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Introduction to U.S. Economy: GDP and Economic Growth [Updated January 13, 2022]
From the Document: "As a result of the COVID-19 [coronavirus disease 2019] pandemic, economic activity declined rapidly in the United States in early 2020 before rebounding and surpassing pre-pandemic levels in the second quarter of 2021. The speed of the economic recovery and projections of longer-term growth are of concern to policymakers due to the connection between the economy's performance and the overall well-being of Americans. This In Focus provides an introduction to the U.S. economy, including how economists measure its performance and the factors that influence its long-run trajectory."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2022-01-13
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High Home Prices: Contributing Factors and Policy Considerations [February 18, 2022]
From the Document: "Home prices have been rising over the past decade, with the rise accelerating during the COVID-19 [coronavirus disease 2019] pandemic[.] [...] Policymakers and the public have expressed concern over the impact high home prices may have on individuals, society, and the economy. This In Focus reviews a number of factors that have contributed to high home prices and discusses selected policy considerations. [...] There are several potential factors contributing to the rise in home prices, both over the past decade and since the start of the pandemic. But at the heart of the rise in home prices is the interaction between supply and demand: There are more people who want to buy homes than there are homes for sale. As a result, prices have increased. The upward trend in home prices over the last decade started in mid- to late 2011 partly as demand rose with an improvement in household incomes and balance sheets (and the economy) after the 2007-2009 financial crisis and housing bubble burst. Accompanying the recovery was the start of a general downward trend in mortgage interest rates that has been attributed to a number of factors, including Federal Reserve (Fed) policy, slower than expected economic growth following the financial crisis, a global savings glut, and aging demographics. Mortgage rates continued to hover around historic lows into 2022, supporting home-buying demand. More recently, changes in household behavior during the pandemic have further pushed up demand."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2022-02-18
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Overview of Major Tax Proposals in the President's FY2012 Budget [May 4, 2012]
"The Obama Administration released the President's FY2012 budget proposal on February 14, 2011. According to the Administration's estimates, the tax proposals in the budget would increase revenues $280 billion over the next 10 years. The Administration's estimates were made relative to a current policy budget baseline, which assumes certain polices that are scheduled to change in the future by law will not. In contrast, the Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) make their projections relative to a current law budget baseline, which assumes future policy changes will occur as prescribed by current laws. This difference in baselines may result in the Administration's estimates being different than future CBO and JCT estimates. This report provides a broad overview of the provisions included in the President's budget request. The budget groups proposed tax provisions into several general categories."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Bickley, James M.; Guenther, Gary L.
2012-05-04
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Securities Transactions Tax: Brief Analytic Overview with Revenue Estimates [June 1, 2012]
"Policymakers are currently considering taxing certain financial securities transactions. There are two justifications commonly offered for imposing such a tax: (1) it would reduce financial market volatility, and (2) it would be a significant source of revenue. Existing empirical research, however, suggests that volatility could actually increase in response to a securities transactions tax (STT), although the existing research may not be directly applicable to today's environment. Estimates do indicate that an STT could be a significant revenue source if designed properly. […] At its most basic level, an STT is a tax imposed on the buyer or seller of a security at the time a securities transaction occurs. An STT can be applied across the board to all financial transactions, or only those involving specific types of securities (for example, stocks, options, and futures, but not bonds). An STT can be applied to all security traders, or selectively to only certain types, such as intuitional traders but not individual investors. This report briefly discusses recent STT proposals, summarizes the possible effects on financial market volatility and speculation, and provides estimates of the potential revenue effects. This report is a condensed version of CRS Report R41192, 'A Securities Transaction Tax: Financial Markets and Revenue Effects', by Mark P. Keightley. Contained in that report is an in-depth economic analysis of an STT, a detailed discussion of revenue estimates, STT design options, and a summary of historical and international STT examples."
Library of Congress. Congressional Research Service
Keightley, Mark P.
