The new budget reconciliation law makes the income tax deduction for pass-through businesses permanent. Who actually benefits from the tax break? We explore the data. taxpolicycenter.org/fiscal-facts...

Tax filing is simples when taking the standard deduction instead of itemizing. Supporters of the 2017 tax cuts lauded how it reduced the number of itemizers from 30% to 10%. The OBBBA moves in the other direction; an additional 5M returns will itemize this year. taxpolicycenter.org/model-estima...

Sen. Cynthia Lummis (R-WY) has reintroduced crypto tax legislation that would make mining and staking rewards tax-free until the tokens are sold. taxpolicycenter.org/taxvox/probl...

The OBBBA will require Treasury to issue about two dozen new tax regulations to clarify implementation of the law. Doing that while cutting the IRS's budget presents a serious challenge. taxpolicycenter.org/taxvox/cutti...

The Social Security Administration recently put out an announcement that the OBBBA "eliminates taxes" on Social Security benefits for 90% recipients. Is that true? taxpolicycenter.org/taxvox/corre...

OBBBA makes permanent the tax deduction for pass-through businesses. Pass-through earnings are taxed on the individual tax returns of the business owners. Learn more about who benefits from this tax break: taxpolicycenter.org/fiscal-facts...

Starting August 1, tariffs will increase significantly on a number of consumer goods taxpolicycenter.org/taxvox/too-m...

OBBBA is set to pass the House soon and head to the president's desk. Here is how the tax provisions in the final version will impact households taxpolicycenter.org/tax-model-an...

Court-ordered fines and fees can be difficult to afford for some households. Some states are starting to take affordability into account, but a recent survey finds few people have their financial situation taken into account. taxpolicycenter.org/fact-sheets/...

Proposed cuts to safety net programs offered by congressional Republicans could further reduce the small portion of the federal budget that goes to supporting children. taxpolicycenter.org/briefs/propo...

As part of the budget reconciliation, both the House and Senate have proposed plans that would increase the maximum #child #tax credit and help offset program cuts that would affect low-income #families. Learn more in a @taxpolicycenter.bsky.social TaxVox post. urbn.is/3TGiFSH

The Senate Finance Committee's version of OBBBA differs from the House plan. TPC has model results on the Senate version and compares the two. taxpolicycenter.org/taxvox/tpc-f...

The House and Senate versions of the OBBBA both call for expanding the child tax credit. But neither would assist the 17 million children in families that don't qualify for the full benefit. See how the proposals compare: taxpolicycenter.org/taxvox/house...

More evidence pushing back on the idea that a more generous child tax credit for low-income families would discourage work: taxpolicycenter.org/taxvox/ctc-r...

If Congress cuts its support for social safety net programs and states are left to pick up the slack, the result could be reduced benefits and higher taxes. taxpolicycenter.org/features/how...

The Earned Income Tax Credit is designed to reduce poverty and encourage work. But a provision in the OBBBA might deter eligible people from claiming the credit while making administration more costly. taxpolicycenter.org/taxvox/one-b...

Because of budget constraints, the District of Columbia is considering eliminating its child tax credit. TPC's Elaine Maag submitted written testimony to city policymakers explaining why the CTC provides a good return on investment. taxpolicycenter.org/testimonys/d...

The economic growth from the fiscal plan passed by House Republicans would pay for only a small portion of the lost revenue. taxpolicycenter.org/taxvox/house...

If you sell crypto assets or use cryptocurrencies to make purchases, you need to report any resulting gains and losses on your tax return taxpolicycenter.org/fiscal-facts...

The OBBBA would raise the cap on state and local tax deductions from $10K to $40K, with an income phasedown starting at $500,000. Those making between $450K and $1.1 million would see the biggest benefits.

Congressional Republicans have argued that the "One Big Beautiful Bill Act" will lead to a surge in economic growth. There are reasons to be skeptical. taxpolicycenter.org/taxvox/dont-...

Trying to figure out what congressional Republicans are planning to do with taxes? Our landing page on the 2025 tax debate has lots of resources on the cost, who would benefit, and more: taxpolicycenter.org/features/202...