Issue Brief posted May 16, 2013
Net Tax Increase in Obama’s Budget Over $1 Trillion
President Obama released his fiscal year 2014 budget almost two months after it was due by law. With all that extra time, the President had plenty of opportunity to clearly account for his tax increases. But like his budgets from previous years, this year’s effort hides the total tax increase he proposes.
For example, rather than put it with the other major tax…
Issue Brief posted May 15, 2013
Obama’s IRA Cap: A Cap on Defined-Contribution Retirement Savings Plans
President Obama proposes to cap the total value of taxpayers’ defined-contribution retirement savings accounts—such as Individual Retirement Accounts (IRAs) and 401(k)s—according to the maximum benefit permitted under defined-benefit plans. In 2013, that would be around $3.4 million.
This proposal would be a step backwards for savings policy, because it would increase…
Issue Brief posted April 9, 2013
The Dos and Don’ts of Tax Reform
Congress continues to work toward badly needed fundamental tax reform, and Ways and Means Committee Chairman Dave Camp (R–MI) and Senate Finance Committee Chairman Max Baucus (D–MT) are leading the way. Chairman Camp in particular is carefully and methodically laying the necessary groundwork.
As the congressional tax writing committees move forward on broad structural…
Issue Brief posted April 3, 2013
Tax Day 2013: No More Tax Increases Shall Pass
Right now, Americans are enduring the pain of filling out confusing tax forms before the April 15 deadline for completing their 2012 income taxes. The frustration they feel today will be even worse next year, however. That is when they will feel the sting of recent tax increases resulting from the fiscal cliff deal Congress struck earlier this year:
Issue Brief posted February 20, 2013
The Bush Tax Cuts Explained: Where Are They Now?
The first round of what have come to be known as the Bush tax cuts went into effect 12 years ago. Now that a more than decade-long debate has mercifully ended, like a story on where the stars of popular 1980s sitcoms are today, it is instructive to look back and see what happened to the Bush tax cuts.
Back in 2001, President George W. Bush had just entered…
Issue Brief posted January 9, 2013
Fiscal Cliff Deal: Tax Increase Spoils Permanent Victory for Most Taxpayers
Congress and President Obama hurriedly agreed to a “fiscal cliff” deal on January 1, after the New Year’s Eve deadline. Given the hasty vote, a summary of what the deal did and did not do is in order.
Permanence a Victory for Taxpayers
The deal did not extend all the tax policies that made up the “Taxmageddon” portion of the fiscal cliff, but it did extend most of…
Issue Brief posted October 11, 2012
Attacks on Tax Reform Miss the Mark
Tax reform proposals like Heritage’s New Flat Tax, Ways and Means Committee Chairman Dave Camp’s plan, and Governor Mitt Romney’s plan are susceptible to unfair attacks by the media, think tanks, and politicians. President Obama, for example, completely misstates the facts regarding Governor Mitt Romney’s tax reform proposal by citing an unfair think tank analysis.…