Repealing the estate tax would substantially reduce U.S. charitable giving, according to research by the Congressional Budget Office and various economists. As CBO’s study explains, ... Read more
Key Findings Some of the revenue increase appears to have been caused by growing income inequality rather than general economic improvement. The current deficit — and the resulting increase in debt — are substantially worse than the historical norm, especially for a period of economic recovery. Running a $300 billion deficit burdens future taxpayers; it causes the debt to grow faster than the economy, which is not sustainable on an ongoing basis. At this stage in the business cycle — 4½ years after the bottom of the 2001 recession — the deficit should be much lower than $300 billion. Lower deficits are necessary to increase national saving — which is at historic lows — in order to better prepare the nation for the coming retirement of the baby-boom generation. As Goldman Sachs has said, the current surge in revenues likely is due in part to temporary factors, and the rate of revenue growth is expected to slow in coming years. Read more
In his recent statement responding to the tax reconciliation bill conference agreement, President Bush asserted that failure to extend the tax cuts contained in the ... Read more
The tax reconciliation bill conference agreement gives the appearance of retaining the current income limits on who can make contributions to Roth IRAs. In reality, ... Read more
Summary House and Senate negotiators announced an agreement yesterday on a tax-cut reconciliation bill that would reduce revenues by $70 billion between 2006 and 2010, ... Read more
As in past years, the Tax Foundation has released a report projecting “Tax Freedom Day,” which it describes as the day when “Americans will finally ... Read more
The Treasury Department recently released a report entitled “The Economic Effects of Cutting Dividend and Capital Gains Taxes in 2003.” While the text of the ... Read more
Before departing in December for its winter recess, Congress enacted legislation that appropriated funding for the Low-Income Home Energy Assistance Program at a level one ... Read more
Executive Summary On November 1, 2005, the President’s Advisory Panel on Tax Reform presented its recommendations to Treasury Secretary John Snow. The panel’s report offers ... Read more
