New IRS Data Pegs Cost of Special Low Tax Rates on Capital Gains and Dividends at $92 Billion in 2005 Alone: Three Quarters Goes to Richest 0.6%

August 10, 2007 03:10 PM | | Bookmark and Share

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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Bush Gets It Half Right on Corporate Tax Reform

August 9, 2007 03:18 PM | | Bookmark and Share

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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Senate Should Pass the Doggett Proposal to Close Loophole That Allows Foreign Corporations to Dodge Taxes on U.S. Profits

August 8, 2007 02:20 PM | | Bookmark and Share

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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