This article develops an alternative post-2012 personal income tax regime, the "Better Base Case." It argues that revenue collections of the same magnitude as those projected by the CBO (i.e., "current law") are necessary over the medium term, but that the efficiency and equity of current law's...
Taxes and transfers at the state and federal level can have a large impact on the well-being of low-income families. How large a role states play varies, as demonstrated by the Urban Institutes recently released Net Income Change Calculator (http://nicc.urban.org...
Stockbrokers began reporting sales proceeds and cost basis to the IRS and taxpayers this year. This article describes how those information reports came about and discusses the issues they raise. It also argues that compliance gains and simplification benefits justify the reporting burdens that...
Gas prices have increased substantially since the beginning of this year, continuing their upward trend since 1990. American drivers are pushing the federal and state governments to implement policies to lower gas prices. But gasoline taxes have not contributed to the increase in gas prices....
Gas prices have increased substantially since the beginning of this year, continuing their upward trend since 1990. American drivers are pushing the federal and state governments to implement policies to lower gas prices. But gasoline taxes have not contributed to the increase in gas prices....
Tax expenditures are getting increased scrutiny from budget hawks and tax reformers. New Treasury estimates, released as part of President Obama's recent budget, indicate that these tax preferences will reduce individual and corporate income tax revenues by almost $1.1 trillion in 2012. Those...
Adjusted gross income (AGI) reported on individual income tax returns dropped 12 percent between 2007 and 2009, but AGI reported by taxpayers with income of $1 million or more fell by near half. Lower realized capital gains, which are concentrated among the highest income groups, accounted for...
The federal government is larger than conventional budget measures suggest. Many tax preferences are effectively spending programs. Adding these preferences to federal outlays and receipts makes the government appear about 4 percent of GDP larger. The 1986 tax reform cut these benefits, but they...
The Better Base Case
This article develops an alternative post-2012 personal income tax regime, the "Better Base Case." It argues that revenue collections of the same magnitude as those projected by the CBO (i.e., "current law") are necessary over the medium term, but that the efficiency and equity of current law's...
State Tax Systems Can Be Important Part of Safety Net
Taxes and transfers at the state and federal level can have a large impact on the well-being of low-income families. How large a role states play varies, as demonstrated by the Urban Institutes recently released Net Income Change Calculator (http://nicc.urban.org...
Inoculate the Budget Deficit from Health Care Reform
In a contribution to Real Clear Markets, Bill Gale discusses health care reform.
Basis Reporting: Lessons Learned and Direction Forward
Stockbrokers began reporting sales proceeds and cost basis to the IRS and taxpayers this year. This article describes how those information reports came about and discusses the issues they raise. It also argues that compliance gains and simplification benefits justify the reporting burdens that...
What Federal Tax Reform Means for State and Local Tax and Fiscal Policies
Kim Rueben's testimony before the Senate Finance Committee on federal tax reform and what it means for the tax and fiscal policies of states.
Gas Taxes, Gas Prices, and Fuel Economy
Gas prices have increased substantially since the beginning of this year, continuing their upward trend since 1990. American drivers are pushing the federal and state governments to implement policies to lower gas prices. But gasoline taxes have not contributed to the increase in gas prices....
Gasoline Taxes and Rising Fuel Prices
Gas prices have increased substantially since the beginning of this year, continuing their upward trend since 1990. American drivers are pushing the federal and state governments to implement policies to lower gas prices. But gasoline taxes have not contributed to the increase in gas prices....
How Large Are Tax Expenditures? A 2012 Update
Tax expenditures are getting increased scrutiny from budget hawks and tax reformers. New Treasury estimates, released as part of President Obama's recent budget, indicate that these tax preferences will reduce individual and corporate income tax revenues by almost $1.1 trillion in 2012. Those...
Changes in Reported Income, 2007-2009
Adjusted gross income (AGI) reported on individual income tax returns dropped 12 percent between 2007 and 2009, but AGI reported by taxpayers with income of $1 million or more fell by near half. Lower realized capital gains, which are concentrated among the highest income groups, accounted for...
How Big is the Federal Government?
The federal government is larger than conventional budget measures suggest. Many tax preferences are effectively spending programs. Adding these preferences to federal outlays and receipts makes the government appear about 4 percent of GDP larger. The 1986 tax reform cut these benefits, but they...