Tag: Archive

November 12, 2010 01:12 PM | Permalink |

Five facts about how President Obama’s tax plan would (and would not) impact small businesses.

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October 26, 2010 08:17 AM | Permalink |

Tax reform is important and desirable, but too often short-lived. Absent action to address the biases in favor of tax expenditures, lawmakers have almost no chance of maintaining a reformed tax code for long, nor do they have much chance of being able to impartially decide whether new government programs should be implemented as tax expenditures or direct expenditures. Procedural reforms of the type outlined in this report should be the starting point for reining in lawmakers’ unhealthy obsession with tax expenditures.

Note: This report was written for State Tax Notes, and therefore takes a state-level perspective.  It is, however, equally applicable to the situation at the federal level.

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October 22, 2010 03:13 PM | Permalink |

On Sunday, October 10, Harvard professor Greg Mankiw wrote an op-ed for the New York Times arguing that if taxes go up, he’ll work less. We take exception to both Mankiw’s calculations and his theory of how taxes affect behavior.

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October 20, 2010 02:18 PM | Permalink |

New data from the IRS show that only 0.6 percent of deaths in the U.S. in 2008 resulted in estate tax liability. The estate tax that would exist under President Obama’s tax plan would affect even fewer estates, which demonstrates why Congress should consider enacting a more robust estate tax than what President Obama envisions.

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October 19, 2010 01:33 PM | Permalink |

The American Recovery and Reinvestment Act of 2009 (ARRA), signed into law by President Barack Obama, expanded two refundable tax credits, the Earned Income Tax Credit and Child Tax Credit. While most of the provisions in ARRA are intended to be temporary, President Obama has proposed making permanent these expansions of refundable tax credits for low-income families. These figures show how these expansions would affect taxpayers in different income groups if extended through 2011 and how many families and children would be helped in each state.

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September 28, 2010 01:43 PM | Permalink |

Forty-seven House Democrats have reportedly written a letter to Speaker Nancy Pelosi calling for an extension of the Bush tax cuts on investment income for the richest two percent of Americans. These Democrats would preserve the historically low income tax rate of 15 percent for capital gains and stock dividends for the wealthiest taxpayers. This stance places them to the right of Ronald Reagan and illustrates a surprising lack of familiarity with history and economics.

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September 21, 2010 12:36 PM | Permalink |

Last week, 31 House Democrats signed a letter to House Speaker Nancy Pelosi in support of extending the Bush tax cuts for all taxpayers, and thus opposing President Obama’s proposal to allow the tax cuts to expire for the very rich. New data from Citizens for Tax Justice show that two-thirds of the House Democrats who signed that letter represent districts that have less than the average share of taxpayers rich enough to face higher taxes under President Obama’s plan. Further, the claim made in the letter that these very rich taxpayers “are responsible for 25 percent of national consumer spending” is simply incorrect.

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September 21, 2010 12:33 PM | Permalink |

Word on the street is that the Senate is considering including an unlimited farm exclusion from estate tax when it addresses the expiring Bush tax cuts during this work period. This report explains how this provision is not likely to help true family farms as much as extremely wealthy families who want to shelter their assets from the estate tax.

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September 17, 2010 10:03 AM | Permalink |

With both the Bush tax cuts and President Obama’s expansions of certain parts of those cuts set to expire at the end of 2010, the decisions Congress makes in the coming weeks will have very different effects on taxpayers at different income levels, according to a new report from Citizens for Tax Justice. The report shows that low- and middle-income taxpayers will pay higher taxes under the Republican approach than under President Obama’s approach. It also shows that the richest taxpayers will pay far less under the Republican approach than under President Obama’s approach.

Read the report and state-by-state fact sheets.

 

 

 

 

 

 

 

 

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September 10, 2010 01:15 PM | Permalink |

Here are some of the myths you may have heard during the debate over tax cuts, as well as the facts.

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