Andrew Lautz
@andrew_lautz
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director of tax policy @BPC_Bipartisan. CT for 18 years, D.C. for 14. @BrittanyEHarvey's husband. Views/opinions my own.
Washington, DC
Joined December 2012
When I was researching the Tax Cuts and Jobs Act (TCJA), I wish I had a succinct list of what was left on the "cutting room floor" before the bill became law. We've made that resource for the tax title of OBBB. Check it out, and LMK what we missed! https://t.co/YxrfmtMx2R
bipartisanpolicy.org
What changed in the One Big Beautiful Bill Act? BPC reviews the tax provisions that made it in, which were cut in the Senate…
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When I was researching the Tax Cuts and Jobs Act (TCJA), I wish I had a succinct list of what was left on the "cutting room floor" before the bill became law. We've made that resource for the tax title of OBBB. Check it out, and LMK what we missed! https://t.co/YxrfmtMx2R
bipartisanpolicy.org
What changed in the One Big Beautiful Bill Act? BPC reviews the tax provisions that made it in, which were cut in the Senate…
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.@AlanMCole did you know there's a book about you?? And if you do dance, are you going to sue for libel?
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This chart covered in @Morning_Tax! Add'l thoughts: net investment income (NII) obviously sensitive to a) the rate of return and b) realization. Lower rates of return can = lower NII. Lower realization or higher realization of losses can also = lower NII.
Part of IRS SOI's excise tax data drop is a new year of data on the college endowment tax. In 2024, 45 returns paid the tax (down from 56 in 2023) but endowment tax amounts were cut in half - from $381M to $169M. OBBB increases top rate from 1.4% to 8%: https://t.co/Gez8C83gsz
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@pdriessentax @andrew_lautz @TaxNotes Right. For example, if the excise tax had greater-than-zero effect on behavior, part of the revenue estimate would include taxes on higher dividend payouts.
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@andrew_lautz @TaxNotes As with BEAT, FATCA and other things, the excise tax estimate made in 2022 likely took account of how all revenues, including individual income tax collections, were affected by various types of behavior.
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Part of IRS SOI's excise tax data drop is a new year of data on the college endowment tax. In 2024, 45 returns paid the tax (down from 56 in 2023) but endowment tax amounts were cut in half - from $381M to $169M. OBBB increases top rate from 1.4% to 8%: https://t.co/Gez8C83gsz
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Then there's this from @TaxNotes today: "The IRS collected more than $4.5 billion in stock repurchase excise tax revenue during [FY2024] ... well below the $7.875 billion estimate for fiscal 2024 calculated by [JCT]." https://t.co/Lsx84YwPPz
taxnotes.com
Tax Notes is the first source of essential daily news, analysis, and commentary for tax professionals whose success depends on being trusted for their expertise.
2 tax thoughts: 1) Corps seem less responsive to the 1% buyback tax than I previously assumed. 2) I wonder if we’re meaningfully above JCT projections for the buyback tax from IRA passage ($74B/10).
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Private school scholarships. D1 athletics. The charitable tax credit movement grows...
UConn Athletics launches groundbreaking State Tax Credit Program to support athletic excellence
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Watto refusing Republic credits was actually an early commentary on the dollar's declining status as reserve currency.
Phantom Menace is really the movie for our time Trade disputes Dysfunctional political system Reckless sports gambling
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Phantom Menace is really the movie for our time Trade disputes Dysfunctional political system Reckless sports gambling
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@andrew_lautz Not just orgs. Also some sole props and self-employed individuals under the income levels where SSTB status matters for 199A will have to think about it now too.
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Great story about all the ambiguities in the tips deduction. One interesting (and unintended?) consequence: thousands of organizations large and small that have never really had to think about SSTB rules (and their employees) now have to think about them!
New from me today: Treasury’s list of tipped occupations is expansive. But to get the no-tax-on-tips deduction, your business/industry also has to be excluded from a separate list. Regs forthcoming. Link below
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New from me today: Treasury’s list of tipped occupations is expansive. But to get the no-tax-on-tips deduction, your business/industry also has to be excluded from a separate list. Regs forthcoming. Link below
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It's gonna get tricky. Are self-employed musicians/performers going to get locked out of tips despite being an eligible occupation? Are bartenders at concert venues and stadiums? Maybe...need further guidance from IRS and Treasury.
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The most fun thing about this list is seeing occupations you didn't know or forgot existed: - Fruit and vegetable parers - Hot air balloon aeronauts - River expedition guides - Sauciers - Shampoo assistants
Based on Treasury's preliminary list of occupations that regularly received tips before 2025, here's a searchable table of occupations that MAY be eligible for the tips deduction. Treasury needs to write further rules/regs to determine final eligibility. https://t.co/ksjGjcFBGF
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Treasury list, which is subject to change and subject to further rules/regulations, here: https://t.co/H6gddlJ2bU
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Based on Treasury's preliminary list of occupations that regularly received tips before 2025, here's a searchable table of occupations that MAY be eligible for the tips deduction. Treasury needs to write further rules/regs to determine final eligibility. https://t.co/ksjGjcFBGF
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We have a new @The_Budget_Lab report out today looking at the short-run effects of tariffs so far. Basically, we asked the questions, "What do we see in actual data to date, and how does it compare to our priors." In brief... 1/13
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Yep. The budgetary hit matters both fiscally/economically AND politically - the admin is using revenue to defend (and SCOTUS-proof) its tariffs, but now is significantly expanding a tax cut that will undermine the very revenue it claims to care abt.
Yep. Idk yet how expansive this is for budgetary purposes but... For professions that set their own rates (plumbers/electricians) and receive maybe a small amount in tips (some currently reported, some not), how many shift up to $25k in currently taxable income to tax-free tips?
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