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...
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."...
This paper evaluates six options to achieve across-the-board reductions to a group of major exclusions and deductions in the income tax: (1) limiting their tax benefit to a maximum percentage of income, (2) imposing a fixed dollar cap, (3) reducing them by fixed-percentage amount, (4) limiting...
It is politically implausible to solve entirely America's budget problem on the spending side, Rudolph Penner states in "The International Economy" journal (spring 2013). Taxes will have to increase as well.
This study analyzes the effect of tax reforms on housing prices in selected cities. Using a model that incorporates transaction costs, the study finds (1) the presidents proposed limit on itemized deductions would have a minimal impact on housing prices; (2) eliminating itemized deductions...
This document reviews several notable tax proposals in President Obamas Fiscal Year 2014 Budget. These include a 28 percent limit on certain tax expenditures, a cap on tax preferences for retirement savers with high balances, a minimum tax ("Buffett Rule") on high-income taxpayers, alternative...
Leaders in both parties appear to favor revenue-neutral corporate tax reform that would lower today's 35 percent tax rate while slashing corporate tax breaks. Individual tax reform appears much more contentious, so some observers wonder whether Congress might pursue corporate tax reform by...
Taxpayers can currently deduct interest on up to $1 million in acquisition debt used to buy, build, or improve their personal residences and interest on up to another $100,000 of home equity loans. This brief estimates the effects on revenue and the distribution of the tax burden of proposals...
Split interest and partial interest gifts have been with us for over a century. Donors have had a long-standing interest in making gifts and reserving certain critical rights with respect to the property given. This paper discusses certain important aspects of the split interest and partial...
Gene Steuerle testifies before the Committee on Ways and Means on tax reform and charitable contributions. This testimony centers on the point that a tax subsidy like that for charitable contributions should be treated like any other program of government, examined regularly, and reformed to...
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...
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."...
Evaluating Broad-Based Approaches for Limiting Tax Expenditures
This paper evaluates six options to achieve across-the-board reductions to a group of major exclusions and deductions in the income tax: (1) limiting their tax benefit to a maximum percentage of income, (2) imposing a fixed dollar cap, (3) reducing them by fixed-percentage amount, (4) limiting...
Does Debt Matter?
It is politically implausible to solve entirely America's budget problem on the spending side, Rudolph Penner states in "The International Economy" journal (spring 2013). Taxes will have to increase as well.
Tax Reform, Transaction Costs, and Metropolitan Housing in the United States
This study analyzes the effect of tax reforms on housing prices in selected cities. Using a model that incorporates transaction costs, the study finds (1) the presidents proposed limit on itemized deductions would have a minimal impact on housing prices; (2) eliminating itemized deductions...
Analysis of Specific Tax Provisions in President Obama's FY2014 Budget
This document reviews several notable tax proposals in President Obamas Fiscal Year 2014 Budget. These include a 28 percent limit on certain tax expenditures, a cap on tax preferences for retirement savers with high balances, a minimum tax ("Buffett Rule") on high-income taxpayers, alternative...
A Practical Challenge to Stand-Alone Corporate Tax Reform
Leaders in both parties appear to favor revenue-neutral corporate tax reform that would lower today's 35 percent tax rate while slashing corporate tax breaks. Individual tax reform appears much more contentious, so some observers wonder whether Congress might pursue corporate tax reform by...
Options to Reform the Deduction for Home Mortgage Interest
Taxpayers can currently deduct interest on up to $1 million in acquisition debt used to buy, build, or improve their personal residences and interest on up to another $100,000 of home equity loans. This brief estimates the effects on revenue and the distribution of the tax burden of proposals...
The Charitable Contribution Deduction: Reform and Simplification
Split interest and partial interest gifts have been with us for over a century. Donors have had a long-standing interest in making gifts and reserving certain critical rights with respect to the property given. This paper discusses certain important aspects of the split interest and partial...
Tax Reform and Charitable Contributions
Gene Steuerle testifies before the Committee on Ways and Means on tax reform and charitable contributions. This testimony centers on the point that a tax subsidy like that for charitable contributions should be treated like any other program of government, examined regularly, and reformed to...