Topic: Tax Policy Center

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Election 101: Where the GOP candidates stand on the economy

With more than 13 million Americans out of work and wage increases so modest they’re failing to keep up with inflation, voters have put the economy and jobs at the top of their checklist of presidential issues.
Why 'temporary' tax cuts never die: Payroll tax and 3 other examples

One last bit of business for Congress in 2011 is to extend the tax breaks or tax fixes that, though designated “temporary,” get renewed year after year. Sixty-seven tax provisions set to expire Dec. 31. About half are typically extended retroactively.
Bush tax cuts 101: Who will get what if Obama deal passes?

The tax-cut accord is a broad package that, if approved by Congress, would include much more than just a two-year extension of the Bush tax cuts. Here's a look at who gets what.

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Tax VOX
JPMorgan and the London Whale: Should we tax securities investments?

Ever since the U.S. financial crash of 2008 and the beginnings of the pending Euro-zone financial collapse, governments have been debating whether securities transactions should be subject to a new tax. Such a levy would discourage bad behavior in the financial markets, but it could have dire unintended consequences.
Tax VOX
Can the US tax system be fair?

Two economists, a tax historian, and a philosopher debated what a 'fair' tax code means at an Urban Institute panel this week. 
Tax VOX
Why do Obama and Romney pay the taxes they pay?

Romney pays a much higher rate than the President, even though he makes far more money. Here's why.
Tax VOX
Do Republicans contradict themselves in the Small Business Tax Cut Act?

The mechanics of the House GOP's Small Business Tax Cut Act seem to fly in the face of what many in the party have been saying lately.
Tax VOX
Let the Bush tax cuts expire? It will cost American families.

Letting the Bush/Obama tax cuts (including the payroll tax cut) fall off the cliff would increase taxes on an average American household by $3,000 in 2013 alone, likely wrecking a still-fragile economy.
Economist Mom
The rich should pay higher taxes. So who are the rich?

If 'the rich' are defined as those who can afford and ought to be expected to pay higher income taxes, then the categorization is really much broader than multimillionaires. 
The Buffett Rule: Tax reform or political gimmick?

As last-minute tax filers sweat the IRS, Democrats are pushing – and the GOP is resisting – the Buffett Rule, which would mean higher tax rates for millionaires (like Mitt Romney and Barack Obama).
Tax VOX
Experts: The 'Buffett rule' is a terrible idea

Tax policy experts disagree on many things, including what the definition of 'rich' is. But they agree that imposing a minimum tax of any kind is an admission of policy failure.
Donald Marron
What exactly do tax preferences add up to?

The tax code is full of credits, exclusions, and preferential rates. Taken together, such tax preferences will total almost $1.3 trillion this year. But even if Congress repealed all of these tax preferences, it would likely generate much less than $1.3 trillion in new resources. 
Tax VOX
Will 'Obamacare' add to the deficit?

One study predicts health care reform would add billions to the deficit, while another predicts just the opposite. Which is right?
Tax VOX
How big are tax preferences? Try $1.3 trillion.

The tax code is chock full of credits, deductions, deferrals, exclusions, exemptions, and preferential rates that, taken together, total almost $1.3 trillion per year. But that money isn't necessarily available simply through tax reform.
Tax VOX
Myth buster: There is no health care tax on most home sales

It is the unfounded rumor that never dies: You will have to pay a 3.8 percent federal health care tax on the sale of your house. For all but a handful of taxpayers, this is not true.
Tax VOX
How will the Supreme Court's health-care ruling affect taxes?

Obama's leath-care reforms include both tax increases and tax cuts. Even if the controversial individual mandate is struck down, most of those tax changes would survive—unless, of course, the High Court kills the entire act.
Tax VOX
Low-income households would shoulder Ryan's tax burden

The budget Paul Ryan released last week is, essentially, an effort to have low- and middle-class households bear the entire burden of closing the fiscal gap and bear the costs of financing an additional tax cut for high income households.
Tax VOX
The federal government spends a lot more money than you think

'Federal spending' figures are not reliable markers. In reality, the federal government spends about 30 percent more than it admits.
Tax VOX
Shocker: Paul Ryan's budget means more big tax cuts for the rich.

The tax cuts in Paul Ryan’s 2013 budget plan would result in huge benefits for high-income people and very modest—or no— benefits for low income working households. No surprise here.
Tax VOX
Will Obama's budget raise or lower taxes? Both.

Republicans call Obama an unrepentant tax raiser. The president calls himself a responsible tax cutter who only raises taxes on the rich. Both sides have a point.
Tax VOX
Ryan's mystery meat budget

House Budget Committee Chairman Paul Ryan (R-WI) released a fiscal plan that promises trillions of dollars in tax cuts and a nearly balanced budget within a decade, but never says how he'd get there. 
Tax VOX
We already have a 'Buffett rule' in the tax code

The alternative minimum tax (AMT) makes sure that high-income citizens may at least a minimum of income tax. It adds enormous complexity to the tax code and increasingly burdens middle-class families, but it would be costly and difficult to replace.
Tax VOX
Not all taxes on the rich are created equal

Some political leaders and commentators are showing a growing interest in raising taxes on the rich. But the ideas on the table would have very different results.
Tax VOX
Two good books on tax reform

If you want a good read on individual or corporate tax refprm, pick up one of these new titles.
Tax VOX
How will Romney account for billions of lost revenue?

Romney rolled out a new tax proposal after many Republicans blasted his initial plan as too cautious. His plans to cut income tax rates by 20 percent and eliminate the Alternative Minimum Tax sound appealing, but he offers no specifics on how he'll offset the billions in lost revenue. 
Tax VOX
Romney's new tax cuts are a deficit nightmare

Romney wants to reduce individual tax rates by 20 percent across the board. Sounds good, but it would increase the deficit to the tune of $3 trillion.
The New Economy
How to raise taxes on millionaires without really trying

Forget the 'millionaire surtax.' The better way to tax millionaires is to broaden the tax base – and let all those Bush tax cuts expire.
Economist Mom
How to tax millionaires, the right way

When it comes to taxing the wealthiest Americans, some methods are better than others in leveling the playing field.