US could reduce its contribution to global climate change by taxing emissions of carbon dioxide and other greenhouse gasses and use the resulting revenue to reduce corporate income taxes. This carbon-corporate tax swap would make our economy bigger, cleaner, and more efficient.
On Election Day, voters proved once again that increasing the gas tax is a political loser. And that’s a problem.
State governments face at least a $1 trillion gap between pensions promised to their employees and retirees and the funds set aside to cover these liabilities. There are ways out of the pension pickle, but none of them are easy.
According to official budget rules, taxpayers will earn more than $200 billion over the next decade from new student loans, mortgage guarantees, and the Export-Import Bank. According to an alternative that CBO favors, taxpayers will lose more than $100 billion.
Standard and Poor's got a lot of attention last week for a study that concluded that rising income inequality is damaging state tax revenues. State tax revenue growth has slowed in recent decades and income inequality has grown, but the story is far more complicated than S&P suggests.
Policy makers and researchers have long been interested in how potential changes to the personal income tax system affect the size of the overall economy. A new paper examines the possibilities.
The NFL's tax-exempt status is not high on the Congressional to-do list, but that's not keeping some senators, including New Jersey's Cory Booker, from trying to repeal it over the NFL's response to domestic violence charges against its players.
Michigan lawmakers were fired up following an unfavorable state Supreme Court decision in a lawsuit brought by IBM. With astounding speed and overwhelming bipartisan support the legislature swooped in and passed a law blocking an unexpected $1 billion in corporate tax refunds.
Recent projections from the Congressional Budget have contained nuggets of seemingly good news: including falling debt and Medicare costs. But there are a few key facts that might give one pause in claiming 'victory' in the deficit wars.
After Burger King announced its plans to buy Canada’s Tim Hortons and move north, Ohio’s Democratic Senator Sherrod Brown has called for his constituents to eat at Ohio-based burger chains instead. If Burger King’s plan succeeds, it would become the world’s third-largest fast food company.
Corporate inversions are all the rage these days. They yield tax benefits and may boost after-tax profits, but they can also leave shareholders with unwanted capital gains and big tax bills.
Tax-free holidays are celebrated by politicians and retailers, but economists and policy analysts across the ideological spectrum condemn them as poorly targeted tax policy that produces little economic benefit. Is there any real fiscal benefit to tax-free holidays?
After a US corporation inverts, a foreign company owns it (rather than it owning the foreign company). The US corporation is still subject to US taxes, but it can reduce its tax liability. How President Obama can discourage such behavior.
Political gridlock in Congress, plus a weakened IRS, has led to more tax avoidance, writes Eric Toder. How is that true, and what can be done to stop it?
The Treasury Department announced that it would allow people to shift a portion of their 401(k)s or IRAs into a deferred annuity that provides a guaranteed stream of income once people reach old age. What does that mean for the future of retirement saving?
President Barack Obama and other politicians have said US-based multinational corporations who move their corporate addresses are unpatriotic. What is so controversial about tax inversions, Howard Gleckman asks, and is it really unpatriotic?
The US's tax system is turning into a two-tier tax system, with wealth as the determining factor, writes Howard Gleckman. Many affluent and influential people and organizations have almost unlimited power when it comes to their taxes.
In several states, some governors were caught off guard by how personal income tax payments fell well below expectations. But, states should not have been so surprised, writes Norton Francis.
As Congress tries to ban the practice of inversions – when US based multinationals merge with foreign firms to lower their tax bill – it actually puts Congress and US corporations on a destructive path, writes Howard Gleckman. What does that mean for reform within US corporate tax system?