Nothing is sure in life but death, taxes, and fighting over the IRS budget. The 2022 Inflation Reduction Act (IRA) boosted ...

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The difference is whether heirs who sell an inherited asset will pay tax on the capital gains from the time the asset was originally purchased or from the time it was inherited. The difference in tax ...

Rainy day funds, also known as budget stabilization funds, allow states to set aside surplus revenue for use during unexpected deficits. Every state has some type of rainy day fund, though deposit and ...

Capital gains are profits from the sale of a capital asset, such as shares of stock, a business, a parcel of land, or a work of art. Capital gains are generally included in taxable income, but in most ...

The term refers to broad, sweeping changes to the tax system. What qualifies as “comprehensive” is a judgment call. Rather than taking a piecemeal approach, making small changes to particular ...

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Tax Policy Center (TPC) uses a broad measure of pre-tax income, which we call “expanded cash income” or ECI, to analyze the distribution of federal taxes. The purpose of an income classifier is to ...

TPC's distribution tables provide quantitative information on the way in which tax proposals affect different groups of individuals. Ideally, we would like our tables to measure the impact that a tax ...