Now is the time for lawmakers to focus on long-term fiscal sustainability, as further delay will only make an eventual fiscal reckoning that much harder and more painful. Congressional leaders should follow through on convening a fiscal commission to deal with the long-term budgetary challenges facing the country.
GDP stands for gross domestic product and is calculated by measuring a country’s total consumption, government spending, investments, and net exports.
In this lesson plan, students will understand the basics of taxation and its impact on their daily lives, learn about their state tax system, and be able to compare it to other states in the U.S.
Interest rates and tax policy, two vital components of our economic landscape, often interact in fascinating ways. They influence the behavior of individuals, businesses, and governments. But how exactly?
Lawmakers should focus on simplifying the federal tax code, creating stability, and broadly improving economic incentives. There are incremental steps that can be made on the path to fundamental tax reform.
The JCT analysis raises some useful questions for the U.S. domestic debate over Pillar Two. The Treasury Department should examine its support for an agreement that will reduce its own revenue intake. But it is also worth noting that the principal mechanism for the revenue reduction—the foreign tax credit—is a policy already baked into U.S. law, including the Republican-enacted global minimum tax from 2017. The OECD deal merely takes advantage of this longstanding feature.
