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Previewing the Obama Budget’s Tax Proposals

February 2, 2015

Below are some key facts and resources about some tax proposals we expect the President’s budget to include.  Stay tuned for more analysis once the budget is released this morning.

Reforming Capital Gains Taxes

The tax code strongly favors income from capital gains — increases in the value of assets, such as stocks — over income from wages and salaries.  These...

Obama’s Transition Tax on Offshore Profits Is Sound, But a Higher Rate Would Bring More Revenue Without Adverse Economic Effects

February 1, 2015

President Obama’s budget will propose a 14 percent tax on multinational corporations’ existing offshore profits and invest the $238 billion in revenues in infrastructure, Bloomberg reports.   That’s a sound way to address corporations’ huge stock of foreign profits,...

“Tax Extenders” Package Even Worse Than First Appeared

December 1, 2014

12-1-14taxWe’ve explained that the package that emerged last week to permanently extend several temporary tax breaks (“tax extenders”) and enlarge some of them would raise deficits — thereby putting...

Transition Tax to Pay for Infrastructure Isn’t a Repatriation Tax Holiday

November 13, 2014

As policymakers mull corporate tax reform, it’s important to distinguish between two proposals that are often confused:   a repatriation tax holiday and funding infrastructure through broader...

What Would Congress’s Inaction Cost Working Families? Find Out.

October 8, 2014

Unless Congress acts, key Child Tax Credit (CTC) and Earned Income Tax Credit (EITC) provisions will expire at the end of 2017, pushing 17 million people — including 8 million children — into or deeper into poverty. As we’ve noted...

Considering Tax Reform? Here’s a Must-Read

October 2, 2014

With leading members of both parties placing tax reform high on the agenda for next year, a  new paper by William B. Gale, Co-Director of the Urban-Brookings Tax Policy Center (TPC), and Andrew Samwick, a Dartmouth College professor and former Chief Economist for President George W. Bush’s Council of Economic Advisers...

The EITC’s Far-Reaching Benefits

September 4, 2014

The Earned Income Tax Credit (EITC) “may ultimately be judged one of the most successful labor market innovations in U.S. history,” says the University of California’s Hilary Hoynes in a new article, explaining that the EITC not only encourages work and reduces poverty but produces gains...

Kleinbard: “Competitiveness” Argument for Moving Firms’ Headquarters Overseas Is a Canard

August 12, 2014

The claim that many U.S. companies are moving their headquarters overseas because U.S. corporate tax rates make them uncompetitive is “largely fact-free,” USC law professor and former Joint Tax Committee staff director Edward Kleinbard concludes in a new paper.

While many firms and their lobbyists highlight the 35...

IMF and OECD Call for Stronger EITC and Minimum Wage

July 30, 2014

The Organisation for Economic Co-operation and Development (OECD) and the International Monetary Fund (IMF), which have previously recommended expanding the Earned Income Tax Credit (EITC) and...

What Difference Would Ryan’s EITC Expansion Make for Childless Workers?

July 29, 2014

We’ve explained that House Budget Committee Chairman Paul Ryan’s proposed expansion of the Earned Income Tax Credit (EITC) for childless adults, including non-custodial parents, would encourage work and reduce poverty.  This interactive chart allows you to compare the EITC that childless...