2012-06-01
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Corporate Income Tax System: Overview and Options for Reform [September 13, 2012]
"Many economists and policymakers believe that the U.S. corporate tax system is in need of reform. There is, however, disagreement over why the corporate tax system needs to be reformed, and what specific policy measures should be included in a reform. To assist policymakers in designing and evaluating corporate tax proposals, this report (1) briefly reviews the current U.S. corporate tax system; (2) discusses economic factors that may be considered in the corporate tax reform debate; and (3) presents corporate tax reform policy options, including a brief discussion of current corporate tax reform proposals. […] This report discusses a number of economic considerations that may be made while evaluating various corporate tax reform proposals. These might include analyses of the likely effect on households of certain reforms (also known as incidence analysis). Policymakers might also want to consider how certain corporate tax provisions contribute to the allocation of economic resources, choosing policies that promote an efficient use of resources. Other goals of corporate tax reform may include designing a system that is simple to comply with and administer, while also promoting competitiveness of U.S. corporations."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Sherlock, Molly F.
2012-09-13
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Analysis of Where American Companies Report Profits: Indications of Profit Shifting [January 18, 2013]
From the Summary: "This report uses data on the operations of U.S. multinational companies (MNCs) to examine the extent to which, if any, MNCs are moving profits out of high-tax countries (or out of the U.S.) and into low-tax countries with little corresponding change in business operations, a practice known as 'profit shifting.' To do this, the profits reported by American firms in two groups of countries are compared with measures of real economic activity in those locations. The first group consists of the five countries commonly identified as being 'tax preferred' or 'tax haven' countries, and includes Bermuda, Ireland, Luxembourg, the Netherlands, and Switzerland. The second group, which provides a baseline for comparison, consists of five more traditional economies. This group includes Australia, Canada, Germany, Mexico, and the United Kingdom. […] This report may be of interest to Members of Congress for at least four reasons. First, profit shifting has been the specific target of recent Congressional action, including a September 2012 hearing held by the Senate Permanent Subcommittee on Investigations, as well as several bills introduced in the 112th Congress. Second, anti-abuse provisions have been included in general tax reform proposals in the 112th Congress. Third, most general tax reform proposals would lower the top corporate rate which would diminish the incentive to shift profits. And fourth, to the extent that profit shifting is reduced, federal tax revenues would increase, although the net effect on federal tax revenues would depend on the existence and magnitude of offsetting revenue changes, which, in turn, would depend on the approach taken to curb profit shifting."
Library of Congress. Congressional Research Service
Keightley, Mark P.
2013-01-18
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Securities Transaction Tax: Financial Markets and Revenue Effects [June 12, 2012]
"A securities transactions tax (STT) is a tax imposed on the buyer and/or seller of a security at the time a securities transaction occurs. An STT can be applied to all security traders or selectively to only certain types. An STT can be applied across the board to all securities transactions, or only those involving specific types of securities, for example, stocks, options, and futures, but not bonds. While an STT can come in many different forms, there are two justifications commonly offered for imposing a tax of some sort on financial transactions: it would improve financial market operations and/or it would be a significant source of revenue. […] This report analyzes the general effects of an STT on financial markets and its ability to raise revenue. The analysis examines how the tax could impact the important functions of financial markets--the determination of security prices, the spreading of risk, and the allocation of resources. The analysis of the financial markets then turns to examining how the tax may have an impact on security price volatility and the level of security prices."
Library of Congress. Congressional Research Service
Keightley, Mark P.
2012-06-12
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Tax Treatment of Canceled Mortgage Debt [May 5, 2020]
From the Document: "Recent data indicate that the economy is weakening and that labor markets are under a great deal of strain as fallout from the COVID-19 [coronavirus disease 2019] outbreak continues. The corresponding drop in incomes is causing financial hardship for some homeowners as they struggle to make timely mortgage payments. Included in the broader third round of economic relief known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) were temporary forbearance for federally backed single-family and multifamily mortgages and a temporary foreclosure moratorium for federally backed single-family mortgages. [...] Once these temporary efforts to assist homeowners expire, there may be an increased number of home foreclosures, mortgage defaults, or mortgage modifications barring additional relief efforts. Attempts to resolve mortgage indebtedness concerns may result in cancellation of debt, which can have important tax consequences. This In Focus provides a brief overview of the tax treatment of canceled mortgage debt."
Library of Congress. Congressional Research Service
Keightley, Mark P.
