Month: August 2007

August 10, 2007 03:10 PM | Permalink |

Newly released information from the Internal Revenue Service shows that the special low tax rates on capital gains and dividends, enacted or expanded under President Bush, reduced income tax payments by $91.7 billion in 2005. Almost three quarters of those tax reductions went to the 0.6 percent of taxpayers reporting 2005 adjusted gross incomes in excess of $500,000.

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August 9, 2007 03:18 PM | Permalink |

After years of promoting or ignoring corporate loopholes and tax sheltering, President Bush announced yesterday that his administration has suddenly discovered that these corporate tax dodges are a drag on our economy. But while the President is right to call for closing corporate tax loopholes, he’s wrong to suggest using all the resulting additional revenues to pay for a cut in the corporate tax rate.

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August 8, 2007 02:20 PM | Permalink |

The farm bill passed by the U.S. House of Representatives on July 27 includes a provision proposed by Congressman Lloyd Doggett of Texas to close a tax loophole that currently allows foreign companies doing business in the U.S. to dodge taxes on their U.S. profits — which gives these foreign companies an advantage that American firms don’t have. Unfortunately, the chairmen of the relevant committees in the Senate have indicated to the press that they are unlikely to include this provision in their version of the farm bill. They should reconsider.

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