included a deduction for state and local taxes (often referred to by its popular acronym “SALT”). Since this provision, the “SALT deduction,” minimizes the effect of state and local taxes on taxpayers, it offers greater benefits to those living in states that impose the highest tax burden -- the high-tax “blue” states. In 2017, the Tax Cuts and Jobs Act marked a major shift in this long-established federal policy toward state taxes. Among its many provisions, the Act capped the SALT deduction at $10,000 per married couple, providing no Federal tax offset for amounts paid in excess of that amount. In this article, I attempt to address two questions raised by this turn of events. First, how will states respond to this change in federal law? Second, does the capping of the SALT deduction represent a major shift in federal-state relations, an unprecedented attack on blue states, or is it simply politics as usual? My novel approach to the subject is to consider these questions by exploring the similarities and contrasts between the income tax SALT deduction and the estate tax state death tax credit, which was established in 1924 and repealed in 2001. Viewing the 2017 legislation within this broader historical context reveals trends and patterns, providing greater insight than would a study of the SALT deduction in isolation. This approach yields two results. First, analyzing state legislative responses to the 2001 estate tax changes helps to predict how state governments may respond to the 2017 income tax change and thus offers insight into the future evolution of state income tax regimes. Second, placing the 2017 Tax Act in a broader historical context reveals a pattern of federal interference with state tax regimes, yielding lessons about the interdependence of federal and state tax law as well as how a changing political climate can shape tax policy.
Author :United States. Congress. Joint Committee on Internal Revenue Taxation Publisher : ISBN 13 : Total Pages :20 pages Book Rating :4.:/5 (319 download)
Book Synopsis Summary of Testimony on the Tax Treatment of State and Local Bond Interest by : United States. Congress. Joint Committee on Internal Revenue Taxation
Download or read book Summary of Testimony on the Tax Treatment of State and Local Bond Interest written by United States. Congress. Joint Committee on Internal Revenue Taxation and published by . This book was released on 1969 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