2020-05-05
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Understanding the Second-Quarter Fall in GDP [August 10, 2020]
From the Document: "On June 8, 2020, the National Bureau of Economic Research (NBER), an independent, nonprofit research group, officially declared that the U.S. economy entered a recession in February of this year. On July 31, the U.S. Department of Commerce's Bureau of Economic Analysis (BEA) released estimates that the economy, as measured by gross domestic product (GDP), contracted at an annual rate of 32.9% in the second quarter of 2020 compared to the preceding quarter. In other words, if this pace of decline were to continue for four quarters, the economy would have shrunk by about one-third compared to the first quarter. It is expected that this figure will be adjusted slightly in the coming weeks, as is common with initial BEA advance estimates. Still, the decline in GDP is significant and is in addition to the 5.0% annualized contraction experienced in the first quarter of the year. As shown in Figure 1, the second-quarter contraction is the largest decline since BEA first started compiling data in 1947, and more than three times larger than the second-largest quarterly decline, which occurred in 1958. The second-quarter 2020 decline was driven by COVID-19 [coronavirus disease 2019], which caused widespread disruptions to supply (production) and suppressed private demand (spending). However, BEA cannot isolate the precise effects of COVID-19 on GDP."
Library of Congress. Congressional Research Service
Labonte, Marc; Keightley, Mark P.
2020-08-10
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CARES Act Payments Use and Recipient Characteristics: In Brief [July 24, 2020]
From the Document: "In response to the Coronavirus Disease 2019 (COVID-19) pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, P.L. 116-136) provided direct payments to individuals and families. The maximum amount of these payments--sometimes referred to as 'stimulus checks' or 'stimulus payments'--is $1,200 per eligible individual ($2,400 for married taxpayers filing a joint tax return) and $500 per eligible child. The payment amounts are reduced $5 for each $100 that a taxpayer's income exceeds the phaseout threshold. These thresholds are (1) $150,000, if filing as married filing jointly; (2) $112,500, if filing as head of household; and (3) $75,000, for single filers. [...] This report provides summary statistics on how recipients used their stimulus payments, followed by characteristics of recipients. The estimates in this report were obtained from the Census Bureau's new Household Pulse Survey."
Library of Congress. Congressional Research Service
Keightley, Mark P.
2020-07-24
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COVID-Related Tax Relief Act of 2020 and Other COVID-Related Tax Provisions in P.L. 116-260 [January 5, 2021]
From the Document: "Congress continues to consider tax policy proposals intended to alleviate the economic effects associated with the Coronavirus Disease 2019 (COVID-19) pandemic. The Consolidated Appropriations Act, 2021 (P.L. 116-260) contains a number of individual and business tax provisions. Consideration of P.L. 116-260 followed the enactment of other laws addressing the COVID-19 crisis:(1) the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (P.L. 116-123); (2) the Families First Coronavirus Response Act (FFCRA; P.L. 116-127); (3) the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136); and (4) the Paycheck Protection Program and Health Care Enhancement Act (P.L. 116-139)."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Marples, Donald J.; Gravelle, Jane . . .
2021-01-05
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The Tax Treatment of Canceled Mortgage Debt [Updated January 14, 2021]
From the Document: "Historically, if a lender forgives or cancels mortgage debt (and most other debts), tax law has treated the amount of canceled debt as a cancellation of debt income (CODI) subject to ordinary income tax rates. Section 108 of the Internal Revenue Code (IRC) contains two exceptions that are particularly relevant in the case of canceled home mortgage debt: a borrower may exclude canceled debt from gross income if (1) the debt is discharged in Title 11 bankruptcy; or (2) the borrower is insolvent (that is, has liabilities that exceed the fair market value of his or her assets, determined immediately prior to discharge). These exceptions are permanent tax provisions. Near the beginning of the housing downturn and Great Recession, Congress enacted a temporary provision that provided distressed borrowers another option for excluding canceled mortgage debt. This provision has been extended a number of times since its original enactment, most recently by the Consolidated Appropriations Act, 2021 (P.L. 116- 260), which extended it through the end of 2025. The latest extension also reduced the maximum amount of debt that qualifies for the exclusion. This In Focus provides a brief overview of the tax treatment of canceled mortgage debt."
Library of Congress. Congressional Research Service
Keightley, Mark P.
