Reports by Chye-Ching Huang
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Reports Calling for Estate Tax Repeal Seriously Flawed
July 7, 2009
Despite questionable reports to the contrary, repealing the estate tax would weaken the economy by adding nearly $800 billion to budget deficits over 10 years, thus reducing national saving and leaving fewer funds for investment that leads to higher productivity in the long run. Two recent reports from the American Family Business … -
Congress Should Not Weaken Estate Tax Beyond 2009 Parameters
Revised March 11, 2009
The Administration’s recently-released budget proposes to make permanent key features of the estate tax that are in place in 2009. This will launch a major congressional debate. Under current law, the tax has been phasing down for several years and is scheduled to end entirely in 2010, only to return in 2011 under the parameters that were in place in … -
Very Few Small Business Owners Would Face Tax Increases Under President's Budget
February 28, 2009
Some critics of the President’s budget charge that his proposals to roll back tax breaks for taxpayers with incomes over $250,000 would harm small businesses. In fact, only 8.9 percent of people with any small business income have incomes of over $250,000 and, thus, would even potentially be affected by these provisions. (See … -
Economic Recovery Package Would Give 3.8 Million Low- and Moderate-Income Students — Thousands in Every State —Access to Higher-Education Tax Credit
Revised February 26, 2009
The “Hope Credit,” which provides a tax subsidy for college tuition costs, was established in 1997. Its goal, in part, was to enable students who could not otherwise afford to attend college to do so. Yet until now, 3.8 million prospective college students — more than a fifth of all high-school-age children nationwide … -
Impact of Estate Tax on Small Businesses and Farms Is Minimal
February 23, 2009
Congress is expected to debate permanent changes in the estate tax in coming months. A key issue in that policy debate is likely to be the effect of the estate tax on estates containing small businesses and family-owned farms.[1] Some proponents of repealing or weakening the estate tax beyond its current form claim that doing is so is necessary because of the impact of the tax on small business and … -
New Analysis Shows "Tax Expenditures" Overall Are Costly and Regressive
February 23, 2009
“Tax expenditures” for individuals totaled about $760.5 billion in 2007, topping what the federal government spent on either national defense or all non-defense discretionary programs, a new analysis by the Urban Institute-Brookings Institution Tax Policy Center (TPC) shows.[1] In most cases, these tax expenditures are also regressive — that is, they benefit … -
Senate Changes Make Recovery Package Less Effective
February 10, 2009
The Senate today passed a version of the American Recovery and Reinvestment Act (H.R. 1) that makes a number of changes in the House-passed bill. Contrary to their proponents' claim, these changes — in Senate committees and on the floor last week, as well as by a group of Senators led by Ben Nelson and Susan Collins — have reduced … -
Proposed Tax Break For Multinationals Would Be Poor Stimulus
Updated February 3, 2009
Relying on a flawed study funded by an entity that promotes corporate and capital gains tax cuts,[1] some business groups have proposed resurrecting, as a stimulus measure, the 2004 “dividend repatriation tax holiday” — which allowed firms to bring their foreign-generated profits back to the United States at a greatly reduced tax rate. More recently, … -
Proposal to Lower Bottom Tax Rates Less Effective as Stimulus than "Making Work Pay" Credit
Updated February 3, 2009
A proposal to cut income tax rates, which Senate Minority Leader Mitch McConnell wants to include in economic recovery legislation, would provide its largest benefit to the top fifth of households and prove less effective as economic stimulus than the provision it would replace — President Obama’s “Making Work Pay” tax credit. The proposal, which was first unveiled January 23 by House Minority Leader John … -
Big Misconceptions about Small Businesses and Taxes
Updated February 2, 2009
Supporters of various tax benefits for high-income households often claim that failure to maintain them would have an undue effect on many small businesses. But even assuming a broad definition of “small business,” such claims are often exaggerated or false. This paper examines three such claims. First, critics … -
Proponents of Estate Tax Repeal Resurrecting Old Misconceptions
February 2, 2009
With Congress expected to debate permanent changes in the estate tax in coming months, some proponents of repealing the tax or weakening it beyond its current form are resurrecting old misconceptions about the tax. For example, a recent Wall Street Journal editorial claimed that repealing the estate tax would increase national saving and that U.S. estate taxes are high … -
House and Senate Recovery Packages Would Improve Higher-Education Tax Credits
Revised February 2, 2009
The economic recovery package passed by the House last week[1] contains a measure that both would extend the Hope tax credit to nearly 4 million low-income students and make the credit more valuable to millions of middle-income students. The Senate Finance Committee has included a similar proposal in its economic recovery package. The House measure would increase the credit’s maximum … -
The High Cost of Estate Tax Repeal
Revised January 28, 2009
View more up-to-date data: Policy Basics: The Estate Tax June 14, 2010 Making permanent the repeal of the estate tax after 2010 — repeatedly proposed by President Bush— would add almost $1.3 trillion to the deficit between fiscal years 2012 and 2021, the first ten years in which the full costs of extending repeal would be reflected in … -
Payroll Tax Holiday a Poor Stimulus Idea
January 26, 2009
Note: this paper analyzes a 2009 proposal by Sen. McConnell to suspend employer and employee payroll taxes for two months. For the Center’s analysis of a different proposal, to extend and possibly expand the reduction in employee payroll taxes in effect for 2011, click here. This week Senate Minority Leader Mitch McConnell … -
Corporate Tax Rate Cut Likely To Be Ineffective As Stimulus
January 23, 2009
Numerous government and independent studies agree that corporate tax rate cuts provide relatively little “bang-for-the-buck” as stimulus. The Congressional Budget Office (CBO), for example, has concluded that a corporate rate cut “is not a particularly cost-effective method of stimulating business spending.”[1] The Congressional Research … -
Capital Gains Tax Cut Would Be Poor Stimulus
January 15, 2009
In recent weeks, several policymakers have proposed temporary or permanent cuts in the capital gains rate as an “economic stimulus” measure. This would be ineffective at best: the Congressional Research Service (CRS) has stated that “a capital gains tax cut appears the least likely of any permanent tax cut to …
