June 29, 2013 |
IN 1986, Congress overhauled the federal tax code, purging it of various exemptions, deductions and credits and using the savings to reduce marginal rates on both individuals and firms. It was a major victory for governmental simplicity, fairness and efficiency — which Congresses and presidents of both parties then proceeded to undo by tweaking the tax code 15,000 times over the last quarter-century. Special breaks, large and small, have crept back into the code, like crabgrass invading a freshly weeded lawn.
October 11, 2012 |
In November 2007, Americans had 146.6 million jobs; now, we have just 143 million. Then, 66 percent of working-age Americans had a job or were looking for one; as of September, that figure was 63.6 percent, the second-lowest result in three decades. Recent Federal Reserve statistics highlighted a core problem hindering our economy: Liquid assets held by U.S. corporations total $1.73 trillion, up from around $1 trillion a decade ago. That sum and the vast liquid assets held by non-corporate businesses show that,...
July 28, 2012 |
Earlier this year, as House Republicans began strategizing for the November elections, conservatives badgered their leaders to unveil a detailed plan to overhaul the U.S. tax code. The GOP has vowed to lop 10 points off the top tax rate, and many House freshmen were eager to make that promise a centerpiece of their first reelection campaigns. It fell to Rep. Dave Camp (R-Mich.) to convince them that tax reform, like so many things in Washington, is more complicated than it might seem.
October 1, 2011 |
If you know one thing about Herman Cain , it's probably that he used to be the chief executive of Godfather's Pizza. If you know two things about him, you are likely to have heard of something called "9-9-9. " That is the Republican businessman's shorthand for his tax reform plan. The idea has become the centerpiece of his upstart campaign for president, boosted recently with surprisingly strong showings in opinion polls and a closely watched GOP straw poll in Florida.
October 13, 2011 |
The Taxpayer Protection Pledge is a one-sentence written commitment by members of the House and Senate to their constituents that they will oppose and vote against any and all efforts to increase total taxes. No net tax increase. Tax reform — reducing tax credits, deductions and/or exemptions in return for reducing marginal tax rates so that the change is not a net tax hike — is not only consistent with the pledge but was the original and continuing purpose of the Taxpayer Protection Pledge.
November 1, 2012 |
It is no accident that much of the record spending in this year's election, now funding an avalanche of last-minute ads across the country, comes from groups with a strong interest in shaping federal tax rules. Tax reform is likely to be at the top of the agenda for the next Congre ss . And the topic ranks as the No. 1 concern of the business groups that have dominated independent spending in this election. "Fear of Obama tax hikes is driving things," said Grover...