Presidential candidate Bernie Sanders proposes significant increases in federal income, payroll, business, and estate taxes, and new excise taxes on financial transactions and carbon. New revenues would pay for universal health care, education, family leave, rebuilding the nation’s...
Hillary Clinton proposes raising taxes on high-income taxpayers, modifying taxation of multinational corporations, repealing fossil fuel tax incentives, and increasing estate and gift taxes. Her proposals would increase revenue by $1.1 trillion over the next decade. Nearly all of the tax...
We explore issues related to a financial transaction tax (FTT) in the United States. We trace the history and current practice of the tax in the United States and other countries, review evidence of its impact on financial markets, and explore the key design issues any such tax must address. We...
Presidential candidate Ted Cruz’s tax proposal would (1) repeal the corporate income tax, payroll taxes for Social Security and Medicare, and estate and gift taxes; (2) collapse the seven individual income tax rates to a single 10 percent rate, increase the standard deduction, and eliminate most...
Marco Rubio’s tax proposal would convert the federal income tax into a consumption tax by not taxing investment income of individuals and by converting the corporate income tax into a cash-flow consumption tax. It would replace most deductions and exemptions with a universal credit; eliminate...
The massive financial market failures that led to the Great Recession have prompted renewed calls for a financial transaction tax (FTT) to discourage excessive risk taking and recoup the costs of the crisis. A well-designed FTT could raise up to about 0.4 percent of GDP ($75 billion in 2017) in...
NOTE: TPC updated its analysis of Donald Trump's tax plan on October 18, 2016. The revised analysis is available here . The estimates in this 2015 report should no longer be cited. Please use...
This paper analyzes presidential candidate Jeb Bush’s tax proposal. It would reduce individual and business marginal tax rates, curtail tax expenditures, and convert the corporate income tax into a cash-flow consumption tax. The proposal would cut taxes at all income levels, reducing federal...
Using the latest long-term budget projections from the Congressional Budget Office, we project that individual income tax revenues under current law will increase as a share of GDP from a little over 9.5 percent in 2025 to a little less than 13.3 percent in 2090, an increase of over 3.7...
Republicans and some leading economists have raised concerns about the cost, fairness, and stimulative effects of proposed cash payments in the pandemic relief legislation Congress...
Some Senate Republicans say they want to scale back President Biden’s proposed $1,400 relief payments. Last week, my Tax Policy Center colleague Howard Gleckman proposed...