Tag: ‘Bill Gale’

Can States Boost Growth By Cutting Top Individual Tax Rates?

By :: May 4th, 2015

States can generate powerful economic growth by cutting income tax rates. That, at least, is the theory behind a recent wave of tax cuts, or proposed tax cuts, around the country. Kansas has cut taxes repeatedly in recent years. So has Wisconsin. In Maine, Governor Paul LePage vows to repeal his state’s income tax entirely.  […]

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Gale and DeLong Debate: Is the Budget Deficit Even a Problem?

By :: January 13th, 2015

Do deficits, or at least currently projected deficits, matter? It is an age-old question that’s going to get renewed attention in a Congress where Republicans have made no secret of their desire to cut government spending. Of course, cutting spending is not the same thing as reducing the deficit. And many in the GOP are far more […]

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House GOP Leadership Would Require Dynamic Scoring of Some Tax Bills. Will It Matter?

By :: December 24th, 2014

Last night, the House Republican leadership proposed new rules that would require the Joint Committee on Taxation and the Congressional Budget Office to incorporate macroeconomic effects of “major” legislation into their official budget estimates. But there may be less to these new rules for so-called “dynamic scoring” than meets the eye. The GOP did not […]

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Why the More Generous Child and Earned Income Tax Credits Should Be Made Permanent

By :: December 3rd, 2014

co-authored with William G. Gale While most of the tax drama these days is focused on the fate of 50+ mostly-business tax breaks that expired nearly a year ago, lawmakers are also debating two provisions that are enormously important to low- and moderate-income households-the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC). Temporary […]

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Executive Privilege, Budget Consequences, and Rolling with the Taxes

By :: November 21st, 2014

Shutdown, Omnibus Spending, Continuing Resolution: So many choices in the wake of an Executive Action. The newly emboldened GOP (or is it?) has several options when responding to last night’s executive order on immigration issued by President Obama. After its Thanksgiving break, Congress will have until December 11 to decide. One thing is clear: more […]

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Tax Policy, Tax Outcomes: That’s Entertainment!

By :: September 22nd, 2014

Congress is in recess through the mid-term elections. Read the Daily Deduction each Monday until then.  “California, here I come!” It’s official: Democratic Governor Jerry Brown signed into law a $330 million annual incentive program for film and television production. Feature films with budgets of $75 million or more and network pilots are also eligible […]

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Rules, Reform, Taxes and Wealth: No Harm in Trying?

By :: September 11th, 2014

Maybe the duck will walk again? Lawmakers are putting down their markers on anti-inversion legislation. Top Senate Democrats Dick Durbin and Chuck Schumer have introduced a bill to curb “earnings-stripping” by multinational corporations—a practice where firms maximize U.S. tax deductions for interest payments and other business costs while shifting income to low-tax countries. Senate Finance […]

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Don’t Count on Much Economic Growth From Individual Tax Reform…Or From Tax Rate Cuts

By :: September 10th, 2014

Can individual income tax reform that cuts rates and eliminates subsidies increase economic growth? How about tax cuts by themselves? The answer is: Maybe, but not by much, according to a new paper by the Tax Policy Center’s Bill Gale and Andrew Samwick, director of The Nelson A. Rockefeller Center for Public Policy and Social […]

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Inversions, Loopholes, Taxes and TIFs: What’s a Revenue Service to Do?

By :: September 9th, 2014

Inversions: The waiting is the hardest part. At yesterday’s TPC event Treasury Secretary Jack Lew promised an anti-inversion decision “soon,” but committed to no other details. While everybody agrees corporate inversions are done largely to avoid taxes, does Treasury have the authority to prevent them? If so, should it? New York University’s Sally Katzen, Harvard’s […]

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Business Tax Reform: Will Patience Be a Vice?

By :: September 8th, 2014

Treasury speaks on business tax reform at TPC. Tune in this morning. Treasury Secretary Jack Lew will address business tax reform and will be followed by a panel discussion on corporate inversions, a US tax avoidance strategy. The panel includes Sally Katzen of the NYU School of Law, TPC’s Steven Rosenthal, John Samuels of General […]

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