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Hardship in America, 2013: A Portrait of Another John Stewart

November 26, 2013

The Washington Post profiles a very different John Stewart today.  Not Jon, the comedy show anchor, but John, who works for low wages helping elderly people board planes at Philadelphia’s...

Latest Baucus Tax Proposal Wisely Avoids Timing Gimmicks and Targets Inefficient Subsidies

November 21, 2013

Senate Finance Committee Chairman Baucus released another discussion draft on tax reform today, this one on accounting issues.  It not only eliminates some major corporate tax subsidies but refuses to use these changes as timing gimmicks to promote deficit-expanding rate cuts.  These...

A First Look at the Baucus Draft on International Corporate Tax Reform

November 20, 2013

Yesterday’s staff discussion draft on international corporate tax reform from Senate Finance Committee Chair Max Baucus recognizes the importance of tax reform’s budgetary impact over the long term, not just in the first decade.  It also recognizes that the tax code gives...

Feldstein’s Timely Reminder for Budget Negotiators

November 12, 2013

“Current tax rules provide a wide range of subsidies that are equivalent to government spending,” writes Harvard professor and former Reagan advisor Martin Feldstein in today’s Washington Post.  It’s a timely reminder for budget...

Repatriation Tax Holiday Can’t “Pay for” Canceling Sequestration — Or Anything Else

October 29, 2013

Rep. Tom Cole (R-OK), a member of the conference committee negotiating a 2014 budget framework, said recently that policymakers could raise additional revenue to help pay for canceling the sequestration budget cuts through “repatriation of stranded profits.”  That seems to refer to a “repatriation tax holiday...

Tax Holiday Would Be Bad Addition to Budget Agreement

October 12, 2013

As part of ongoing budget talks, Senate Republicans have reportedly floated the idea of “paying for” repealing at least part of sequestration with a repatriation tax holiday — that is, allowing multinational corporations to bring profits held overseas back to the United States at a temporary, vastly reduced tax rate.  But a repatriation tax holiday can’t pay for anything because it...

Tax Foundation Gets It Backwards: EITC Boosts Employment and Work Effort

August 8, 2013

Rigorous and extensive research tells a success story we have explained about the Earned Income Tax Credit (EITC):  it boosts employment, reduces...

Depth of Tax Reform Trap Confirmed: $5 Trillion

August 6, 2013

Congress’ Joint Committee on Taxation (JCT) has now confirmed earlier Tax Policy Center estimates of just how much it would cost to achieve the dual tax rate goals of the House-passed budget resolution proposed by House Budget Committee Chairman Paul Ryan — and it’s not pretty.  Specifically, cutting the top...

Don’t Put the Cart Before the Horse by Prematurely Setting a Top Corporate Tax Rate

August 5, 2013

Many policymakers are tempted to specify in advance the tax rate cuts that tax reform can achieve, while saying much less about the specific cuts in tax expenditures (deductions, credits, and other preferences) needed to pay for the rate cuts.  This year’s Ryan budget is the classic example, proposing more than $5 trillion in tax cuts (see estimates from the Joint Committee on Taxation [JCT]...

Obama Proposal a Clear Step Forward, But Would Be Better with More Revenue

July 30, 2013

The President’s new proposal for corporate tax reform and infrastructure investments provides a creative way to address both the urgent need for job creation and the risk that corporate tax reform will contain timing gimmicks that expand long-term deficits.  But the...