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Rattner: Raise Capital Gains and Dividend Rates to Help Shrink Deficits

November 26, 2012

In a must-read New York Times op-ed, long-time financier and former Obama Administration official Steven Rattner calls for raising today’s low capital gains and dividend tax rates to help reduce the deficit, observing:

During my 30...

High-Income Tax Cuts Are a Poor Way to Support the Recovery

November 12, 2012

As we’ve noted, a new Congressional Budget Office (CBO) report shows that extending the high-income tax cuts would boost gross domestic product (GDP) by merely 0.1 percent by the end of 2013, compared to a 1.3...

Claims About Economic Downside of Ending High-End Tax Cuts Don’t Hold Up

November 12, 2012

House Ways and Means Republicans and others have cited a report — sponsored by various business interests and produced by the accounting firm Ernst & Young — claiming that letting the high-income Bush tax cuts expire would shrink employment by 0.5 percent over ten years, which the report says translates...

Why 1986-Style Tax Reform Is Obsolete

November 9, 2012

Speaker John Boehner (R-OH) this week touted the 1986 tax reform law as a model for current deficit-reduction efforts.  But, as we’ve explained, 1986-style tax reform doesn’t make sense today, given the nation’s long-term budget problems:...

10 Myths About the Estate Tax

November 5, 2012

One of the lesser-known tax breaks that would expire at year-end under current law is a 2010 cut in the estate tax, which had already shrunk considerably between 2001 and 2009 due to President Bush’s 2001 tax cuts.  With policymakers expected to consider what to do about the tax in the coming weeks, we’ve updated a paper that...

Payroll Tax Cut Should Stay on the Table

October 22, 2012

10-16-12tax.jpgIn the C-SPAN interview we mentioned earlier today, Rep. Chris Van Hollen (D-MD) also said that Congress should consider extending the payroll tax cut:  “I don’t...

Few Wealthy Winners, Many Moderate-Income Losers from Tax-Extension Proposal

October 15, 2012

Republican leaders in Congress have called for extending a 2010 cut in the estate tax on roughly 7,000 multi-million-dollar estates.  But their proposals, one of which the House passed in August, wouldn’t extend a piece of the same 2010 legislation that strengthened the Earned Income Tax Credit (EITC) and Child Tax Credit for 13 million working families with moderate incomes.

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The Myth That Low Capital Gains Rates Are Very Important to the Economy

September 20, 2012

Testifying today before a joint House-Senate hearing on the tax treatment of capital gains, tax policy expert Leonard Burman said, “The heated rhetoric notwithstanding, there is no obvious relationship between tax rates on capital gains and economic growth,” as this chart shows.

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New Study: No Evidence That High-End Tax Cuts Help the Economy

September 19, 2012

Many policymakers cite as fact that cuts in the top income and capital gains tax rates spur much greater economic growth and that increases in those tax rates significantly hurt growth.  A new Congressional Research Service (CRS) report suggests, however, that such easy assumptions are highly problematic.

The report found no statistically significant correlation, all the way...

Benefits of Tax Breaks for Capital Gains and Dividends Don’t Justify the Costs

August 17, 2012

The New York Times “Room for Debate” feature takes a closer look this week at House Budget Chairman Paul Ryan’s call for an end to taxes on capital gains, interest, and dividends in his Roadmap for America’s...

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