Publications by Topic
Topic:
2001 Tax Cut
Estate Taxes After ATRA (Article/Tax Facts)
Benjamin H. Harris
The American Taxpayer Relief Act (ATRA) made estate tax law permanent following more than a decade of constant change. Following ATRA, the estate tax remains one of the most progressive parts of the tax code. In 2013, estates with gross assets exceeding $20 million will account for nearly three-fourths of the total estate tax revenue. About one-fifth of the burden will fall on estates valued between $10 million and $20 million, while just 7 percent will come from estates worth less than $10 million.
Published: 02/25/13
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What You Should Know About the Budget Outlook (Research Report)
William G. Gale
The Congressional Budget Office released its latest Budget and Economic Outlook earlier this week. As always, the Outlook provides insight into the fiscal status of the federal government. The Outlook shows that, while we do not face an imminent budget crisis, we are not out of the woods. The 10-year budget outlook remains tenuous. Even if seemingly everything goes right – in economic terms and in political terms – we are still on the edge of dangerously high debt and deficit levels with little room to spare.
Published: 02/08/13
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Tax Provisions in the American Taxpayer Relief Act of 2012 (ATRA) (Research Report)
Jim Nunns ,
Jeff Rohaly
The fiscal cliff debate culminated in the passage of the American Taxpayer Relief Act of 2012 (ATRA). ATRA makes permanent most of the tax cuts enacted in 2001 and 2003, permanently patches the alternative minimum tax, extends for five years the enhancements to individual income tax credits originally enacted in the 2009 stimulus legislation, and temporarily extends certain other tax provisions. This paper provides a detailed description of the individual, corporate, and estate tax provisions in ATRA.
Published: 01/09/13
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Taxing the Wealthiest Could Go a Long Way (Commentary)
William G. Gale
In a contribution to The New York Times' Room for Debate, Bill Gale responds to the question: can policy makers make a dent in the deficit without affecting the majority of taxpayers?
Published: 12/05/12
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Why We May Have to go Over the Fiscal Cliff (Commentary)
William G. Gale
In a contribution to USA Today, Bill Gale asserts that going over the cliff might be the only way to stimulate the economy and implement gradual, balanced fiscal consolidation over the next decade.
Published: 11/30/12
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Back from the Dead: State Estate Taxes After the Fiscal Cliff (Research Report)
Norton Francis
The 2001 tax cuts temporarily phased out a credit for state estate and inheritance taxes and replaced it in 2005 with a deduction. Responding to the repeal, some states simply repealed their estate taxes. Others decoupled from the federal law, either establishing a stand-alone tax or explicitly linking their taxes to the 2001 law. But most states did nothing, leaving dormant legislation in place linked to the repealed federal credit. The uncertain future of the credit highlights the inter-relationship between federal and state tax systems and the uncertainty federal temporary actions create for taxpayers and other levels of government.
Published: 11/14/12
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Toppling Off the Fiscal Cliff: Whose Taxes Rise and How Much? (Research Report)
Roberton Williams ,
Eric Toder ,
Donald Marron ,
Hang 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
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End the Bush Tax Cuts and Start Over (Commentary)
William G. Gale
In a contribution to the CNN.com, Bill Gale discusses Obama's proposal to extend the Bush-era income tax cuts.
Published: 07/12/12
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