Short FormJust as many parts of American life have transformed over the past 250 years, so too has the federal tax system. While most taxes levied in the 18th century are still levied in some form today, the federal government’s reliance on them, the complexity of the tax code, and Americans’ overall tax burdens have shifted considerably.
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As part of the 2024 presidential campaign, Vice President Kamala Harris is proposing to tax long-term capital gains at a top rate of 33 percent for high earners, taking the top federal rate to highs not seen since the 1970s.
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From President Biden calling the Tax Cuts and Jobs Act the “largest tax cut in American history,” to former President Trump claiming that Biden “wants to raise your taxes by four times,” the campaign rhetoric on taxes may be sparking some confusion.
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Ernest S. Christian, Jr., (1937-2022) was one of the tax policy community’s most distinguished and influential experts, showing us how effective sound tax policy can be. He passed away on September 13th, leaving behind a legacy of tax reform.
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While parts of the U.S. tax code can handle inflation, full expensing of capital investment would be a major improvement along these lines.
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A new study illustrates how overlooking an important element of the tax system—the structure of the tax base—can lead to an incomplete understanding of how tax reform impacts the economy.
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The Tax Reform Act of 1986 extended depreciation schedules for both commercial and noncommercial of real estate, reducing the attractiveness of those investments.
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