Taxes

RATE Coalition Speaks Out For Corporate Tax Reform

The United States has the highest statutory corporate tax rate in the developed world, but substantial revenues are forgone through a variety of tax loopholes and provisions. Responsible corporate tax reform could lower statutory rates while simplifying the tax code and eliminating these loopholes.

Senate Finance Looks at Types of Income and Entities

The Senate Finance Committee has been busy churning out options papers on various tax reform topics (we wrote previously about their economic security and international tax papers) and has continued its work last week with two new papers: one on types

Senate Finance Committee Looks at Economic Security Provisions

Last week, the Senate Finance Committee released a seventh report in a series of papers examining the federal tax code and options for comprehensive tax reform reform.

Tyson on Retirement Savings and Tax Provisions

Today, in a Project Syndicate piece, Laura Tyson examines the state of retirement saving in the U.S. and argues that many retirement saving tax expenditures are failing to achieve their goals. Many tax expenditures are designed to encourage actions that many lawmakers would argue are useful, like charitable donations and homeownership.

CBO Looks at a Carbon Tax

The revenue debate in DC is one that is often focused on the individual income tax system. But one option to raise revenue is to use new taxes that tax "economic bads," reducing the social costs while raising revenue. CBO explores one of these taxes, a carbon tax, in a recently released report.

Going Abroad: Senate Finance's International Tax Options Paper

Conveniently, the same day that House Ways and Means and Senate Finance Committee chairs Rep. Dave Camp (R-MI) and Sen. Max Baucus (D-MT) published a website soliciting public feedback on tax reform, Senate Finance continued its work on tax reform by releasing an options paper on international taxation. The paper lays out issues with the current system plus, as you'd expect, many different paths for reform.

Tax Writers Assemble!

With tax reform growing as a topic of discussion in DC, the two leaders of the tax-writing committees in the House and Senate -- Rep. Dave Camp (R-MI) and Sen. Max Baucus (D-MT) -- have teamed up to move the process forward. In addition to their separate work within each committee discussing options and writing drafts of reform legislation, the duo has now launched a joint website taxreform.gov and a Twitter account @simplertaxes.

JCT Hands Out Programs for the Tax Reform Debate

As work on tax reform gets going, the Joint Committee on Taxation has provided a 568-page report laying out just about everything you need to know about the tax code. The report, provided to the House Ways and Means Committee, lays out what the current tax code looks like and where reforms could head.

The Real Corporate Tax Game

A recent article in The New York Times entitled "The Corporate Tax Game" details the tricky politics of corporate tax reform, especially when it comes to deciding how to pay for a rate reduction. With a variety of interest groups out there, businesses may be divided over the tax preferences that should be on the chopping block.

Tax Reform in A Bipartisan Path Forward

Recent reports from Capitol Hill show momentum for tax reform is building.  Both the House Ways and Means and Senate Finance Committees have been compiling options and draft reports on different aspects of tax reform, demonstrating a commitment from both tax-writing committees to examine the tax code.

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