In a contribution to the Christian Science Monitor, Donald Marron discusses the five deadlines that will force Congress to address spending and government debt.
The often overlooked municipal debt market has attracted considerable attention lately amid predictions of widespread local government defaults and changes to the federal tax exemption for municipal bonds. This paper explains essential features of muni bonds and assesses recent policy and market...
The landmark Tax Reform Act of 1986 greatly changed the cost of tax expenditures. The revenue lost to tax expenditures declined sharply after enactment of the 1986 Act, falling from nearly 9 percent of total GDP in fiscal year 1985 to 6 percent in 1988. Since then, tax expenditures have...
This paper discusses a proposal that would reform public policies toward retirement saving by replacing the current deduction for contributions to retirement saving accounts with a flat-rate refundable credit that would be deposited directly into the savers account. The proposal would (a)...
We present new estimates of the budget outlook, incorporating the impact of the recent debt-limit deal and the latest projections by the Congressional Budget Office and the Medicare and Social Security Trustees.Although the official budget figures have improved relative to a year ago (as a...
One possible explanation for the difficulty in controlling the budget is that a major component of spending-tax expenditures-receives privileged status. It is treated as tax cuts rather than spending. This paper explores the implications of that classification and illustrates how it can lead to...
Five Tough Deadlines for Decisions on Spending, Government Debt
In a contribution to the Christian Science Monitor, Donald Marron discusses the five deadlines that will force Congress to address spending and government debt.
Changing the Budget Process
Rudolph Penner's testimony before the House Committee on the Budget on proposals for changing the budget process.
Buy and Hold (on Tight): The Recent Muni Bond Rollercoaster and What It Means for Cities
The often overlooked municipal debt market has attracted considerable attention lately amid predictions of widespread local government defaults and changes to the federal tax exemption for municipal bonds. This paper explains essential features of muni bonds and assesses recent policy and market...
Trends in Tax Expenditures, 1985-2016
The landmark Tax Reform Act of 1986 greatly changed the cost of tax expenditures. The revenue lost to tax expenditures declined sharply after enactment of the 1986 Act, falling from nearly 9 percent of total GDP in fiscal year 1985 to 6 percent in 1988. Since then, tax expenditures have...
Tax Reform Options: Promoting Retirement Security
William Gale's testimony before the Senate Committee on Finance on tax reform options that promote retirement security.
Tax Reform Options: Marginal Rates on High-Income Taxpayers, Capital Gains, and Dividends
Leonard Burman's testimony before the Senate Committee on Finance on tax reform options affecting high-income taxpayers.
A Proposal to Restructure Retirement Saving Incentives in a Weak Economy with Long-Term Deficits
This paper discusses a proposal that would reform public policies toward retirement saving by replacing the current deduction for contributions to retirement saving accounts with a flat-rate refundable credit that would be deposited directly into the savers account. The proposal would (a)...
(Still) Tempting Fate
We present new estimates of the budget outlook, incorporating the impact of the recent debt-limit deal and the latest projections by the Congressional Budget Office and the Medicare and Social Security Trustees.Although the official budget figures have improved relative to a year ago (as a...
Tax Expenditures, the Size and Efficiency of Government, and Implications for Budget Reform
One possible explanation for the difficulty in controlling the budget is that a major component of spending-tax expenditures-receives privileged status. It is treated as tax cuts rather than spending. This paper explores the implications of that classification and illustrates how it can lead to...
America Doesn't Need A Debt Limit
In a contribution to the Christian Science Monitor, Donald Marron argues for eliminating the United States's debt limit.