The Tax Policy Blog

October 29, 2008

The second prize of $1,000 was awarded to Craig Kirchoff of Alexandria, VA, an editor and web producer at National Media, for his video called "Sally, the Corporate Income Tax and You."

The CompeteUSA campaign comes on the heels of data showing that America has the second-highest corporate income tax rate in the industrialized world, and that the American worker shoulders a disproportionate amount of the corporate tax. As a result of the America standing still while nine key...

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October 29, 2008

Declaring that the "Corporate Tax Must Come Down," Andrew Patterson of Edmond, Oklahoma won the first prize of $5,000 in the Tax Foundation's CompeteUSA YouTube Contest with a video called "Tax Attack." The contest was part of the CompeteUSA campaign which aims at raising awareness of America's high business tax rates and how those taxes have an impact on our competitiveness, wages, and living standards.

In "Tax Attack," Patterson highlights that...

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October 29, 2008

Today at NRO, Mark Levin has a brief post that is designed to link to an American Thinker piece that contains all sorts of calculation errors about Obama's tax proposals. Here's what Levin says:

We too often ignore the fact that Obama's policies would allow the Bush tax cuts to lapse, which would significantly increase taxes on individuals earning $25,000, $50,...

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October 29, 2008

"Under democracy one party always devotes its chief energies to trying to prove that the other party is unfit to rule - and both commonly succeed, and are right."

H.L. Mencken, Minority Report (The Johns Hopkins University Press, 1997 [1956]), p. 222.

(Hat tip Professor Boudreaux)

October 29, 2008

Barack Obama's admission that his policies would "spread the wealth around" has ignited a nationwide discussion of how progressive the tax system should be and how it should be used to redistribute income among Americans.  Obama has been very successful in bolstering the conventional wisdom that the U.S. tax system does not place a significant enough burden on wealthier households and places too much of a burden on the "middle class."

But a new study on inequality by researchers at...

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October 28, 2008

So today in a speech to a Pennsylvania crowd, Obama said this:

Now, in the closing days of this campaign, my opponent is trying to distance himself from the President he has faithfully supported 90% of the time. He’s supported four of the five Bush budgets that have taken us from the surpluses of the Clinton years to the largest deficits in history. John McCain has ridden...

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October 28, 2008

Senator Obama has accused Senator McCain of wanting to reward corporations for outsourcing American jobs. Senator McCain replies that his plan to cut the corporate tax rate for American companies will make the U.S. a more profitable place to locate facilities, deterring outsourcing. Which is right?

CNN's Truth Squad concluded, "McCain is not proposing anything that would qualify as more tax cuts for outsourcing." Here's the...

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October 28, 2008

This morning, Tax Foundation Senior Economist Gerald Prante appeared on Fox Business to discuss the presidential candidates' tax plans.

...

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October 27, 2008

Good Monday morning. The blogosphere has been kind to the Tax Foundation's work on federal and state issues this past week. Here are the best hits:

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October 27, 2008

Two op-eds from the Tax Foundation today.

Vice President for Economic Policy Robert Carroll, Ph.D., gives a great explanation of why "Almost Everyone Would Do Better Under the McCain Health Plan" in today's Wall Street Journal. What kind of effect might this proposal have?

"Based on estimates by career economists in the Treasury...

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October 27, 2008

A new John McCain ad out makes this claim:

I know your life savings have been hit hard, but we'll rebuild them.

Barack Obama wants to increase taxes on your savings.

You can't afford that.

He's quite a talker.

But that's just bad judgment.

So would Obama increase taxes on your savings? Maybe. In terms of direct tax increases on your savings, Obama's tax plan (as stated now) would likely not increase your taxes on...

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October 27, 2008

There has been a lot of talk lately about redistributing income, and whether or not raising taxes on high-income people to give tax credits (which are essentially the equivalent of government spending) to lower-and middle-income households is proper fiscal policy.

McCain and his campaign have had lots of labels for it over the past few weeks: redistribution, welfare, socialism, handouts, etc. Obama himself has said he favors "sharing the wealth." So let's get to the heart of the...

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October 26, 2008
  • Obama's McCain-Bush Ad More of the Same: Falsehoods and Misleading: All taxes are paid by people and all tax cuts flow to people, including those legally remitted by businesses (such as corporations). How much is paid by the "middle class" depends on questions of economic incidence of the corporate income tax, but it's not nothing. Now regarding the claim that McCain's tax cuts and Bush's tax cuts provide no relief to the...
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October 25, 2008

What is worse than candidates spreading falsehoods about their own tax plans and that of their opponents for over four months? A candidate then accusing his opponent of putting out misleading ads. From Obama's prepared remarks at a speech in Indiana today:

Because one thing we know is that change never comes without a fight. In the final days of campaigns, the say-anything, do-anything politics too often takes over. We've seen it before. And we're seeing it again today...

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October 25, 2008

Many major newspapers are reporting on a financing crisis that is hitting many transit systems in the United States this week. The situation is a result of (1) a series of leaseback transactions these agencies conducted, (2) federal policy to first encourage and then discourage them, and (3) the collapse of insurer AIG.

When a private company builds an asset, they are permitted under federal income tax law to deduct from their taxes the depreciation (wearing out) of the...

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