In this testimony before the Joint Economic Committee, Donald Marron offers Congress four pieces of advice as it faces the looming debt limit. First, Congress must increase the debt limit; failing to do so will result in severe economic harm. Second, Congress should not wait until the last...
The impact of tax reform on housing prices has traditionally been studied by examining the user cost of capital the after-tax cost to the homeowner per unit of housing. This brief summarizes findings from a new discrete period approach which considers the time element of housing investment and...
While taxation of overseas profits of U.S. multinational corporations has made the headlines lately, U.S. citizens who work overseas also face special rules. Unlike most countries, the United States requires that its citizens pay tax on their worldwide income (with a credit for foreign taxes...
There is widespread agreement that the income tax needs reform, although little agreement about how to do it. A common thread in most reform proposals is to slash most tax expenditures. A 1973 book by Stanley Surrey made the case that cuts in tax expenditures was the "pathway to tax reform."...
In this chapter, we propose a value-added tax (VAT) to contribute to the U.S. fiscal solution. A 5 percent broad-based VAT, paired with subsidies to offset the regressive impacts, could raise about 1 percent of GDP per year. International experience suggests that the VAT can raise substantial...
Gene Steuerle testifies before the Committee on Oversight and Government Reform on labor force participation, taxes, and the social welfare system. Although there is some disagreement over the extent to which the nations social welfare systems affect work efforts, there is almost no disagreement...
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?
Roberton Williams compares the adjusted gross incomes of the top 400 with the incomes of all other taxpayers with income over $1 million and finds that because they realize more capital gains, the top 400 tend to have lower effective income tax rates than other very high-income taxpayers.
The ongoing debate over health reform at times almost appears like a sporting event, with Democrats and Republicans trying to name winners and losers in passing or repealing legislation. But in my Fiscal Times op-ed this week, I explain why, when it comes to health reform, this winner-take-all...
President Obama has proposed to freeze most domestic discretionary spending -- a step in the right direction, but not enough. The $250 billion in expected savings over the next decade is chump change compared with deficits that could top $10 trillion if policy doesn't change.
The Costs of Debt Limit Brinksmanship
In this testimony before the Joint Economic Committee, Donald Marron offers Congress four pieces of advice as it faces the looming debt limit. First, Congress must increase the debt limit; failing to do so will result in severe economic harm. Second, Congress should not wait until the last...
New Estimates of Tax Reform's Effect on Housing Prices
The impact of tax reform on housing prices has traditionally been studied by examining the user cost of capital the after-tax cost to the homeowner per unit of housing. This brief summarizes findings from a new discrete period approach which considers the time element of housing investment and...
Taxes on Foreign Earned Income
While taxation of overseas profits of U.S. multinational corporations has made the headlines lately, U.S. citizens who work overseas also face special rules. Unlike most countries, the United States requires that its citizens pay tax on their worldwide income (with a credit for foreign taxes...
Pathways to Tax Reform Revisited
There is widespread agreement that the income tax needs reform, although little agreement about how to do it. A common thread in most reform proposals is to slash most tax expenditures. A 1973 book by Stanley Surrey made the case that cuts in tax expenditures was the "pathway to tax reform."...
Creating an American Value-Added Tax
In this chapter, we propose a value-added tax (VAT) to contribute to the U.S. fiscal solution. A 5 percent broad-based VAT, paired with subsidies to offset the regressive impacts, could raise about 1 percent of GDP per year. International experience suggests that the VAT can raise substantial...
Labor Force Participation, Taxes, and the Nation's Social Welfare System
Gene Steuerle testifies before the Committee on Oversight and Government Reform on labor force participation, taxes, and the social welfare system. Although there is some disagreement over the extent to which the nations social welfare systems affect work efforts, there is almost no disagreement...
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?
Income and Taxes of the Very Rich
Roberton Williams compares the adjusted gross incomes of the top 400 with the incomes of all other taxpayers with income over $1 million and finds that because they realize more capital gains, the top 400 tend to have lower effective income tax rates than other very high-income taxpayers.
Health Care Brawl: All or Nothing Doesn't Work
The ongoing debate over health reform at times almost appears like a sporting event, with Democrats and Republicans trying to name winners and losers in passing or repealing legislation. But in my Fiscal Times op-ed this week, I explain why, when it comes to health reform, this winner-take-all...
Let's freeze more than chump change
President Obama has proposed to freeze most domestic discretionary spending -- a step in the right direction, but not enough. The $250 billion in expected savings over the next decade is chump change compared with deficits that could top $10 trillion if policy doesn't change.