The Tax Policy Blog

March 02, 2009

Jonathan Slemrod takes a closer look at some of the trends in the proposed budget released by President Obama:

To start, the budget relies on tax hikes on those making more than $250,000 to fund the $3.55 trillion in spending. By rolling raising rates on income, investment, and itemized deductions starting in 2011, the President is aiming to erase one of the few legacies of the Bush...

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March 02, 2009

In this morning's Washington Post column "The Re-Distributor," E.J. Dionne declares that "The central issue in American politics now is whether the country should reverse a three-decade-long trend of rising inequality in incomes and wealth."

As justification for Obama's redistributionalist policies, Dionne cites OMB Director Peter Orszag as saying it is time for the rich "to...

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March 02, 2009

Today, the Tax Foundation started running a 30 second television ad and a 60 second radio ad in the Washington, D.C. market to educate Americans about the burden that American families bear from the corporate income tax.

The Tax Foundation will run the ads on six different cable television stations (News Channel 8, CNN, Headline News, MSNBC, CNBC and Fox News) and three different radio stations (WTOP, WMAL and 1580 Big Talk) in the Washington, D.C. market for the next two weeks (...

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March 02, 2009

Tonight, Tax Foundation Director of State Projects Joseph Henchman will be appearing on a segment about state tax increases on CNN's Lou Dobbs Tonight. The show airs at 7PM Eastern/4PM Pacific, and repeats several times in the evening and next day.

Here are Tax Foundation reports relating to the subject:

  • ...
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February 27, 2009

We applauded Wisconsin Governor Jim Doyle (D) a few days ago for proposing elimination of the state's film tax credit. We noted:

Bribing companies to bring economic activity to your state means one of two things. Either they were going to come anyway and you're just wasting tax dollars for no benefit, or they weren't because something about your state isn't attractive to business. Picking a handful of...

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February 26, 2009

The White House released its proposed Fiscal Year 2010 budget this morning. Take a look at the budget on the Office of Management and Budget website.  (View the summary tables PDF here.)

The Office of Management and Budget estimates that FY 2009 (the current fiscal year) will involve $2.19 trillion in revenues and $3.94 trillion in outlays, with a...

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February 26, 2009

55% of foreclosures and 87% of housing value losses are occurring in four states: California, Florida, Nevada, and Arizona, according to a new study out of the University of Virginia. The national foreclosure rate is about 0.79%.

Those four states may have a...

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February 26, 2009

Finally, we see some honesty on the AMT patch. Today Obama released his fiscal year 2010 budget. We would like to note that he has included an AMT patch in the baseline budget estimates through 2019, at a cost of $576 billion over 10 years. On the surface this may not sound remarkable, but it is a significant break from the last...

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February 26, 2009

You knew it was coming. It didn't take them long. The National Association of Realtors is ready to take on Pres. Obama's tax proposal that would limit the mortgage interest deduction, just as it helped defeat Pres. Bush's tax panel's recommendation to limit MID.

If Obama wants to stick to his campaign promise to not let special interests run Washington, he should reject the lobbying blist that NAR is promising over the next 24 hours....

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February 25, 2009

Governor David Paterson's proposed New York state budget includes a new $10 fee for filing taxes on paper:

State budget officials believe the paper filing fee could generate $6.8 million during the next fiscal year.[...]

In 2008, 41 percent of state income tax filings were received in paper form — and could therefore be...

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February 25, 2009

Over the last few weeks we’ve produced numerous commentaries and examples regarding the personal income tax provisions in the stimulus bill. One of the cornerstones of Obama’s tax plan is the new Making Work Pay credit. While a majority of workers will be eligible for this credit, it may not be clear to everyone what exactly the credit is or who is eligible.

Before we...

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February 24, 2009

 

Today, the Tax Foundation released its 2009 version of Facts and Figures: How Does Your State Compare?, a pocket-size booklet comparing the 50 states on 38 different measures of taxing and spending, including individual and corporate income tax rates, business tax climates, excise taxes, tax burdens and state spending. The booklet is edited by Tax Foundation Analyst Mark Robyn.

Since 1937, the Tax Foundation has produced and published reliable information on...

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February 24, 2009

From Commerce Clearing House (CCH):

The California Franchise Tax Board (FTB) has updated its answers to frequently asked questions (FAQs) about the delayed payment of California corporation franchise and income tax and personal income tax refunds. Even though the state budget has been enacted, the state...

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February 23, 2009

The Commonwealth Foundation in Pennsylvania has released its suggestions for balancing the state's budget with spending reforms. Check it out here.

See the Tax Foundation's report on state budgets here.

More blog posts on Pennsylvania here.

February 23, 2009

Included in the stimulus bill signed by the President last week are a number of provisions relating to the individual income tax. We have released a new Fiscal Fact (Update: The Tax Savings from Final Fiscal Stimulus) showing the tax savings for typical families from the stimulus bill. The Fiscal Fact includes examples for a family with college expenses, a family who purchases a home, and an elderly couple....

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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.

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