On Friday, Representative Pete Sessions (R–TX) and House Speaker John Boehner (R–OH) ran afoul of Glenn Kessler’s “Fact Checker” blog regarding a study of President Obama’s proposed tax increase. Before deciding on a tax change, policymakers are wise to look at the economic impacts of the change. Two Studies In …
Brace yourself. In a mere 271 days, you and your fellow Americans will be hit with a tax hike the likes of which this country has never seen. The Washington Post aptly called the unprecedented $494 billion tax hike “Taxmageddon,” and Federal Reserve Chairman Ben Bernanke described it as a “massive fiscal …
President Obama and Republicans in Congress continue to wage war over an extension of the payroll tax cut. But missing from the debate is any discussion of comprehensive tax reform that would eliminate payroll taxes altogether. Social Security and Medicare payroll taxes are the second-largest source of federal revenue, surpassed …
There are many reasons tax reform remains a distant dream. Not “tax reform” disguising a tax hike as the Obama Administration envisions, but tax reform that would make U.S. companies and workers world-class competitors, ferret out tax cheats, and make paying taxes a little less onerous to taxpayers. Perhaps the …
The Tax Foundation recently released its annual report on the number of tax returns filed that have no tax liability, and the study shows a record number of “nonpayers” in 2008. Taxpayers become “non-payers” when credits and deductions wipe out any income tax they owe. According to the Tax Foundation …
