Taxpayers who elect to itemize can claim a deduction against federal income tax liability for contributions made to registered charitable organizations. While cash gifts still account for the vast majority of charitable donations reported on tax returns, gifts of noncash property have grown as a...
In his 2011 NTA presidential address, Len Burman argued that tax policy in the US is stymied by lack of high quality data. He argues that the states should be encouraged to experiment and collect the data necessary to evaluate the effects of policies such as tax subsidies for saving. He also...
In a contribution to the Christian Science Monitor, Donald Marron agrees that there are good reasons for a simpler tax system, as found in the flat-tax plans of GOP hopefuls Perry, Gingrich, and Cain. But they need to be made more progressive to amount to real tax reform that can pass muster...
Two ways of reducing the deficit are imposing a broad VAT with a rebate to offset the burden on low-income households and increasing marginal income tax rates. The prototype VAT would impose a larger burden on low- and middle-income households than raising income tax rates and increase...
Eugene Steuerle testifies before the Senate Finance Committee on "Tax Reform Options: Incentives for Charitable Giving," presenting options on how to increase tax revenues with minimal impact or perhaps even an increase in charitable giving. Among other recommendations, he suggests a floor under...
The federal individual income tax has had many more brackets and much higher rates in the past than it does today. In 1958, for example, there were 24 brackets (versus 6 today) and the top rate was 91 percent (versus 35 percent today). The impact of more brackets and higher rates on taxpayers...
In a contribution to the New York Times' Room for Debate, Roberton Williams suggests Congress scale back on tax subsidies in a way that protects America's hard-hit middle class.
The CBO recently projected that the federal government will collect about 15.3 percent of GDP in revenue during the 2011 fiscal year. Although this is higher than 2009 or 2010, federal receipts will still be much lower than the average from 1981 to 2007. The slow economic recovery explains a...
Composition of Tax-Deductible Charitable Contributions
Taxpayers who elect to itemize can claim a deduction against federal income tax liability for contributions made to registered charitable organizations. While cash gifts still account for the vast majority of charitable donations reported on tax returns, gifts of noncash property have grown as a...
Better Tax Policy Requires Better Data
In his 2011 NTA presidential address, Len Burman argued that tax policy in the US is stymied by lack of high quality data. He argues that the states should be encouraged to experiment and collect the data necessary to evaluate the effects of policies such as tax subsidies for saving. He also...
Real Tax Reform: Flat-Tax Simplicity with a Progressive Twist
In a contribution to the Christian Science Monitor, Donald Marron agrees that there are good reasons for a simpler tax system, as found in the flat-tax plans of GOP hopefuls Perry, Gingrich, and Cain. But they need to be made more progressive to amount to real tax reform that can pass muster...
Using a VAT for Deficit Reduction
Two ways of reducing the deficit are imposing a broad VAT with a rebate to offset the burden on low-income households and increasing marginal income tax rates. The prototype VAT would impose a larger burden on low- and middle-income households than raising income tax rates and increase...
Congress Begs a Crisis to Fix the Debt
In a contribution to the CNNMoney.com, Rudolph Penner discusses the super committee's failure to fix the deficit.
The Tax Treatment of Charities & Major Budget Reform
Eugene Steuerle testifies before the Senate Finance Committee on "Tax Reform Options: Incentives for Charitable Giving," presenting options on how to increase tax revenues with minimal impact or perhaps even an increase in charitable giving. Among other recommendations, he suggests a floor under...
The Plan Needs to Be Recalibrated
In the New York Times' Room for Debate, Bill Gale discusses the ambiguous details of Herman Cain's 9-9-9 tax proposal.
Income Tax Paid at Each Tax Rate, 1958-2009 (Updated)
The federal individual income tax has had many more brackets and much higher rates in the past than it does today. In 1958, for example, there were 24 brackets (versus 6 today) and the top rate was 91 percent (versus 35 percent today). The impact of more brackets and higher rates on taxpayers...
Simple Tweak, Profound Effects
In a contribution to the New York Times' Room for Debate, Roberton Williams suggests Congress scale back on tax subsidies in a way that protects America's hard-hit middle class.
The Cyclicality of Federal Receipts
The CBO recently projected that the federal government will collect about 15.3 percent of GDP in revenue during the 2011 fiscal year. Although this is higher than 2009 or 2010, federal receipts will still be much lower than the average from 1981 to 2007. The slow economic recovery explains a...