Taxes

Bush Savings Incentives

In the 2004 Budget, President Bush proposed to simplify and expand saving incentives. Instead of choosing from among a bewildering array of narrowly focused accounts, individuals would be able to save…

Deficits and Taxes

The president's budget for fiscal year 2005, which starts October 1, 2004, projects that the deficit will be cut in half as a percentage of gross domestic product (GDP) by 2010. After record deficits…

Taxing Forests to Death

Proponents of the estate tax claim it affects only the very rich. However, forest owners, many of whom are cash-poor, are more likely to incur the estate tax than the general population. Suburban grow…

Prescription Drug Means Testing = Higher Marginal Tax Rates

The Medicare prescription drug benefit plans that passed the House (H.R.1) and the Senate (S.1) require modest premiums and copayments that will cover only a fraction of the total cost of the benefits…

The Flat Tax in Russia and the New Europe

On January 1, 2001, a 13 percent flat tax on personal income took effect in Russia. It replaced a three-tiered system with a 30 percent top rate on taxable income exceeding $5,000. The old system was…

Corporate Taxes

U.S. corporate income taxes are among the highest in the world and - unlike most developed countries - the United States imposes them on income earned by corporate subsidiaries in foreign countries. I…

Marriage Penalty Relief in the New Tax Law

Some things never seem to die. The marriage penalty is one of them. The new tax law benefits most married couples somewhat, but it does not eliminate the so-called marriage penalty for lower- and uppe…

Does It Pay Both Spouses to Work?

Social Security was created in an era in which the typical household consisted of a working husband and a stay-at-home wife. The structure of Social Security rewards that type of arrangement and penal…