Tag: ‘individual taxes’

Tax Policy is MIA in the State of the Union

By :: January 29th, 2014

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 […]

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

By :: December 23rd, 2013

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 […]

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As Budget Talks Start, Beware the Bogus Revenue Hikes

By :: October 31st, 2013

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 […]

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

By :: October 29th, 2013

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 […]

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We Make More Than We Think

By :: August 1st, 2013

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; […]

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Not All Curbs on Tax Preferences Are Created Equal

By :: July 10th, 2013

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 […]

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The Joint Committee’s Report on Tax Reform: Must-read for Policy Geeks

By :: May 7th, 2013

If you are a tax geek, or even a normal person who wants to keep up with the ongoing debate over restructuring the tax code, download a copy of the congressional Joint Tax Committee’s Tax Reform Working Group Report. It is 568 pages long, doesn’t have much of a plot, has no character development (unless you […]

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Will the Retirement of Max Baucus Open the Door to Tax Reform?

By :: April 25th, 2013

It has become conventional wisdom in Washington that the just-announced retirement of Senate Finance Committee Chairman Max Baucus (D-MT) boosts chances for tax reform in the short term. I’m not so sure. The upbeat argument goes like this: By announcing that he will not run for reelection in 2014, Baucus is free from the pressures of […]

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High Income Households Would Pay Most—But Not All—of the New Taxes in Obama’s 2014 Budget

By :: April 22nd, 2013

The revenue proposals included in President Obama’s 2014 budget would, as intended, significantly raise taxes on the highest-income American households. However, despite Obama’s long-standing pledge to protect individuals making below $200,000 (and couples making $250,000 or less) from any tax hikes, even many of those families would pay slightly more than under today’s tax law. […]

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The Economics of Corporate Rate Cuts are More Complicated than Politicians Think

By :: April 2nd, 2013

It is an article of faith at the White House and among some congressional Republicans that while individual tax reform may be off the table this year, corporate reform remains a reachable goal. Rewriting the corporate income tax, goes the theory, is easier because there is a consensus within the business community to lower rates […]

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