Congress and President Trump are embarking on what is likely to be a major rewrite of the federal income tax code. Yet no one knows whether the hundreds of tax preferences embedded in the law accomplish their purpose.
So far, the early debate over a 2017 tax bill has been an inside-the-Beltway game. But what will happen once the tax debate gets out of Washington? Will it engage a highly polarized and often-confused public?
A high-powered group of Republicans and business executives proposed replacing regulations for reducing greenhouse gases with a carbon tax. The two most interesting things about this initiative are who proposed it and what they’d do with the money.
On one hand, there are curbs that could not be ignored even if the US Congress changed the tax law. On the other, many clergy already engage in some campaigning. And for the most part, the IRS looks the other way.
Tax writers will have to resolve scores of legal and economic problems before enacting GOP's tax plan. Addressing any one will be a complex and time-consuming. Dealing with them all could be a policy nightmare.
President Trump and Congress are likely to consider an historically broad range of tax and spending changes over the next year. But they’ll be doing so in the face of unprecedented long-term fiscal challenges, according to new estimates.
The President wants US companies to stay put, and he vows to remember the “forgotten people,” or working class Americans. Some of those Americans are corporate shareholders. Are there ways to reform the US corporate tax system that benefits them?