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...
In a contribution to CNNMoney, Donald Marron argues that minting a $1 trillion platinum coin if Congress refuses to raise the debt ceiling sounds crazy. But it might actually work if done in smaller denominations.
Section 170 of the Internal Revenue Code (Charitable Contributions) now contains 16 subsections divided into 75 paragraphs and who knows how many subparagraphs. The CCH version of Section 170 and its legislative history takes up 35 pages. In addition, much of this voluminous statute is difficult...
On January 3, 2013, the 113th session of the U.S. Congress opened with a fiscal cliff averted, but a country still stuck in a less-recognized fiscal bind. In the first video of a three-part series, Urban Institute Fellow Eugene Steuerle, a former deputy assistant secretary of the Treasury for...
High marginal tax rates can make moving above poverty very difficult for low-income families. These high tax rates result from increasing direct taxes and decreasing transfer payments. A single parent with two children who increases her wages from poverty-level to 150 percent of poverty-level...
With less than four weeks left, reaching an agreement to avoid the negative short-term economic impact of the so-called fiscal cliff might be beyond the ability of the strained U.S. political system.
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?
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.
This paper examines the fiscal outlook and tax reform options in the United States. The major conclusions include: the United States faces a substantial fiscal shortfall in the medium- and long-term; both spending cuts and tax increases should contribute to the solution; tax increases need not...
Surrounding many of the debates about the public sector has been one about which government level should be involved in performing which functions. As an empirical matter, both centralization and decentralization have occurred together throughout U.S. history. The vast majority of federalism...
Tax Provisions in the American Taxpayer Relief Act of 2012 (ATRA)
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...
Is the Trillion-Dollar Platinum Coin Clever or Insane?
In a contribution to CNNMoney, Donald Marron argues that minting a $1 trillion platinum coin if Congress refuses to raise the debt ceiling sounds crazy. But it might actually work if done in smaller denominations.
Legislative Options for Simplifying and Restructuring the Charitable Deduction
Section 170 of the Internal Revenue Code (Charitable Contributions) now contains 16 subsections divided into 75 paragraphs and who knows how many subparagraphs. The CCH version of Section 170 and its legislative history takes up 35 pages. In addition, much of this voluminous statute is difficult...
Dead Men Ruling: The Decline of Fiscal Democracy in America
On January 3, 2013, the 113th session of the U.S. Congress opened with a fiscal cliff averted, but a country still stuck in a less-recognized fiscal bind. In the first video of a three-part series, Urban Institute Fellow Eugene Steuerle, a former deputy assistant secretary of the Treasury for...
How Marginal Tax Rates Affect Families at Various Levels of Poverty
High marginal tax rates can make moving above poverty very difficult for low-income families. These high tax rates result from increasing direct taxes and decreasing transfer payments. A single parent with two children who increases her wages from poverty-level to 150 percent of poverty-level...
Let's All Jump Off the Fiscal Cliff
With less than four weeks left, reaching an agreement to avoid the negative short-term economic impact of the so-called fiscal cliff might be beyond the ability of the strained U.S. political system.
Taxing the Wealthiest Could Go a Long Way
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?
Why We May Have to go Over the Fiscal Cliff
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.
Tax Reform for Growth, Equity, and Revenue
This paper examines the fiscal outlook and tax reform options in the United States. The major conclusions include: the United States faces a substantial fiscal shortfall in the medium- and long-term; both spending cuts and tax increases should contribute to the solution; tax increases need not...
Who Does What? The Changing Shape of U.S. Federalism
Surrounding many of the debates about the public sector has been one about which government level should be involved in performing which functions. As an empirical matter, both centralization and decentralization have occurred together throughout U.S. history. The vast majority of federalism...