TaxVox: Individual Taxes

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The voices of Tax Policy Center's researchers and staff

Individual Taxes

Supply Side Leaps of Faith

January 29, 2008 –
Among all the magical tax cuts in supply siders' arsenal, one is believed to have almost magical powers—cutting capital gains taxes. Advocates take it as a matter of faith that cutting tax rates on profits from sales of assets spurs so much more selling that revenues must increase.
Federal Budget and Economy

States and Recession: What a Difference Six Months Makes

January 25, 2008 –
Six months ago, states were predicting balanced budgets and surpluses. Virtually all had surpluses at the end of fiscal year 2007 and more than half had ending balances equaling at least 10 percent of their general funds. Governors and legislatures were happily talking about property tax relief and expanding medical coverage to the uninsured.
Federal Budget and Economy

Deal or No Deal: Stimulus Moves Ahead

January 24, 2008 –
Well, it could have been worse. President Bush and House leaders say they have cut a deal on a $150 billion stimulus package—about $100 billion for families and individuals and about $50 billion for businesses. The centerpiece of the plan: a cash payment of at least $300 for most wage earners, along with an additional $300 per child.
Individual Taxes

Response to my Fan Mail

January 24, 2008 –
I wrote a somewhat provocative op ed in yesterday's New York Times that sparked a lot of feedback. My modest proposal was to accelerate the expiration of the Bush tax cuts by two years—to 2009. I said that doing so would generate a burst of economic activity in 2008 while reducing the budget deficit, a rare feature for a stimulus.
Federal Budget and Economy

Stimulus: Who Should Get a Rebate?

January 22, 2008 –
With stock markets around the world sucking wind, and the Federal Reserve approving a stunning emergency interest rate cut of 75 basis points to try to forestall a Wall Street plunge, there no doubt that Washington policymakers will jump into the fray with a fiscal stimulus of their own.
Federal Budget and Economy

Stimulus: Treat the Disease, Not the Symptoms

January 18, 2008 –
When it comes to stimulus, President Bush and congressional Democrats may not quite be on the same page, but at least they are reading from the same book. I just wonder whether it is the right one.
Individual Taxes

A Simple Tax Reform

January 17, 2008 –
While the Presidential candidates are campaigning on grandiose and often radical reforms to the current tax system, they are missing out on a simple commonsense reform that would make tax filing easier for millions of Americans.
Federal Budget and Economy

Can Fiscal Stimulus Arrive on Time?

January 15, 2008 –
Let's say President Bush and Congress agree that the U.S. needs a fiscal boost to jump-start the sluggish economy. Let's say they even reach a consensus on what to do (fantasy, perhaps, but bear with me). Could tax cuts and direct aid get to individuals, business, and states in time to forestall a recession?
Federal Budget and Economy

The Great Stimulus Debate: Round I

January 10, 2008 –
At the Brookings Institution this morning, a standing-room only crowd heard five economic heavyweights debate what may become the central domestic policy issue of 2008. Do we need fiscal stimulus to keep the nation out of recession, and, if we do, what should it look like?
Individual Taxes

Who Pays the Corporate Income Tax?

January 8, 2008 –
So who does pay the corporate income tax? The question seems simple, but the answer turns out to be exceedingly complicated.