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John Oliver Debunks Some Estate Tax Myths

July 14, 2014

John Oliver’s HBO show this weekend featured a segment on income and wealth inequality (warning: colorful language!), and Oliver cited file type icon our paper showing that 99.86 percent of all estates in 2013 owed no estate tax (see chart).

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As Oliver...

Six Reasons Why a Tax Holiday for Multinationals Is a Bad Idea

June 19, 2014

6-19-14tax.PNGWe highlighted new Joint Committee on Taxation estimates last week that giving multinational corporations another “repatriation tax holiday” to encourage them to bring overseas profits back to the United States would cost $96 billion over the first decade...

IMF Joins Calls for Strengthening EITC and Minimum Wage

June 18, 2014

We noted yesterday a new report by the Organisation for Economic Co-operation and Development (OECD) describes the Earned Income Tax Credit (EITC) as “effective in fighting poverty and encouraging work” and calls for expanding the EITC and lifting the federal minimum wage.  My colleague Jared...

OECD Calls for Strengthening EITC and Minimum Wage

June 17, 2014

The Earned Income Tax Credit (EITC) “has been effective in fighting poverty and encouraging work,” the Organisation for Economic Co-operation and Development’s (OECD) new Economic Survey of the United States finds.  The report recommends expanding...

Repatriation Tax Holiday Can’t “Pay for” Anything, New JCT Figures Show

June 9, 2014

6-9-14tax.jpgVarious policymakers have proposed a “repatriation tax holiday,” which allows multinational corporations to bring profits they hold overseas back to the United States at a temporary, vastly reduced tax rate, to help “pay for” infrastructure, including addressing shortfalls in the Highway Trust Fund.  In reality, however, a repatriation tax holiday can’t pay for...

Congress Should Promptly Enact Legislation to Help Close Tax-Driven Corporate “Inversions” Loophole

May 21, 2014

U.S. drug giant Pfizer’s recent effort to merge with much smaller United Kingdom-based AstraZeneca, and then convert itself into a “U.K. company” and avoid U.S. corporate taxes — even though its U.S. shareholders would continue to own a majority in the merged company — highlighted a...

No, the OECD Didn’t Say We Already Do a Lot to Reduce Inequality

May 12, 2014

Critics of proposals to reduce income inequality sometimes cite a 2008 Organisation for Economic Co-Operation and Development (OECD) report that found, among other things, that the...

Bad Decisions on Tax Extenders Will Haunt Us in Tax Reform

May 9, 2014

Wonkblog today notes that the debate over making the corporate tax breaks known as “tax extenders” permanent and not paying for them “is really about tax reform.”  More specifically, it’s about how much a future tax reform package could...

Ways and Means Legislation Prioritizes Corporate Tax Cuts Over Keeping Working Families from Falling Into — or Deeper Into — Poverty

April 29, 2014

The House Ways and Means Committee today passed legislation to make six corporate tax cuts permanent, largely along party lines.  These tax cuts, whose benefits ultimately accrue largely to higher-income households, have been the subject of intense corporate lobbying efforts.  But while the Committee acted on...

Just the Basics: Tax Expenditures

April 10, 2014

Tax expenditures — subsidies delivered through the tax code as deductions, exclusions, and other tax preferences — have been in the news as many policymakers have proposed cutting them to reduce the deficit, finance investments, reduce tax rates, or a combination of those goals.  As Tax Day approaches, we’ve updated several backgrounders that explain how the federal government and states...

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