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On “Territorial” Taxation Issue, Don’t Ignore U.S. Workers’ Interests

January 24, 2012

“We don’t have an obligation to solve America’s problems,” an Apple executive told the New York Times in connection with Apple’s decision to make the iPhone in China.  “Our only obligation is making the best product possible.”

To...

Grading the President’s Jobs Council on Corporate Tax Reform

January 19, 2012

The President’s Council on Jobs and Competitiveness, a group consisting mostly of business executives that advises the President on ways to strengthen the economy, released its year-end report this week.  That report...

Congress Should Start Minding the Tax Gap

January 11, 2012

The IRS’s new estimate of the “tax gap,” its first in six years, shows that taxpayers failed to pay $450 billion in federal taxes on time in 2006, $385 billion of which they never paid.  That’s real money (more than Medicare cost that year, as the graph shows), particularly for a country facing wrenching choices on...

Romney Tax Plan: Cuts Taxes for the Rich, Hurts the Poor, Raises Deficits

January 5, 2012

The Urban-Brookings Tax Policy Center (TPC) has just released an analysis of Mitt Romney’s tax plan.  The chart below, using TPC figures, shows how the plan would affect people in different income groups compared to extending current policies such as President Bush’s tax cuts, which are scheduled to expire at the end of...

Corporate Tax Holiday Has No Place on Payroll Tax-Cut Extension Bill

December 8, 2011

What should be a straightforward decision to extend the payroll tax cut for another year (and, ideally, make it more generous) is growing unnecessarily complicated.  House Majority Leader Eric Cantor is now pushing to attach to it a tax holiday for foreign...

A Warning on the Likely Impact of Repeating the Corporate Tax Holiday

December 1, 2011

Not long after Congress enacted a tax holiday in 2004 for foreign profits that corporations “repatriated” to the United States, some companies that had lobbied hardest for it — pledging to use the money to invest domestically and create jobs — announced massive layoffs while using the repatriated profits mostly for things like repurchasing their own stock and paying bigger dividends to...

Required Reading on the Payroll Tax Cut — and Much More

December 1, 2011

Policymakers debating whether to extend and expand the payroll tax cut for working families and pay for it with a modest surtax on people with income above $1 million would be well advised to read a...

Expanding Payroll Tax Cut Would Help Small Businesses, Not Hurt Them

November 29, 2011

Some have argued that a Senate bill to extend and expand the payroll tax cut and pay for it through a surtax on incomes over $1 million would hurt small businesses and thus weaken job growth.

This claim overlooks the benefit of...

A Vital Tax Table of the Holiday Season

November 21, 2011

Between Thanksgiving and Christmas, Congress has an important tax policy decision to make.  With the economy still struggling and one in eleven Americans out of work, January 1 would be an awful time to cut every paycheck in America.  But, every paycheck in America will shrink unless Congress acts to extend, and preferably expand, the...

CBO Ranks “Repatriation Holiday” Dead Last in Job Creation

November 16, 2011

Congressional Budget Office Director Douglas W. Elmendorf told the Senate Budget Committee yesterday that, of 13 policy options for creating jobs, increased unemployment benefits ranks first in terms of jobs created per dollars of federal cost. That’s not surprising, given that jobless people are severely cash constrained and would quickly spend most of any incremental increase in cash and that, in turn, would lead to higher demand and job creation.

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