TaxVox: Individual Taxes

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The voices of Tax Policy Center's researchers and staff

Individual Taxes

The Credit Crisis and the States: Only Getting Worse

March 13, 2008 –
think I need a drink. Yesterday at TPC, a panel of experts looked at what the credit mess means for state and local governments. The answer is: Nothing good. I felt like I was watching the final minutes of the Super Bowl with a room full of New England Patriots fans.
Campaigns, Proposals, and Reforms

Health Care Tax Credits: Not So Fast

March 11, 2008 –
Tax credits for buying health insurance are all the rage. John McCain loves them. So does Hillary Clinton. Barack Obama says he prefers to help people buy coverage with “income-related subsidies,” but these could easily morph into credits as well.
Individual Taxes

The Rich are Different

March 7, 2008 –
F. Scott Fitzgerald: "The very rich are different from you and me." Ernest Hemingway: "Yes, they have more money." The statisticians at the IRS quietly updated their fascinating data on the richest 400 Americans in response to a Congressional request. The Wall Street Journal's Tom Herman picked it up and published the tables, which we have posted on the Tax Facts website. [Table 1, Table 2, Table 3]
Individual Taxes

AMT Redux

March 6, 2008 –
After a brief winter break, the AMT wars have resumed. By next week, the House will pass a fiscal 2009 budget that, among other things, would extend the annual Alternative Minimum Tax patch for another year. The House Budget Committee projects this would keep 20 million mostly middle class taxpayers off the dreaded levy. But, as it did last year, the House will also insist that the $62 billion fix be paid for with offsetting tax hikes.
Federal Budget and Economy

Is the Iraq War Ruining the U.S. Economy?

March 4, 2008 –
The political Left claims the war in Iraq is ruining the U.S. economy. At the very least, they insist, we would be using the money that is supporting the occupation for more important domestic priorities, such as reforming health care. At worst, they insist, the war is to blame for current economic slump.
Campaigns, Proposals, and Reforms

Health Insurance Tax Breaks: What Comes Next?

February 29, 2008 –
The tax break for employee-sponsored health insurance is the Rodney Dangerfield of the Internal Revenue Code. It gets absolutely no respect.
Federal Budget and Economy

The Medicare Crunch: Do We Blame the Boomers or Health Costs?

February 26, 2008 –
For years, conventional wisdom in Washington said the nation's long-term fiscal crisis is being driven by the aging of the Baby Boomers and their impact on entitlements, such as Social Security and, especially, Medicare and Medicaid.
Individual Taxes

On Taxes, McCain Calls Bush and Raises, Big Time

February 25, 2008 –
Today's Washington Post takes Senator John McCain to task for promising unsustainable tax cuts, including making permanent President Bush's tax cuts, repealing the AMT, making permanent the research and experimentation tax credit, cutting the top corporate tax rate from 35 to 25 percent, and allowing businesses to immediately write off all capital investments (rather than depreciating them over time). He has also proposed to require a super-majority vote in Congress for any tax increases. (Last week, TaxVox raised its own questions about how tough it would be for McCain to keep his tax cut promises.)
Campaigns, Proposals, and Reforms

Seven Questions for Hillary

February 21, 2008 –
Hillary Clinton has an uphill struggle to win the Democratic nomination for President. But she is still battling, so I have a few questions for her, as I've had for John McCain and Barack Obama.
Campaigns, Proposals, and Reforms

Risky Business: McCain Vows "No New Taxes."

February 19, 2008 –
John McCain now says "no new taxes." It may be a great way to play to a still-skeptical GOP base, but it will be a hard pledge for President McCain to keep. To see how tough, just take a look at his own health care plan.