The Tax Policy Blog

October 02, 2008

Rightchange.com, a 527 based out of North Carolina, has been running ads on cable television attacking Barack Obama. They have new ads about Obama's supposed connections with Fannie and Freddie, , as well as a new ad attacking Obama on taxes on top of the one that has been running recently. Here it is:

...

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October 02, 2008

Christmas Time in Congress

Andrew Leonard at salon.com looks at the litany of targeted tax credits and other spending-via-the-tax-code crammed into the now 451-page bailout bill by the Senate, which went on to pass it last night...

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October 02, 2008

Sen. McCain is running a new ad on taxes featuring Gov. Palin. Here's the transcript of the ad:

GOVERNOR PALIN: How are you going to be better off if our opponent adds a massive tax burden to the American economy?

ANNOUNCER: Good question.

GOVERNOR PALIN: The Democratic nominee for President supports plans to raise income taxes, and raise payroll taxes, and raise investment income taxes. How are you going to be better off if our opponent adds a massive...

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October 02, 2008

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

Click here for commentary after the first presidential debate.

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

Compare the presidential candidate tax plans here.

October 02, 2008

The first part of tonight's vice-presidential debate between Sen. Joe Biden and Gov. Sarah Palin focused heavily on the issue of taxes. Unfortunately, like the first presidential debate, both candidates played loose with the facts. Even worse is that Sen. Biden and Gov. Palin made some of the same exact errors that their running mates made in the first debate that we pointed out this past Saturday. It's becoming increasingly evident that the campaigns either don't care about being accurate...

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October 01, 2008

The cause for cutting the U.S. corporate tax rate has been bolstered by a new study, How Cutting Corporation Tax Would Boost Revenue, released by the Conservative Way Forward in Great Britain. The study looks to see what effect, if any, changes in corporate tax rates have on tax revenues for "high-income" OECD countries in the years 1998 to 2005.

The study, authored by economists at the Taxpayer Alliance in London, "suggests [that] corporate tax cuts have a significant,...

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October 01, 2008

(AP Photo/The Saginaw News: Melanie Cochran)

The Associated Press reports that this beautiful (foreclosed) house in Saginaw, Michigan was sold via eBay today for $1.75 plus the obligation to pay $...

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October 01, 2008

Over at the StangNet.com forums, a commenter looking at Tax Foundation data expresses surprise that marginal income tax rates once reached 91 percent. Indeed they did!

The rate had reached 94 percent during World War II, on income over $200,000 (approx. $2.49 million in today's dollars). It dropped down to 91 percent in 1946 and remained there until the Kennedy tax cuts in 1962-64. Brackets weren't inflation...

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October 01, 2008

 


Socialist depiction of society, 1911. Are we all middle class now?

Senators Obama and McCain are duking it out over who cuts taxes more for the middle class. But what do they mean by middle class? The...

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September 30, 2008

fdic

Sen. Obama, urging reconsideration of the bailout plan, also argues that the FDIC insurance limit should be raised from $100,000 to $250,000. Mad Money host Jim Cramer also made the same point yesterday, suggesting a $1 million limit with...

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September 30, 2008

A few days ago, we released eight tax policy questions we have for Senators McCain and Obama:

  • The Treasury Department and the Congressional Budget Office say that housing receives more tax subsidies than any other industry, thanks to the ever-growing government effort to boost home ownership. Most tax experts say we've got to pull back some of those subsidies so that people only buy a house when they can afford it.
    • Senator McCain,...
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September 30, 2008

Raleigh Convention Center

In North Carolina, land of gasoline shortages due to state-imposed price controls, a new convention center opened this month in Raleigh. Funded by taxes on meals and hotel stays (and...

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September 29, 2008

One part of the bailout proposal is a limit on the compensation of executives who work for bailed out companies. Participating companies who pay their executives more than $500,000 will face a tax penalty, by being unable to deduct the additional pay as an operating expense.

The provision is certainly understandable, as it seems perverse to heap extra pay on an executive who ran the company into the ground with...

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September 29, 2008

The bailout bill just failed in the House 205-228. (See the roll call here.) Before that vote, I wrote up a study on how the bailout might affect state and local property tax collections, particularly if the government found itself holding title to some of the underlying assets.

Since Congress's...

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