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Research report

Revenue and Distributional Effects of the Individual Income and Estate Tax Provisions of Senator Thompson's Plan for Tax Relief and Economic Growth

Leonard E. Burman, Greg Leiserson, Jeffrey Rohaly
December 10, 2007
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Abstract

Republican Presidential Candidate Fred Thompson has announced a tax plan that combines tax cut extensions, additional tax cuts, and an election to pay tax under a new alternative tax system that would substitute a larger standard deduction for all current deductions and credits and have two rates of 10 and 25 percent. Thompson's plan would reduce federal revenues by $6-7 trillion over ten years, amounting to a reduction of almost 20 percent below current projections, and would be highly regressive. This article describes the proposed changes in the individual income and estate tax and examines their implications for revenue and the distribution of tax burdens.

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Meet the Experts

  • Leonard E. Burman
    Institute Fellow
  • Greg Leiserson
  • Jeffrey Rohaly
    Principal Research Associate
Research report

New Evidence on The Effect of The TCJA On the Housing Market

Robert McClelland, Livia Mucciolo, Safia Sayed
March 30, 2022
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