Posts Tagged ‘individual taxes’

Should Tax Reform Be Sold on Values Instead of Economics?

Maybe the best way for tax reformers to get political traction is to focus on values, not economics. That, at least, was one take-away from three political scientists who spoke at a Tax Policy Center panel today. Until now, backers of reform have focused primarily on economic arguments: A reformed tax code would increase growth […]

Dave Camp’s Tax Plan: A Brave Start But Lots of Gimmicks

Give House Ways & Means Committee Chair Dave Camp (R-MI) all the credit in the world for years of hard work developing his tax reform plan. Just don’t look too hard at the blueprint, which he released this afternoon. On one level, it is a serious framework for reform. For individuals, it would consolidate and […]

Incoming Senate Finance Chair Wyden Outlines His Tax Agenda

Senator Ron Wyden (D-OR), about to become the new chairman of the Senate Finance Committee, said Friday that he aims to eventually rewrite what he described as a “dysfunctional, rotting mess of a carcass that we call the tax code.” But in an acknowledgement of the challenges of tax reform, Wyden said he wants to […]

Individual Income Taxes May Soon Generate Half of All Federal Tax Revenue

Over the next decade, the individual income tax will be the fastest growing source of federal revenue, according to new estimates by the Congressional Budget Office. In fact, the individual income tax will pretty much be the only revenue source likely to increase significantly over the next decade.  As a result, it will generate more […]

Tax Policy is MIA in the State of the Union

When it comes to tax policy, President Obama’s State of the Union address last night was a model of modesty. There was little new. And, while it is always hard to tell what really matters in a speech that included more than 40 separate initiatives, the president showed little enthusiasm for broad-based tax reform. With […]

TheTaxVox 2013 Lump of Coal Award: Wait ‘Til Next Year Edition

Tax Vox proudly announces its seventh annual Lump of Coal Award for the worst tax and fiscal policies of 2013. The year was a curious mix of really bad ideas and dithering. After all, Congress’s finest moment may have been its December budget mini-deal—a decision that effectively ignored every one of the great fiscal questions facing […]

As Budget Talks Start, Beware the Bogus Revenue Hikes

As House and Senate budget negotiators sit down (eight months late), the inevitable issue of new revenues has already raised its head. Predictably, Democrats insist that any fiscal deal include new taxes. Equally predictably, Republicans demand that it must not. But behind the scenes, Washington’s wink-and-nod crowd thinks it has a solution: Raise new tax […]

Who Benefits from Muni Bonds? It’s More Complicated Than You Think

Who benefits the most from the tax subsidy for municipal bonds? The easy answer is: Rich people who buy most of the tax-free paper. That’s true, according to a new analysis by my colleagues at the Tax Policy Center, but the story isn’t quite that simple. If you look more closely, it turns out that […]

We Make More Than We Think

How much money do you make? Many Americans know what their wages and salary are. But they might be surprised to know that, on average, wages account for less than half the income of a U.S. household. Others might pull Adjusted Gross Income off their income tax return. That adds sources such as business income; […]

Not All Curbs on Tax Preferences Are Created Equal

Because politicians seem unwilling to confront specific individual tax preferences, it is likely that any broad-based tax reform will be based on across-the-board curbs on deductions, credits, and exclusions. That’s how lawmakers could generate the revenue they need to reduce tax rates and (perhaps) help reduce the deficit without seeming to tackle popular tax subsidies […]