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Author: Nguyen, Hang

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Toppling Off the Fiscal Cliff: Whose Taxes Rise and How Much? (Research Report)
Roberton WilliamsEric ToderDonald MarronHang Nguyen

The looming fiscal cliff threatens to boost taxes by more than $500 billion in 2013 when many temporary tax provisions are scheduled to expire. Nearly 90 percent of Americans would pay more tax, primarily because the temporary cut in Social Security taxes and many of the 2001/2003 tax cuts would expire. Low-income households would pay more due to expiration of tax credits in the 2009 stimulus. High-income households would be hit hard by higher tax rates on ordinary income, capital gains, and dividends and by the new health reform taxes. And marginal tax rates would rise, potentially affecting economic decisions.

Published: 10/01/12
Availability:   PDF

How Hard Is It to Cut Tax Preferences to Pay for Lower Tax Rates? (Research Report)
Hang NguyenJim NunnsEric ToderRoberton Williams

Some political leaders have proposed to lower individual income tax rates and make up the lost revenue by eliminating tax preferences. To help inform the discussion of such proposals, we examine illustrative revenue-neutral combinations of lower rates and cuts in tax preferences and their effects on the distribution of tax burdens. We conclude that paying for lower rates would require substantial reductions in broadly-used and popular preferences. In addition, requiring that changes maintain the current progressivity of the federal income tax would make it much harder to find a politically acceptable mix of preferences to curtail.

Published: 07/10/12
Availability:   PDF

Options to Reform the Deduction for Home Mortgage Interest (Research Report)
Daniel BanemanHang NguyenJeff RohalyEric Toder

Currently, taxpayers can deduct interest on up to $1 million in acquisition debt used to buy, build, or improve their primary residence or a second designated residence. In addition, taxpayers can deduct interest on up to $100,000 in home equity loans or other loans secured by their properties regardless of the loans’ purpose. We consider a proposal that would limit the amount of deductible interest to the amount incurred on the first $500,000 of debt on a primary residence only, and would replace the itemized deduction with a nonrefundable tax credit equal to 15 percent of eligible home mortgage interest.

Published: 08/16/11
Availability:   PDF

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