Taxes

Senator Levin Presents Ideas for Sequester Replacement

Last week, Senator Carl Levin (D-MI) introduced legislation that would increase taxes on multinational companies, and suggested that the revenue should be used as part of a sequester-replacement package. According to Sen. Levin's office, the bill S.

Senator Mike Lee Introduces Tax Reform Plan

On Tuesday, Senator Mike Lee (R-UT) presented his Family Fairness and Opportunity Tax Reform Act, which will be introduced in the coming days.

The Tax Break-Down: Section 199, the Domestic Production Activities Deduction

This is the fifth post in our blog series, The Tax Break-Down, which will analyze and review tax breaks under discussion as part of tax reform. Last week, we wrote about preferential rates on capital gains and the child tax credit.

Tax Policy Center: Fewer Americans Pay No Federal Income Tax

One area of controversy in the last election was the percentage of American households that pay no federal income tax, often cited as 47 percent. The number actually peaked at 50 percent in 2009, but that proportion will fall to 43 percent this year.

Tax Reform Targets Corporate Breaks

The broad outlines of tax reform have always been clear. Lawmakers trim or eliminate certain tax expenditures and use some or all of the additional revenue to lower tax rates. As a general concept, most economists can agree that this approach of broadening the tax base and lowering rates will have positive economic benefits, reduce economic distortions from our tax code, and put the country on a more secure fiscal footing. 

The Tax Break-Down: Preferential Rates on Capital Gains

This is the third post in a new CRFB blog series The Tax Break-Down, which will analyze and review tax breaks under discussion as part of tax reform. In previous posts, we've written about the State & Local Tax Deduction and Last-in-First-Out (LIFO) Accounting rules.

An Example of Reforming Beyond Tax Expenditures: Executive Compensation

Before leaving for August recess, Senators Jack Reed (D-RI) and Richard Blumenthal (D-CT) introduced S. 1476, which would end the ability of businesses to deduct any executive salaries over $1 million. Currently, regular salaries over $1 million cannot be deducted for the five highest-paid employees, but performance-based incentives are fully deductible, per section 162(m) of the tax code.

Weinstein: Make Taxes Simple

As Senate Finance Committee Chairman Max Baucus (D-MT) and House Ways & Means Chairman Dave Camp (R-MI) continue their cross-country tax reform roadshow, they will hear a wide range of opinions on how to reform our federal tax code.

Tax Reform on the Daily Show

John Oliver, interim host of The Daily Show with John Stewart, opened last night's program with an update on tax reform. The segment is hilarious, but Oliver's analysis is also spot on -- special interests and political infighting are holding up a reform process that is long overdue. As we have written before, tax reform is really hard, but well worth the effort.

Tax Reform is Really Hard But Worth The Effort

Update: The Tax Policy Center has released a distributional analysis of the reducing the top individual and corporate rates to 25 percent and eliminating the AMT.

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