Details and Analysis of President Joe Biden’s Campaign Tax Plan
What has President Joe Biden proposed in terms of tax policy changes? Our experts provide the details and analyze the potential economic, revenue, and distributional impacts.
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Analysis of Sen. Warren and Sen. Sanders’ Wealth Tax Plans
New modeling finds that the wealth taxes proposed by Sen. Warren and Sen. Sanders would raise significantly less revenue than promised, face serious administrative and compliance challenges, and would increase foreign ownership of U.S. capital.
Tax Policy and Entrepreneurship: A Framework for Analysis
A key element of America’s dynamism problem is a drop in entrepreneurship. Removing tax barriers for entrepreneurs would improve America’s dynamism while making America’s tax code more neutral, efficient, and simple for all taxpayers.
An Overview of Capital Gains Taxes
Capital gains taxes create a burden on saving because they are an additional layer of taxes on a given dollar of income. The capital gains tax rate cannot be directly compared to individual income tax rates, because the additional layers of tax that apply to capital gains income must also be part of the discussion.
Evaluating Mark-to-Market Taxation of Capital Gains
The success of any mark-to-market system lies in its ability to accurately value tangible and non-tangible (or non-tradable) assets such as intellectual property and brand-value recognition. Administrative regulations, guidance, and enforcement are the Achilles’ heel of any plan to annually tax accrued gains.
The Impact of a Financial Transaction Tax
Policymakers should exercise caution in deciding whether to enact an FTT given the uncertainty regarding the FTT’s ability to raise revenue and the significant damage it could cause to the U.S. financial system
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The Wealth Tax Discussion Is Back
Given that wealth taxes collect little revenue and have the potential to disincentivize entrepreneurship and investment, perhaps European countries should repeal them rather than implement one across the continent.
Expensing of Machinery and Equipment Should Be Made Permanent
Making expensing permanent is especially important now, when the economy is threatened with a recession and inflation remains high.
Biden’s New Tax Proposals Are Complicated and Rife with Double Taxation
Tax reform should be about increasing fairness. And the way to get there is by reducing complexity and double taxation, not by doubling down on them.
JCT Tax Expenditure Report: Not All Expenditures Are Created Equal
When peeling back layers of the JCT report, it becomes clear that many tax expenditures are not “loopholes” or benefits for narrow special interests, but important structural elements of the tax code.
Tax Policy in Biden’s 2023 State of the Union Address
President Biden’s State of the Union Address outlined three tax proposals, including raising the tax on stock buybacks, imposing a billionaire minimum tax, and expanding the child tax credit.
Wealth Tax Proposals Are Back as States Take Aim at Investment
In a coordinated effort, lawmakers in seven states that collectively house about 60 percent of the nation’s wealth—California, Connecticut, Hawaii, Illinois, Maryland, New York, and Washington—are introducing wealth tax legislation on Thursday.
Improved Tax Treatment of Saving Included in Year-End Federal Spending Deal
The year-end omnibus federal spending package makes a number of reforms to retirement savings accounts.
Efforts to Improve Tax Treatment of Saving Gain Traction on Hill
The proposals share a common goal of improving incentives for households to save during a time when inflation is impacting their finances.
President Biden’s 61 Percent Tax on Wealth
As part of President Biden’s proposed budget for fiscal year 2023, the White House has once again endorsed a major tax increase on accumulated wealth, adding up to a 61 percent tax on wealth of high-earning taxpayers.
What the U.S. Can Learn from the Adoption (and Repeal) of Wealth Taxes in the OECD
Recent discussions of a proposed wealth tax for the United States have included little information about trends in wealth taxation among other developed nations. However, those trends and the current state of wealth taxes in OECD countries can provide context for U.S. proposals.