Do voters want tax reform as much as Republicans lawmakers do? The Washington Examiner contrasts GOP enthusiasm for tax reform with public opinion polling. While the public supports economic growth and tax simplification, “polling …on voter attitudes toward taxes is thin and suggests that the approach favored by Republicans — effectively, significant tax cuts on high incomes and rate reductions for corporations — would not prove particularly popular.”
“We’re gonna vent our frustration.” The Business Roundtable, a group of chief executives of large US companies, found that more than three-quarters of its members said they would increase hiring and 82 percent would increase capital spending if Congress overhauled the tax code. The group wrote a letter to President Trump and congressional leaders calling for more action on tax reform.
“If you try sometimes… you get what you need.” Expected tax cuts in 2018 could make the US hit its debt limit sooner rather than later. The CBO reports that wealthier “taxpayers may have shifted more income than projected ... to later years, expecting legislation to reduce tax rates to be enacted this year.” Lower-than-expected tax receipts mean the US Treasury may have to borrow more to cover the federal budget deficit. The US debt limit is currently $19.8 trillion.
What are the net fiscal effects of immigration? TPC’s Kim Rueben and Sarah Gault conclude that while immigrants do cost state and local governments more than native-borns, it is largely because of education costs. Immigrant families have more school-age kids. They also note that adult children of immigrants contribute the most on average to federal and state and local coffers.
Have you registered for the 7th annual IRS-TPC joint research conference? The Internal Revenue Service and the Urban-Brookings Tax Policy Center invite you to attend the only annual conference focused exclusively on tax administration. Researchers from the IRS, other government agencies, academia, and private organizations will discuss some of the latest analyses seeking to make tax administration as effective as possible. Register to attend in person, or watch the presentations and discussions will stream live here.
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