Taxes should raise the revenue to fund necessary government operations in ways that cause the least possible economic damage. Accordingly, Congress and President Obama should reform the existing tax code and drop their current plans to increase taxes on high-income earners, small businesses, investors, and other job creators. Read More.
Abstract: The current tax code is an enormous burden on the economy, preventing it from reaching its full potential. Tax reform is long overdue. After initial reluctance, President Obama now agrees that the economy needs tax reform. He…
Abstract: U.S. companies that own foreign subsidiaries pay taxes abroad—and they often pay taxes again when the companies bring the earnings home—known as repatriation. This double taxation naturally hurts competitiveness at home and abroad, and encourages U.S. companies to leave these earnings abroad. A…
Saving the American Dream is The Heritage Foundation’s plan to fix the debt, cut spending and, above all, restore prosperity. It balances the nation’s budget within a decade—and keeps it balanced. It reduces the debt and cuts government…
Tax Day is the one time of the year when taxpayers get the best sense of what they are paying to fund Washington. Many taxpayers will be dismayed to see how high their total tax tabs are, but deficit spending is badly obscuring this crucial calculation by hiding the deficit…
President Barack Obama called on Congress to reform the corporate tax system in his State of the Union address. There is much to fault with the current corporate tax code, but the high tax rate is the biggest threat facing the economy right now. Congress should focus on lowering the…
Abstract: The “Obama tax hike”—the expiration at the end of 2010 of tax relief enacted nearly a decade ago—is a major issue facing American taxpayers. Often overlooked is yet another tax hike fermenting in Washington—the elimination of tax expenditures to shrink budget deficits. This…
Abstract: President Obama has proposed raising the capital gains tax rate to generate billions in new revenues for the federal government. However, according to data included in the President’s own budget, if implemented this tax increase would—at best—offset the…
Abstract: There are few people who can navigate the maze of the U.S. tax code, while an ever-shrinking number of Americans are paying ever-higher taxes to carry more and more of their fellow citizens who pay no income…
The central contest over competing visions for federal taxes for the next few years began on October 31. That is when Chairman Rangel (D-NY) of the House Ways and Means Committee shepherded the Temporary Tax Relief Act of 2007 (H.R. 3996) through his committee. Citing analysis by the Joint Committee on Taxation (JCT), Chairman Rangel…
The majority party in Congress threatens to use the annual ordeal of extending the alternative minimum tax (AMT) patch as a ruse to raise taxes. Policymakers and the public need to expose this ruse, reject the tax hike, and turn to practical, substantive reform to end this pernicious tax. The AMT patch is an increase…
The story of how the Laffer Curve got its name begins with a 1978 article by Jude Wanniski in The Public Interest entitled, "Taxes, Revenues, and the 'Laffer Curve.'"1 As recounted by Wanniski (associate…
The Democratic majority in the U.S. House of Representatives must decide whether to write a budget extending, expiring, or repealing the Bush tax cuts. These tax cuts have provided a convenient scapegoat for the nation's budget and economic challenges. Despite a 42 percent spending increase in 2001, critics charge that…
Despite all the talk of “austerity,” little has been done to stem the tide of the United States’ ever growing debt. The...…
Americans who are scrambling to pay their taxes by Tuesday's deadline are in store for more depressing news: The tax...…
Americans who feel overtaxed already are in store for a shocker: Obamacare will add 17 new taxes or penalties for a...…
Following the failure of the Joint Select Committee on Deficit Reduction, Sen. Pat Toomey (R-PA) criticized liberals...…
Last week's presidential debate at the Reagan Library elevated Social Security as a national issue that could reshape...…
The Congressional Budget Office (CBO) just released its long-term outlook for the federal budget. As expected, we are...…
If you’re following the evolving terms of the budget debate, the hip new phrase is “new revenues.” It sounds so much...…
The Senate failed today to repeal one of the more troublesome provisions of Obamacare. Tucked away in the legislation...…
Tucked away in the legislation that made Obamacare into law is a tax provision that will be a compliance nightmare for...…
Instead of concentrating on the cause of the oil spill, lawmakers on Capitol Hill appear to be focused on liability...…