Capital income is subject to a wide variation in treatment under the tax code. Certain financial income, such as long-term capital gains and qualified dividends, is taxed at preferential rates.
We provide new estimates of the federal budget outlook over 10-year and long-term horizons under three sets of assumptions: the Congressional Budget Office baseline, which assumes no changes in current law; an extended policy scenario, in which it is assumed that future Congresses act more or...
This article, written for a lay audience, discusses the causes and consequences of catastrophic budget failure. When Americas ballooning federal debt becomes unmanageable, we might simply refuse to honor our obligations, triggering a worldwide financial collapse and an economic downtown that...
In 2011, the U.S. government will spend over $1 trillion on tax expenditures. These programs often fly under the radar of media and public opinion. This paper discusses obstacles to subjecting tax expenditures to the same scrutiny as direct outlays and offers some recommendations for...
This year's tax season controversy surrounds the Tax Policy Center's estimate that 47% of households do not owe income tax. The estimate has raised concerns about equity (nearly half of families free-riding on the rest of us) and civic responsibility (can democracy work when half of voters get...
This study simulates - for 23 metropolitan areas - the change in equilibrium housing prices due to the Obama Administration's recently-proposed tax reforms. While none of the President's proposed tax reforms are directed at changing the value of housing, it is clear that under certain...
This report examines the effects of imposing a new value added tax (VAT) in the United States and using the revenue raised to lower payroll tax and corporate income tax rates. We summarize how different forms of VAT operate and compare how a VAT, payroll tax, and corporate income treat different...
April is here, which means it's almost time to pony up and render unto Caesar. We've gathered our receipts and other documents, and dragged ourselves to the strip-mall tax preparer or fired up do-it-yourself software to determine how big our refund is -- or how much we owe Uncle Sam. No one...
Capital Income by Tax Treatment
Capital income is subject to a wide variation in treatment under the tax code. Certain financial income, such as long-term capital gains and qualified dividends, is taxed at preferential rates.
Dj Vu All Over Again
We provide new estimates of the federal budget outlook over 10-year and long-term horizons under three sets of assumptions: the Congressional Budget Office baseline, which assumes no changes in current law; an extended policy scenario, in which it is assumed that future Congresses act more or...
Countdown to Catastrophe
This article, written for a lay audience, discusses the causes and consequences of catastrophic budget failure. When Americas ballooning federal debt becomes unmanageable, we might simply refuse to honor our obligations, triggering a worldwide financial collapse and an economic downtown that...
Government Spending Undercover
In 2011, the U.S. government will spend over $1 trillion on tax expenditures. These programs often fly under the radar of media and public opinion. This paper discusses obstacles to subjecting tax expenditures to the same scrutiny as direct outlays and offers some recommendations for...
The Myth of Income Tax Freeloading
This year's tax season controversy surrounds the Tax Policy Center's estimate that 47% of households do not owe income tax. The estimate has raised concerns about equity (nearly half of families free-riding on the rest of us) and civic responsibility (can democracy work when half of voters get...
Health mandate: It's just a tax break in disguise
CNNMoney.com. Len Burman discusses the health insurance mandate.
The Effect of Proposed Tax Reforms on Metropolitan Housing Prices
This study simulates - for 23 metropolitan areas - the change in equilibrium housing prices due to the Obama Administration's recently-proposed tax reforms. While none of the President's proposed tax reforms are directed at changing the value of housing, it is clear that under certain...
Effects of Imposing a Value-Added Tax To Replace Payroll Taxes or Corporate Taxes
This report examines the effects of imposing a new value added tax (VAT) in the United States and using the revenue raised to lower payroll tax and corporate income tax rates. We summarize how different forms of VAT operate and compare how a VAT, payroll tax, and corporate income treat different...
5 Myths about your taxes
April is here, which means it's almost time to pony up and render unto Caesar. We've gathered our receipts and other documents, and dragged ourselves to the strip-mall tax preparer or fired up do-it-yourself software to determine how big our refund is -- or how much we owe Uncle Sam. No one...
Taxes and the Budget
Leonard Burman's testimony before the Subcommittee on Select Revenue Measures House Ways and Means Committee on taxes and the federal budget.