2021-01-14
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Is High Inflation a Risk in 2021? [April 6, 2021]
From the Document: "Assuming public health continues to improve, many economists project rapid economic growth in 2021. The unprecedented fiscal [hyperlink] and monetary [hyperlink] stimulus in response to the COVID-19 [coronavirus disease 2019] pandemic is also expected to continue in 2021. Some observers have questioned whether the combination of stimulus and rapid growth will result in rising prices [hyperlink]. [...] The economy experienced persistently high inflation in the 1970s and early 1980s [hyperlink], last reaching double-digits in 1981. Most economists believe this high inflation was caused by overly expansionary monetary and fiscal policies, along with significant increases in energy prices. Additionally, as expectations of higher inflation became incorporated into consumer and business decisions, these expectations contributed to actual increases in inflation. The Federal Reserve (Fed) raised short-term interest rates significantly in the early 1980s, which successfully brought inflation down quickly, though at the cost of a recession."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Labonte, Marc; Weinstock, Lida R.
2021-04-06
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Introduction to the U.S. Economy: GDP and Economic Growth [Updated October 30, 2020]
From the Document: "As a result of the Coronavirus Disease 2019 (COVID-19) pandemic, economic activity declined rapidly in the United States in early 2020 and remains below pre-pandemic levels, despite gross domestic product growth being positive in the third quarter of 2020. The speed of the economic recovery and projections of longer-term growth are of concern to policymakers due to the connection between the economy's performance and the overall wellbeing of Americans. This In Focus provides an introduction to the U.S. economy, including how economists measure its performance and the factors that influence its long-run trajectory."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2020-10-30
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Introduction to U.S. Economy: GDP and Economic Growth [Updated January 4, 2021]
From the Document: "As a result of the Coronavirus Disease 2019 (COVID-19) pandemic, economic activity declined rapidly in the United States in early 2020 and remains below pre-pandemic levels, despite gross domestic product growth being positive in the third quarter of 2020. The speed of the economic recovery and projections of longer-term growth are of concern to policymakers due to the connection between the economy's performance and the overall wellbeing of Americans. This In Focus provides an introduction to the U.S. economy, including how economists measure its performance and the factors that influence its long-run trajectory."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Weinstock, Lida R.
2021-01-04
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Cryptocurrency Transfers and Data Collection [August 25, 2021]
From the Overview: "The extent to which the government should collect data on and require reporting of cryptocurrency ('crypto') transfers has been the focus of recent policy discussions. Both the Biden Administration's FY2022 budget proposal and H.R. 3684, as amended and passed by the Senate on August 10, 2021, would enhance and expand tax information reporting for certain crypto transfers. Requiring more data collection on crypto transfers presents policymakers with a potential trade-off. On the one hand, enhanced data collection and reporting could lead to increased tax revenue and lower levels of illicit financial activity. On the other hand, enhanced data collection could lead some crypto market participants to move their operations offshore to avoid government oversight, which may negatively impact a burgeoning sector of the U.S. economy. This In Focus summarizes current data reporting requirements for certain crypto transfers, reviews recent policy proposals, and presents selected policy considerations."
Library of Congress. Congressional Research Service
Keightley, Mark P.; Scott, Andrew P.
2021-08-25
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Housing and Economic Recovery Act of 2008 [Updated September 30, 2008]
"The Housing and Economic Recovery Act of 2008, P.L. 110-289, changes many laws that affect both the housing and mortgage markets. Included in the act are provisions to strengthen and to unify oversight of the housing government-sponsored enterprises (GSEs - Fannie Mae, Freddie Mac and the Federal Home Loan Banks). The Treasury is authorized to lend or invest an unlimited amount of money in any of the regulated entities in the event of financial or mortgage market emergencies. Other provisions address mortgage licensing, revise Federal Housing Administration (FHA) operations, protect (for a limited time) service members against home foreclosures, promote redevelopment of abandoned and foreclosed homes, and assist disabled veterans with special housing needs. The act also contains housing related tax provisions. This report surveys the most important of these changes."
Library of Congress. Congressional Research Service
Jickling, Mark; Foote, B. Ellington; Weiss, N. Eric . . .
2008-09-30
