The Tax Policy Blog

October 08, 2008

In last night's debate, John McCain made the following claim regarding small businesses and how they would be hit by Sen. Obama's tax cuts:

Sen. Obama's secret that you don't know is that his tax increases will increase taxes on 50 percent of small business revenue.

This claim stems from the fact that under a definition of small business that says that a tax return is a small business if it has $1 in gains or losses on Schedules C, E, or F, those...

Continue Reading...
October 07, 2008

This past weekend, the National Debt Clock in New York City ran out of spaces when the debt surpassed $10 trillion. The Durst family, which maintains the clock, plans to add another digit.

Embedded video from <ahref...

Continue Reading...
October 07, 2008

TaxProf Blog has looked at the tax returns released by John McCain, Sarah Palin, Barack Obama, and Joe Biden, and compiled this table:

He is surprised that Palin didn't say during the debate, "Joe, you made twice as much money as I did over the past two years, yet I gave six times...

Continue Reading...
October 07, 2008

Marginal tax rates will rise to over 50 percent on some middle-income families if Sen. Obama's tax plan becomes law, and over 40 percent under Senator McCain's plan, according to a new report from the Tax Foundation.

The report is Tax Foundation Fiscal Fact No. 150, "How Do the Presidential Candidates' Tax Plans Affect Taxpayers' Marginal Tax Rates?" by Robert Carroll, Ph.D., vice president for economic policy at the foundation. Carroll illustrates his point with a family of...

Continue Reading...
October 07, 2008

Check back here at the Tax Policy Blog tonight after the Presidential Debate for commentary from Tax Foundation Senior Economist Gerald Prante!

Click here for commentary after the first presidential debate.

Click here for commentary after the vice presidential debate.

Click here for tax policy questions we have for the candidates.

Compare...

Continue Reading...
October 07, 2008

Yesterday, the Tax Foundation released the 2009 State Business Tax Climate Index (SBTCI), our sixth annual report ranking the 50th states on the business-friendliness of their tax codes.  New Jersey ranks last overall on this year's index, unchanged from its 2008 score.  For 2007 and earlier, New Jersey did not rank last; the statewide sales tax rise to 7% for fiscal year 2008 moved it to the bottom of the barrel.  Generally, the state suffers...

Continue Reading...
October 07, 2008

So the economy is not doing very well, and many more homeowners are expected to go into foreclosure due to declining home prices, which of course has ramifications in the credit market. This downturn is also expected to hit various sectors and thereby the employment in those sectors.

One common characteristics of many of those who are foreclosing on their homes is that a significant fraction of their household income goes to housing. Below, I use data from the 2007 American Community...

Continue Reading...
October 07, 2008

Following last week's vice-presidential debate, I pointed out that Sarah Palin was wrong in claiming that John McCain's health care tax plan was "budget neutral." In fact, Tax Policy Center and the Tax Foundation have estimated that it's a tax cut over the next ten years in the area of $1.3-$1.4 trillion.

Factcheck.org has verified this as well, but that led John Lott (author of Freedomnomics and More Guns, Less Crime) to argue that the fact-checking on this by...

Continue Reading...
October 07, 2008

The following is an analysis of the claims made by Senators John McCain and Barack Obama on the issue of taxes in tonight's second presidential debate in Nashville. Despite the town hall format, no off-the-wall questions were asked. (I was hoping somebody would ask the question that we at the Tax Foundation get asked all the time: "Do I really have to pay my income taxes?") Because no such odd questions were asked, the candidates largely stuck to their campaign...

Continue Reading...
October 06, 2008

Wyoming has the best, and New Jersey has the worst, tax systems when it comes to "business friendliness," according to the Tax Foundation's recently completed 2009 State Business Tax Climate Index, a ranking of the 50 state tax systems that provides a roadmap for state lawmakers concerned with keeping their states tax-competitive.

Keeping a state competitive in today's global marketplace can be difficult, but there is one factor lawmakers have direct control over:...

Continue Reading...
October 06, 2008

The October 1 issue of Ballot Access News from ballot-access.org provides data for states that give state income tax payers the opportunity to direct a contribution to the political party of their choice by checking off a box on their tax return. The chart lists the amounts received by each party. Note that in Ohio taxpayers cannot designate which party the contribution goes to, and only parties that received at least 20%...

Continue Reading...
October 05, 2008
  • Is Any Ol' Tax Cut a Good Tax Cut? No.: Blunt says he was upset with groups who oppose the new "sweeteners" to the bailout bill. That's a reference to groups like the Tax Foundation who are sick and tired of seeing taxpayers' money funneled to special interests through the tax code. Just because those funds are mailed out by the IRS instead of Department XYZ, they earn the name "tax cut," but that doesn't make them any...
Continue Reading...
October 05, 2008

If one word could sum up the rhetoric of both campaigns on the issue of tax policy in this presidential election it would be "dishonest." The latest advertisements from Sens. Obama and McCain attacking one another on taxes are once again full of misleading information. Let's look at Sen. McCain's...

Continue Reading...
October 03, 2008

The bill combining the $700 billion bailout package and lots and lots of targeted tax credits passed the House of Representatives today, by a vote of 263 to 171. Since the last bill, which was the identical bailout package without the tax credits, failed by a vote of 205 to 228, there were a few switches. Here's who changed their minds:...

Continue Reading...
October 03, 2008

Imagine a proposal before the United States Congress to give a tax credit to owners of three-legged spayed dogs. Many Republican members would probably argue that this tax cut would stimulate the economy (and probably even pay for itself), and Democrats would support giving a helping hand to those kind-hearted caretakers of injured pets. In fact, this absurdity might pass unanimously.

Last night, in an interview with Larry...

Continue Reading...

Pages

Follow Us

About the Tax Policy Blog

Subscribe to Tax Foundation - Tax Foundation's Tax Policy Blog The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.

Monthly Archive