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Topic:   2001 Tax Cut

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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
Availability:   PDF

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
Availability:   PDF

Tax Provisions in the American Taxpayer Relief Act of 2012 (ATRA) (Research Report)
Jim NunnsJeff 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patches the alternative minimum tax, extends for five years the enhancements to individual income tax credits originally enacted in the 2009 stimulus legislation, and temporarily extends certain other tax provisions.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
Availability:   PDF

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
Availability: HTML

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
Availability:   PDF

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

Tax Policy Center Analyzes "Fiscal Cliff" Impacts on Taxpayers: Going over the "Fiscal Cliff" Means Significantly Higher Tax Bills for Americans of All Incomes (Press Release)
Urban Institute

The fiscal cliff would increase Americans' taxes by more than $500 billion in 2013, or almost $3,500 per household. A typical middle-income household would see its taxes go up roughly $2,000. Using the Tax Policy Center's microsimulation model of the U.S. tax system, the authors examine in detail how the tax changes in the fiscal cliff would affect taxpayers at different income levels.

Published: 10/01/12
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The Fiscal Cliff? Let's Pass Right Over It (Commentary)
William G. Gale

In a contribution to the Real Clear Markets, Bill Gale discusses the "fiscal cliff" facing the U.S. economy.

Published: 07/25/12
Availability: HTML

End the Bush Tax Cuts and Start Over (Commentary)
William G. Gale

In a contribution to the, Bill Gale discusses Obama's proposal to extend the Bush-era income tax cuts.

Published: 07/12/12
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