Tag: Archive

September 1, 2010 03:27 PM | Permalink |

Use CTJ’s online tax calculator to find out what tax cut you would receive under different tax proposals. Unless you are among the richest 2 percent of taxpayers, you will find that President Obama’s tax proposal would benefit you as much as, or more than, an extension of all the Bush tax cuts.

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August 3, 2010 01:52 PM | Permalink |

On April 15, Rep. Jim Jordan (R-Ohio) and Rep. Jason Chaffetz (R-Utah) introduced (H.R. 5029) “The Economic Freedom Act,” with the blessing of the House Republican Study Committee. This report finds that H.R. 5029 would add almost $7 trillion to the national debt over the next ten years, not counting other legislation to make all of the Bush tax cuts permanent (which the sponsors also support). By the second year it’s in effect, about 62 percent of the benefits would go to the richest 1 percent of taxpayers, and about three fourths would go to the richest 5 percent.

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July 22, 2010 11:46 AM | Permalink |

Only seniors who are among the richest two percent of taxpayers would lose any of their dividend tax cuts under proposals being discussed. Arguments that corporations would reduce dividend payments in response are not credible because two-thirds of dividends are paid to tax-exempt entities.

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July 19, 2010 02:59 PM | Permalink |

The explosion of the Deepwater Horizon drilling rig has focused the world’s attention on the environmental disaster in the Gulf of Mexico. It also reminds us of another disaster — the U.S. international tax system.

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July 16, 2010 03:54 PM | Permalink |

On July 14, Douglas Holtz-Eakin, chief economic adviser for John McCain’s presidential campaign and former director of the Congressional Budget Office, gave written and oral testimony to the Senate Finance Committee concerning the Bush tax cuts. To make his case, Holtz-Eakin endorsed several myths about the Bush tax cuts.

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July 9, 2010 03:57 PM | Permalink |

In the wake of the disastrous oil spill in the Gulf of Mexico, the public and the media have turned their attention to some of the subsidies provided through the tax code to BP, the corporation that leased the ill-fated Deepwater Horizon drilling platform. This report describes the biggest tax subsidies enjoyed by oil and gas companies and explains that these subsidies do nothing to encourage energy independence or cleaner energy.

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July 2, 2010 12:38 PM | Permalink |

CTJ Director Bob McIntyre recently testified before the National Commission on Fiscal Responsibility and Reform.  The testimony discusses income tax reform as a means of raising revenue.

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Read the testimony.

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June 17, 2010 12:56 PM | Permalink |

The Peter G. Peterson Institute has come out against provisions in H.R. 4213 that would prevent multinational corporations from abusing foreign tax credits. The two-page complaint written by Peterson’s Gary Hufbauer and Theodore Moran attempts to defend practices by corporations that are indefensible.

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June 15, 2010 03:37 PM | Permalink |

The tax extenders bill (H.R. 4213) currently pending in Congress contains a provision to close what is commonly known as the “John Edwards” loophole, which allows some shareholder-employees of “S corporations” to avoid paying the Medicare payroll tax on their earnings.  An amendment offered by Senators Olympia Snowe (R-ME) and Mike Enzi (R-WY) would remove this reform and preserve the loophole. This amendment should be rejected. Despite what these lawmakers may believe, closing this loophole will actually help most small businesses, which are currently subsidizing the minority who abuse it to avoid payroll taxes.

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June 3, 2010 01:22 PM | Permalink |

Investment fund managers have put forth outlandish arguments in defense of the “carried interest” loophole that allows them to pay taxes at lower rates than their secretaries. These arguments, which are gaining traction among some Senators, should be dismissed.

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