Personal income tax systems vary widely across states, leading to different levels of progressivity. Forty-three states and the District of Columbia have an individual income tax. Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming do not tax personal income, while New...
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...
Ted Gayer testified before the Senate Energy Committee that a carbon tax is the most economically efficient way to address climate change. While it might be politically unpopular, he says, it is well worth considering because it helps generate public revenues that can be used to offset...
The Washington Post. The economy's expansion last quarter, for the first time in more than a year, has prompted much speculation that the recession is over. This turning point, however, simply marks an end to the decline in activity.
Many taxpayers must calculate their federal income tax liability under two sets of rules: those applying to the regular income tax and those of the alternative minimum tax. If a taxpayer owes more tax under the alternative rules, then the difference is paid as AMT. The AMT hits people in some...
This paper reviews recent economic events and their impact on U.S. fiscal performance and prospects. We highlight the historic nature of the 2009 budget outcomes, the unsustainability of plausible ten-year budget projections, and the increasingly dire long-term fiscal problem. These conditions...
In 2009, the federal deficit will be larger as a share of the economy than at any time since the 1940s. After 2009, we project an average deficit of $1 trillion per year for the next 10 years, under optimistic assumptions. The longer-run picture is even bleaker, with a fiscal gap of 7-9 percent...
What will work best to stimulate the nation out of recession? Look to the states, saysLen Burmanin a commentary for public radio's Marketplace program.
Education is a key pathway out of poverty, yet schools that primarily serve minority students often fail to provide the educational opportunities available in predominantly white schools. A series of state court cases has addressed one cause of that disparity, the dramatic funding differences...
Much of the state tax policy discussion during the past decade has centered on the performance of corporate income taxes and ways to restructure them. This report focuses on state responses to the weak corporate tax collections during the 2000-2003 period as well as to the revenue performance...
State Individual Income Tax Rates
Personal income tax systems vary widely across states, leading to different levels of progressivity. Forty-three states and the District of Columbia have an individual income tax. Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming do not tax personal income, while New...
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...
On the Merits of a Carbon Tax
Ted Gayer testified before the Senate Energy Committee that a carbon tax is the most economically efficient way to address climate change. While it might be politically unpopular, he says, it is well worth considering because it helps generate public revenues that can be used to offset...
What's blocking the recovery
The Washington Post. The economy's expansion last quarter, for the first time in more than a year, has prompted much speculation that the recession is over. This turning point, however, simply marks an end to the decline in activity.
AMT Coverage by State, 2007
Many taxpayers must calculate their federal income tax liability under two sets of rules: those applying to the regular income tax and those of the alternative minimum tax. If a taxpayer owes more tax under the alternative rules, then the difference is paid as AMT. The AMT hits people in some...
An Update on the Economic Crisis and the Fiscal Crisis: 2009 and Beyond
This paper reviews recent economic events and their impact on U.S. fiscal performance and prospects. We highlight the historic nature of the 2009 budget outcomes, the unsustainability of plausible ten-year budget projections, and the increasingly dire long-term fiscal problem. These conditions...
The Economic Crisis and the Fiscal Crisis: 2009 and Beyond
In 2009, the federal deficit will be larger as a share of the economy than at any time since the 1940s. After 2009, we project an average deficit of $1 trillion per year for the next 10 years, under optimistic assumptions. The longer-run picture is even bleaker, with a fiscal gap of 7-9 percent...
Experiment to Get Best Stimulus Results
What will work best to stimulate the nation out of recession? Look to the states, saysLen Burmanin a commentary for public radio's Marketplace program.
Racial Disparities in Education Finance: Going Beyond Equal Revenues
Education is a key pathway out of poverty, yet schools that primarily serve minority students often fail to provide the educational opportunities available in predominantly white schools. A series of state court cases has addressed one cause of that disparity, the dramatic funding differences...
Emerging State Business Tax Policy
Much of the state tax policy discussion during the past decade has centered on the performance of corporate income taxes and ways to restructure them. This report focuses on state responses to the weak corporate tax collections during the 2000-2003 period as well as to the revenue performance...