Each year, April 15th is a reminder of the need for tax reform. The U.S. tax code is complex, cumbersome, and costly to American families and businesses. It doesn’t have to be this way. Take a moment this tax season to review AEI's research on taxes and learn how the U.S. can embark on policies to correct our fiscal path while encouraging economic growth.
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A corporate income tax serves a useful role as a backstop for the individual income tax by taxing reinvested corporate profits that would otherwise escape immediate taxation. However, the current U.S. corporate income tax performs this role poorly and the reforms currently being discussed do not address its basic flaws.
Special interests of every species and subspecies populate the office towers of downtown Washington, D.C. And the Republicans’ top tax writer just sent a threatening letter to all of them.
Yesterday, House Ways and Means Committee Chairman Dave Camp (R-Michigan) unveiled the most sweeping, elaborate, and aggressive income tax reform proposal in a generation. His plan is the result of years of effort that have included bipartisan outreach, dozens of hearings, and thousands of hours of staff time. He...
A glimmer of hope for the economy and deficit reduction flashed from the Senate this past weekend when the new Senate Finance Committee Chairman, Ron Wyden, announced "a breakthrough" on tax reform.
The standard assumption about the superior efficiency of a carbon tax relative to bans and energy consumption standards is deeply problematic for both scientific and political reasons.
A carbon tax – set to reflect the spillover costs of carbon emissions – would eliminate the government's need to micromanage, through regulation, the kinds of vacuum cleaners and light bulbs that people can buy.
Viard explains that tax increases cause the overall price level to rise if they are accommodated by the Federal Reserve. A tax increase is likely to be accommodated only if it significantly reduces the real wages employers are willing to pay, as would be true for the introduction of a large VAT or retail sales tax.
Tax cuts have been a staple of Republican platforms since Jack Kemp persuaded Ronald Reagan to back a 30 percent tax rate cut in the 1980 campaign. Republicans, with some Democratic support, passed cuts for everyone under Reagan and George W. Bush.