The revenues from a carbon tax could help finance lower corporate tax rates, extending business tax preferences, or other corporate tax reforms. Such a tax swap would reduce the environmental risks of carbon emissions and improve the efficiency of Americas corporate tax system. But it would also...
Private equity funds manage vast amounts of money: $2.5 trillion in 2010, much more than the $100 billion in 1994. They earn immense profits, largely from selling the stock of acquired and improved companies. This article focuses on the character of the funds' profits. It recommends that the IRS...
The fiscal cliff debate culminated in the passage of the American Taxpayer Relief Act of 2012 (ATRA). ATRA makes permanent most of the tax cuts enacted in 2001 and 2003, permanently patches the alternative minimum tax, extends for five years the enhancements to individual income tax credits...
Tax reform ideas played an important role in the recent Presidential election. Republican candidate Mitt Romney proposed large tax cuts and other changes that he said could be part of a revenue-neutral tax reform that also retained low rates on savings and investment and would not raise taxes on...
As Mitt Romney recently noted, about 47 percent of U.S. households do not pay federal income taxes. Some see this as evidence of a welfare state run amok. Others think that gimmicks and loopholes let both rich and poor Americans duck their taxes. This commentary corrects some misconceptions...
Political leaders and commentators frequently claim that the policies they favor will make the United States more competitive, without defining what competiveness between countries means. This paper defines competitiveness as a contest between nations for scarce and mobile resources and explores...
This article presents IRS data on corporate dividends paid and received. Following the 2003 legislation that lowered the individual tax rate on dividends, roughly $350 billion of net corporate dividends have been paid annually. Less than half that amount has shown up as qualified dividend income...
Recent economic research has improved our understanding of who bears the burden of the corporate income tax. One key finding is that returns to corporate capital are substantially "supernormal," returns in excess of the "normal" riskless return to waiting. The other key result is that...
Carbon Taxes and Corporate Tax Reform
The revenues from a carbon tax could help finance lower corporate tax rates, extending business tax preferences, or other corporate tax reforms. Such a tax swap would reduce the environmental risks of carbon emissions and improve the efficiency of Americas corporate tax system. But it would also...
Taxing Private Equity Funds as Corporate 'Developers'
Private equity funds manage vast amounts of money: $2.5 trillion in 2010, much more than the $100 billion in 1994. They earn immense profits, largely from selling the stock of acquired and improved companies. This article focuses on the character of the funds' profits. It recommends that the IRS...
Tax Provisions in the American Taxpayer Relief Act of 2012 (ATRA)
The fiscal cliff debate culminated in the passage of the American Taxpayer Relief Act of 2012 (ATRA). ATRA makes permanent most of the tax cuts enacted in 2001 and 2003, permanently patches the alternative minimum tax, extends for five years the enhancements to individual income tax credits...
TPC's Analysis of Governor Romney's Tax Proposals: A Follow-up Discussion
Tax reform ideas played an important role in the recent Presidential election. Republican candidate Mitt Romney proposed large tax cuts and other changes that he said could be part of a revenue-neutral tax reform that also retained low rates on savings and investment and would not raise taxes on...
Romney Starts to Fill in Blanks on His Tax Plan
In a contribution to CNN.com, Bill Gale discusses the some of the details of Romney's tax plan.
Five Myths About the 47 Percent
As Mitt Romney recently noted, about 47 percent of U.S. households do not pay federal income taxes. Some see this as evidence of a welfare state run amok. Others think that gimmicks and loopholes let both rich and poor Americans duck their taxes. This commentary corrects some misconceptions...
International Competitiveness: Who Competes Against Whom and for What?
Political leaders and commentators frequently claim that the policies they favor will make the United States more competitive, without defining what competiveness between countries means. This paper defines competitiveness as a contest between nations for scarce and mobile resources and explores...
Corporate Dividends Paid and Received, 2003-2009
This article presents IRS data on corporate dividends paid and received. Following the 2003 legislation that lowered the individual tax rate on dividends, roughly $350 billion of net corporate dividends have been paid annually. Less than half that amount has shown up as qualified dividend income...
How TPC Distributes the Corporate Income Tax
Recent economic research has improved our understanding of who bears the burden of the corporate income tax. One key finding is that returns to corporate capital are substantially "supernormal," returns in excess of the "normal" riskless return to waiting. The other key result is that...
End the Bush Tax Cuts and Start Over
In a contribution to the CNN.com, Bill Gale discusses Obama's proposal to extend the Bush-era income tax cuts.