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Tax News
Ryan Responds to TPC's Analysis of his Roadmap
Representative Paul Ryan (R-WI) has responded to the Tax Policy Center's analysis of the revenue portion of his Roadmap for America's Future. TPC found Ryan's major tax restructuring would likely raise significantly less revenue than he expected and would substantially ...
Rep. Ryan’s Tax Roadmap Falls Short of His Revenue Goals
In his provocative Roadmap for America’s Future, Representative Paul Ryan (R-WI) figures that his broad tax code overhaul would eventually generate about 19 percent of Gross Domestic Product in revenues. But the Ryan plan would produce hundreds of billions of dollars-a-year less than that—a...
Stimulus Expectations Meet Reality
As Congress debates the latest fiscal stimulus bill, commentators have been debating the effectiveness of the previous one. Much of this debate has focused on funds flowing through state capitals, cities, and towns. Depending on whom you ask, these funds have been a critical lifeline or...
Tax Credits Make Small Businesses Health Reform Winners, Not Losers.
Critics of health reform legislation assert that it would crush small business. The National Federation of Independent Business, for instance, insists reform will have “a costly and punitive impact” on these firms. I do not understand this argument. Small businesses face huge disadvantages in to...
Charles Rangel
Sad to see Representative Charles Rangel (D-N.Y.) step down today as chairman of the House Ways & Means Committee. The move, in the wake of a series of alleged personal financial scandals, was announced as temporary, but there is little question that Rangel has given up the chair for good. Rang...
Desperately Seeking Revenue: The Panel
This was my day: I went to the dentist. I spent an hour being interviewed on end-of-life issues. And I listened to four tax experts commiserate about the massive fiscal hole we have dug for ourselves and how we can shovel our way out. I’ve had better. Yet, the Tax Policy Center panel, called...
Why is the U.S. Olympic Committee Tax-Exempt?
Watching the made-for-TV Olympics the other night, I could not help but wonder: Why does the federal government subsidize the United States Olympic Committee by granting it tax-exempt status? The question is especially interesting because The Washington Post reports the USOC may soon ask for di...
Why So Few People Pay Income Tax
Last week Fox Business News asked me whether it was a problem that nearly half of all Americans paid no federal income tax last year. I’ve gotten that question repeatedly since I reported the Tax Policy Center estimate that 47 percent of all taxpayers and 55 percent of the elderly and families wit...
Kucinich Jobs Bill: Lower the Retirement Age
I know it is risky so early in the year, but I have a nomination for the worst idea of 2010. Representative Dennis Kucinich (D-Ohio), wants to make Social Security retirement benefits available beginning at age 60. Temporarily. To create jobs. His logic appears to be this: If one million people bet...
Senators Wyden and Gregg Climb Aboard the Tax Reform Bandwagon
Tax reform proposals are busting out all over. Today, senators Ron Wyden (D-OR.) and Judd Gregg (R-NH) rolled out their version of a simplified, relatively low-rate individual and business tax system. The plan retains the basic structure of the income tax and has the feel of the landmark 1986 tax...