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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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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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...
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...
The House is scheduled to vote tomorrow on a set of requirements for tax reform that could expand deficits and shift tax burdens from high-income to low- and moderate-income taxpayers, as our new paper explains.
Our paper details the severe problems with the House bill — namely, that it would:
As the House prepares to vote this week on extending President Bush’s tax cuts, the debate about whether to continue those cuts for the wealthiest taxpayers goes on.
Tax Policy Center figures show just how much the Bush tax cuts have benefited people at the top. As we explain in our...
As I noted yesterday, Republican leaders in both the Senate and the House want to extend the lucrative estate-tax rules that policymakers included in compromise tax-cut legislation at the end of 2010 — but not the tax-credit improvements for working-poor and near-poor...
“Seniors . . . will be hurt the most” if policymakers let the tax rates on capital gains and dividends rise next year as scheduled, a Wall Street Journal op-ed today argues. This is simply false. The data clearly show that raising the rates would have little or no...
The House and Senate Republican leaderships have each proposed tax packages that would extend for one year the lucrative estate-tax rules that were enacted as part of the compromise tax-cut legislation at the end of 2010. Compared to President Obama’s proposal to reinstate the already generous 2009 estate-tax rules, the Republican leadership proposals would deliver an average of more than $1...
You might assume that cutting all income tax rates by the same percentage — as Governor Romney and others have proposed, and as key Senate Republicans endorsed last week as a key goal of tax reform...
